Articles

Equity Trading Systems in Europe: A Survey of Recent Changes

T. FOUCAULT, M. Demarchi

Annales d'Economie et de Statistiques

2000, n°60, pp.73-115

Départements : Finance, GREGHEC (CNRS)

http://www.jstor.org/stable/20076256


This paper provides a survey of recent changes in the market microstructure of the five largest European Stock Exchanges. We first provide a brief statistical overview of European equity markets. Then, we discuss how the introduction of the Investment Services Directive and the development of institutional trading have prompted European Stock Exchanges to modify their trading systems since 1994. We show that these exchanges have converged to a similar market organization. In this organization, trading takes place in an order-driven market but trading rules can vary according to the type of securities. We also describe the remaining differences between the trading systems, in particular with respect to the consolidation of the order flow and transparency

Etude comparative du délit de distribution de dividendes fictifs et du délit de publication ou présentation de comptes annuels "infidèles"

N. STOLOWY

La Semaine Juridique

30 novembre 2000, n°48, pp.1896-1901

Départements : Droit et fiscalité, GREGHEC (CNRS)


Europe's Strong Suit

B. RAMANANTSOA, J.-P. LARÇON

European Business Forum

printemps 2000, n°1, pp.10-13

Départements : Stratégie et Politique d’Entreprise, GREGHEC (CNRS)


European Bank Changing Policy Based on Customer Relatioship Management

M. BADOC

La Lettre de l'EFMA

mai-juin 2000, n°171

Départements : Marketing


Existence and Regularity of Partially Revealing Rational Expectations Equilibrium in Finite Economies

A. Villanacci, A. CITANNA

Journal of Mathematical Economics

août 2000, vol. 34, n°1, pp.1-26

Départements : Economie et Sciences de la décision


We consider an incomplete financial market exchange economy with nominal assets and a finite number of traders, goods, states and signals. In this framework, we prove the existence and regularity of rational expectations equilibria for any informational structure derived from prices. We provide a proof that completes the characterization of existence of equilibrium in these economies, in the following sense: while Polemarchakis and Siconolfi [Polemarchakis, H., Siconolfi, P., 1993. Asset markets and the information revealed by prices. Economic Theory, Vol. 3, pp. 645-661.] show existence only of fully nonrevealing equilibrium, and Rahi [Rahi, R., 1995. Partially revealing rational expectations equilibria with nominal assets. Journal of Mathematical Economics, Vol. 24, pp. 137-146.] finds partially revealing equilibria for all economies satisfying a restrictive condition on the traders' equilibrium information structure, we dispense with Rahi's condition, and offer a strategy of proof that applies directly to all cases of revelation. Our proof of existence is based on homotopy methods. Given the way we construct our proof, we can easily link the asymmetric information model to the linear restricted participation models. We show how to apply the "Cass trick" in asymmetric information economies to control for asset prices, even if all agents are restricted, that is, partially informed

Exploring the Relationship between Popular Culture and Consumer Behavior: Insights from Multiple Perspectives

C. Puto, C. A. RUSSELL

Advances in Consumer Research

2000, vol. 27, pp.254

Départements : Marketing


Flexible Workshop: About the Concept of Flexibility

J. Bucki, Y. PESQUEUX

International Journal of Agile Management Systems

2000, vol. 2, n°1, pp.62-70

Départements : Comptabilité et Contrôle de Gestion


Fusions et acquisitions : un bilan

B. MAROIS

La Revue du Financier

2000, n°126, pp.4-5

Départements : Finance


Globalisation de la distribution et besoins logistiques

S. Lacrampe, A. MACQUIN

Exécutif

janvier-février-mars 2000, n°1, pp.69-79

Départements : Marketing


Growth-enhancing Bubbles

J. OLIVIER

International Economic Review

février 2000, vol. 41, n°1, pp.133-152

Départements : Finance, GREGHEC (CNRS)

http://ssrn.com/abstract=241885


This article challenges the conventional wisdom that speculation in financial markets reduces long-run growth. It shows that the real impact of a (rational deterministic) speculative bubble depends on the type of asset that is being speculated on. Speculative bubbles on equity raise the market value of firms, thus encouraging entrepreneurship, firm creation, investment, and growth. On the other hand, speculation on other types of assets is shown to be unambiguously growth-impairing. The model can explain some stylized facts about financial development and growth. Finally, regulatory implications are discussed briefly


JavaScriptSettings