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作者 Kunkel, Jason Timothy
書名 The competitive effects of multiple exchange listed options on the United States options market: A look at market share
國際標準書號 9780542962912
book jacket
說明 35 p
附註 Source: Masters Abstracts International, Volume: 45-02, page: 0612
Adviser: Michael McCormick
Thesis (M.A.)--Clemson University, 2006
In an attempt to foster competition between financial exchanges, the Securities and Exchange Commission developed the National Market System Plan. With the exchanges competing for market share, there is potential for the loss of property rights of price quotes developed by the dominant exchange. The smaller exchanges will free ride on the dominant exchange's price quotes and "cream skim" the less risky trades. This research develops a model of CBOE (the dominant options exchange) market share to show evidence of "cream skimming." The variables in the model of market share give insight into the risk and profitability of the option contract and show that the smaller markets gain market share in less risky higher profit options. This result supports the hypothesis of "cream skimming."
School code: 0050
DDC
Host Item Masters Abstracts International 45-02
主題 Economics, Finance
0508
Alt Author Clemson University
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