格致经济论坛第四十七期:Why Discrete Price Fragments U.S. Stock Exchanges and Disperses Their Fee Structures

发布者:商学院办公室     时间:2018-05-25

报告题目:Why Discrete Price Fragments U.S. Stock Exchanges and Disperses Their Fee Structures

报告人:朝镛 教授, 美国路易维尔大学商学院

报告时间:2018年5月29日(周二) 上午13:15-14:30

报告地点:老图书馆104

邀请部门:商学院经济学系

主持人:李佑平


报告内容摘要:

Stock exchange operators compete for order flow by setting “make” fees for limit orders and “take” fees for market orders. When traders can quote continuous prices, exchange operators compete on total fee, because traders can choose prices that perfectly neutralize any fee division. The one-cent minimum tick size, however, prevents traders from neutralizing fee division. The non-neutrality of division between make and take fees (i) allows an exchange operator to establish exchanges that differ in fee structure to engage in second-degree price discrimination; and (ii) destroys the Bertrand equilibrium, leads to frequent fee changes, and encourages entries of new exchanges.

(JEL G10, G20, L11, L13)

 

报告人简介:

朝镛,美国路易维尔大学商学院终身副教授,教育部长江学者讲座教授。研究方向为产业组织理论,反垄断理论与政策,双边市场理论和实证。在经济学、管理学和金融学国际顶级期刊发表论文多篇,包括American Economic Review, International Economic Review, Management Science, RAND Journal of Economics, and Review of Financial Studies。曾为国家工商行政管理总局反垄断与反不正当竞争执法局担任反垄断政策和案例分析咨询。

 

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