L - Industrial Organization
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14 November 2013 Fragmentation in Canadian Equity Markets
Changes in technology and regulation have resulted in an increasing number of trading venues in equity markets in Canada. New trading platforms have intensified price competition and have encouraged innovation, and they do not appear to have segmented trade. But the increasingly complex market structure has necessitated investments in expensive technology and has introduced new operational risks. Regulatory responses should be carefully adapted to retain the competition and innovation associated with this market fragmentation. -
Some Economics of Private Digital Currency
This paper reviews some recent developments in digital currency, focusing on platform-sponsored currencies such as Facebook Credits. -
Public/Private Transitions and Firm Financing
A large body of empirical literature investigates differences in financing structures across firms. Private firms’ financing receives little attention due to the lack of data. -
Market Structure and Cost Pass-Through in Retail
We examine the extent to which vertical and horizontal market structure can together explain incomplete retail pass-through.