株式会社極東書店トップ ＞ 商品一覧 ＞ Information or Market Power : What Is Governing Dealers' Pricing Behaviour in FX Markets? An Investigation in the Spirit of the Microstructure Approach to Exchange Rates.
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Information or Market Power : What Is Governing Dealers' Pricing Behaviour in FX Markets? An Investigation in the Spirit of the Microstructure Approach to Exchange Rates. 情報か市場の力か －為替相場へのミクロ構造アプローチの精神調査－
・ISBN 978-3-631-57928-2 paper SFR 79.85
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お気に入り
★★★
| 著者・編者 | Schmidt, Markus A., |
|---|---|
| シリーズ | Studien zu Internationalen Wirtschaftsbeziehungen |
| 出版社 | (P. Lang, SZ) |
| 出版年月 | 2008 |
| ページ数 | xii, 244 pp. |
| 言語 | ENG |
| ニュース番号 | ＜558-331＞ |
解説
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.