Private vs. public efficiency in the securities industry
Article Abstract:
Article discusses in general terms efficiency issues related to the structure of securities markets, firms in the industry and financial products and services. A common theme connecting these topics involves the nature of transaction costs and the practice of traders and firms to free-ride on public and private institutions. Examples related to this topic include the view that 'transaction costs' inhibit the direct trade between parties and secondly, one that involves the holding of liquid securities by investment banking houses.
Publication Name: Journal of Banking & Finance
Subject: Business
ISSN: 0378-4266
Year: 1993
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Unspanned stochastic volatility and fixed income derivatives pricing
Article Abstract:
An 'unspanned stochastic volatility' model of the term structure is presented, and its effects on fixed income option prices are studied.
Publication Name: Journal of Banking & Finance
Subject: Business
ISSN: 0378-4266
Year: 2005
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