Information or Market Power: What is Gover...

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Sprache: Englisch

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Beschreibung

The microstructure approach provides valuable insights into high-frequent exchange rate dynamics. Recent studies, including this book, evidence the prominence of information asymmetries for asset pricing as well as order flow's important role during information aggregation processes via trading. However, results indicate that dealers quote prices in contrast to predictions of standard theory of asset pricing under asymmetric information. By analysing a unique data set of EUR/USD transactions at a German bank, this work investigates whether this pricing behaviour is due to dealers' strategic dealing considerations or traders' relative market power. The study concludes that it is market power rather than strategic dealing that determines dealers' pricing strategy. / Dissertationsschrift

Zusammenfassung

The Author: Markus A. Schmidt studied economics at the University of Giessen, (Diplom, MSc-equivalent 2005), and the University of Exeter (Great Britain). He received his doctorate from the University of Giessen in 2008. Concomitantly to his doctoral thesis, he worked as credit strategist with a financial institution. He is now working with Deutsche Bundesbank, Economics Department.

Inhaltsverzeichnis

Contents: Becoming acquainted with microstructure finance - Investigating dealers' pricing behaviour in FX markets - Strategic dealing hypothesis - Market power hypothesis - Information content of order flow - Market power and FX pricing behaviour.

Details

Erscheinungsjahr:	2008
Fachbereich:	Volkswirtschaft
Genre:	Recht , Sozialwissenschaften , Wirtschaft
Rubrik:	Recht & Wirtschaft
Medium:	Taschenbuch
Reihe:	Studien zu Internationalen Wirtschaftsbeziehungen
ISBN-13:	9783631579282
ISBN-10:	3631579284
Sprache:	Englisch
Herstellernummer:	57928
Einband:	Kartoniert / Broschiert
Autor:	Schmidt, Markus Alexander
Redaktion:	Frenkel, Michael
Auflage:	1. Auflage
Hersteller:	Peter Lang Studien zu Internationalen Wirtschaftsbeziehungen
Verantwortliche Person für die EU:	Lang, Peter GmbH, Gontardstr. 11, D-10178 Berlin, r.boehm-korff@peterlang.com
Maße:	210 x 148 x 15 mm
Von/Mit:	Markus Alexander Schmidt
Erscheinungsdatum:	05.08.2008
Gewicht:	0,341 kg