Essec\Faculty\Model\Contribution {#2216
  #_index: "academ_contributions"
  #_id: "4977"
  #_source: array:26 [
    "id" => "4977"
    "slug" => "preferencing-internalization-and-dealer-inventory"
    "yearMonth" => "2005-04"
    "year" => "2005"
    "title" => "Preferencing, Internalization and Dealer Inventory"
    "description" => "LESCOURRET, L. et ROBERT, C.Y. (2005). Preferencing, Internalization and Dealer Inventory. Dans: <i>Proceedings of International Conference on New Financial Market Structures</i>. HEC Montreal, pp. 1-50."
    "authors" => array:2 [
      0 => array:3 [
        "name" => "LESCOURRET Laurence"
        "bid" => "B00024824"
        "slug" => "daures-laurence"
      ]
      1 => array:1 [
        "name" => "ROBERT Ch. Y."
      ]
    ]
    "ouvrage" => "Proceedings of International Conference on New Financial Market Structures"
    "keywords" => []
    "updatedAt" => "2021-04-19 17:57:25"
    "publicationUrl" => null
    "publicationInfo" => array:3 [
      "pages" => "1-50"
      "volume" => null
      "number" => null
    ]
    "type" => array:2 [
      "fr" => "Actes d'une conférence"
      "en" => "Conference Proceedings"
    ]
    "support_type" => array:2 [
      "fr" => "Editeur"
      "en" => "Publisher"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "Ce papier analyse la façon dont l'internalisation des ordres et le "preferencing" (pratiques permettant l'exécution d'ordres captifs hors du marché central) affectent les stratégies de cotation de deux teneurs de marché averses au risque. Nous montrons que lorsque la concurrence est faible, l'internalisation et le preferencing augmentent les fourchettes de prix, alors que lorsque la concurrence est vive, seule l'internalisation a un impact négatif sur la concurrence et les fourchettes."
      "en" => "This paper examines how preferencing and internalization affect the quote-setting behaviour of risk-averse dealers who differ in their inventory. When competition is weak, both practices impede price competition and lead to wider markets spreads. However, in a highly competitive market internalization is detrimental to market spreads whereas preferencing is not any more."
    ]
    "authors_fields" => array:2 [
      "fr" => "Finance"
      "en" => "Finance"
    ]
    "indexedAt" => "2024-12-21T18:21:44.000Z"
    "docTitle" => "Preferencing, Internalization and Dealer Inventory"
    "docSurtitle" => "Conference Proceedings"
    "authorNames" => "<a href="/cv/daures-laurence">LESCOURRET Laurence</a>, ROBERT Ch. Y."
    "docDescription" => "<span class="document-property-authors">LESCOURRET Laurence, ROBERT Ch. Y.</span><br><span class="document-property-authors_fields">Finance</span> | <span class="document-property-year">2005</span>"
    "keywordList" => ""
    "docPreview" => "<b>Preferencing, Internalization and Dealer Inventory</b><br><span>2005-04 | Conference Proceedings </span>"
    "docType" => "research"
    "publicationLink" => "<a href="#" target="_blank">Preferencing, Internalization and Dealer Inventory</a>"
  ]
  +lang: "en"
  +"_type": "_doc"
  +"_score": 9.140847
  +"parent": null
}