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This paper empirically examines how dispersions across investors beliefs influence traders order submission decisions in the foreign exchange market. Previous research ha[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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In many industries, firms usually have two choices when expanding into new markets: They can either build a new plant (greenfield entry) or they can acquire an existing i[...]
2011 | Text | Staff Working Paper - Document de travail du personnel |
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3.
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Using a rich sample of Canadian government securities auctions, we estimate the structural parameters of a share-auction model accounting for asymmetries across bidders. [...]
2009 | Text | Staff Working Paper - Document de travail du personnel |
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The author reviews the theoretical and empirical literature to examine the traditional perception that the following trade-off exists between economic efficiency and stab[...]
2004 | Text | Staff Working Paper - Document de travail du personnel |
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The author develops a strategy for utilizing higher moments and conditioning information efficiently, and hence improves on the variance bounds computed by Hansen and Jag[...]
2006 | Text | Staff Working Paper - Document de travail du personnel |
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Payments systems are typically characterized by some degree of tiering, with upstream firms (clearing agents) providing settlement accounts to downstream institutions tha[...]
2006 | Text | Staff Working Paper - Document de travail du personnel |
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The purpose of our paper is to examine the profitability and social desirability of both domestic and foreign mergers in a location-quantity competition model, where we a[...]
2009 | Text | Staff Working Paper - Document de travail du personnel |
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8.
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The difference between actual borrowings and borrowing limits alone generates information asymmetry in the credit card market. This information asymmetry can make the mar[...]
2005 | Text | Staff Working Paper - Document de travail du personnel |
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9.
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Recent reform proposals call for an elimination of the constant net asset value (NAV) or “buck” in money market mutual funds to reduce the occurrence of runs. Outside the[...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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10.
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The types of contracts that arise in a typical vertical manufacturer–retailer relationship are more sophisticated than usually assumed in standard macroeconomic models. I[...]
2004 | Text | Staff Working Paper - Document de travail du personnel |
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