L1 - Market Structure, Firm Strategy, and Market Performance - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T14:44:26+00:00Inference in Games Without Nash Equilibrium: An Application to Restaurants’ Competition in Opening Hours
https://www.bankofcanada.ca/2018/12/staff-working-paper-2018-60/
This paper relaxes the Bayesian Nash equilibrium (BNE) assumption commonly imposed in empirical discrete choice games with incomplete information. Instead of assuming that players have unbiased/correct expectations, my model treats a player’s belief about the behavior of other players as an unrestricted unknown function. I study the joint identification of belief and payoff functions.2018-12-19T08:12:56+00:00enInference in Games Without Nash Equilibrium: An Application to Restaurants’ Competition in Opening Hours2018-12-19Econometric and statistical methodsMarket structure and pricingStaff Working Paper 2018-60https://www.bankofcanada.ca/wp-content/uploads/2018/12/swp2018-60.pdfInference in Games Without Nash Equilibrium: An Application to Restaurants, Competition in Opening HoursErhao XieDecember 2018CC5C57LL1L13L8L85The Scale and Scope of Online Retail
https://www.bankofcanada.ca/2018/06/staff-analytical-note-2018-19/
This paper studies the growth of online retail over the period 1999–2012, using confidential firm-product-level data for Canada. The revenue of online retailers is decomposed into the contributions of product scope (the number of product categories) and product scale (average revenue per product category).2018-06-21T10:55:59+00:00enThe Scale and Scope of Online Retail2018-06-21Customer Liquidity Provision in Canadian Bond Markets
https://www.bankofcanada.ca/2018/05/staff-analytical-note-2018-12/
This analytical note assesses the prevalence of liquidity provision by institutional investors in Canadian bonds. We find that the practice is not prevalent in Canada. Customer liquidity provision is more prevalent for less liquid bonds, on days when liquidity is already expensive or when there are larger trading volumes. In our interpretation, Canadian dealers draw on customer liquidity as a supplementary source of liquidity and only when necessary, given its cost.2018-05-02T06:00:35+00:00enCustomer Liquidity Provision in Canadian Bond Markets2018-05-02High-Frequency Trading and Institutional Trading Costs
https://www.bankofcanada.ca/2018/02/staff-working-paper-2018-8/
Using data on Canadian bond futures, we examine how high-frequency traders (HFTs) interact with institutions building large positions. In contrast to recent findings, we find HFTs in the data act as small-sized liquidity suppliers, and we reject the hypothesis that they engage in back running, a predatory trading strategy.2018-02-09T12:17:58+00:00enHigh-Frequency Trading and Institutional Trading Costs2018-02-09Financial marketsFinancial system regulation and policiesMarket structure and pricingStaff Working Paper 2018-8https://www.bankofcanada.ca/wp-content/uploads/2018/02/swp2018-8.pdfHigh-Frequency Trading and Institutional Trading CostsMarie ChenCorey GarriottFebruary 2018GG1G14G2G20LL1L10