Essec\Faculty\Model\Contribution {#2233 ▼
#_index: "academ_contributions"
#_id: "2769"
#_source: array:26 [
"id" => "2769"
"slug" => "2769-transparency-matters-price-formation-in-the-presence-of-order-preferencing"
"yearMonth" => "2011-05"
"year" => "2011"
"title" => "Transparency matters: Price formation in the presence of order preferencing"
"description" => "LESCOURRET, L. et ROBERT, C.Y. (2011). Transparency matters: Price formation in the presence of order preferencing. <i>Journal of Financial Markets</i>, 14(2), pp. 227-258. 
LESCOURRET, L. et ROBERT, C.Y. (2011). Transparency matters: Price formation in the presence of orde "
"authors" => array:2 [
0 => array:3 [
"name" => "LESCOURRET Laurence"
"bid" => "B00024824"
"slug" => "daures-laurence"
]
1 => array:1 [
"name" => "ROBERT C.-Y."
]
]
"ouvrage" => ""
"keywords" => array:4 [
0 => "Direction préférentielle du flux d'ordres"
1 => "Fourchette de prix"
2 => "Risque de position"
3 => "Transparence des marchés"
]
"updatedAt" => "2021-02-02 16:16:18"
"publicationUrl" => "https://doi.org/10.1016/j.finmar.2010.09.002"
"publicationInfo" => array:3 [
"pages" => "227-258"
"volume" => "14"
"number" => "2"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Cet article explore le lien entre flux d'ordres préférentiels, risque de position et prix cotés par les teneurs de marché. Les résultats sont obtenus dans le cadre d'une enchère asymétrique au premier prix. L'obligation de servir les ordres préférentiels amène les teneurs de marché préférencés à prendre des positions non désirées, ce qui diminue leurs incitations à coter agressivement en moyenne. Cette baisse de concurrence provoque un élargissement des fourchettes de prix. Toutefois, la restauration de la pression concurrentielle peut être obtenue (i) en jouant sur le degré de transparence des marchés ; (ii) en favorisant l'entrée de teneurs de marché non préférencés ; (iii) en exigeant plus de financement en capital. Cet article explore le lien entre flux d'ordres préférentiels, risque de position et prix cotés par "
"en" => "Using a market-making inventory model, we analyze the impact of order preferencing on dealers’ quoting behavior by changing the degree of quote disclosure. We find that preferenced orders raise the inventory-holding costs of preferenced dealers, making them less able to post attractive quotes. In turn, competitors choose less aggressive prices, but still attract more likely public orders. Price competition is smoothed and expected market spreads widen. Promoting competition might be, however, enforced by (i) fine tuning through the degree of market transparency, (ii) favoring the entry of unpreferenced dealers, or (iii) requiring preferenced market-makers to have more funding capital. Using a market-making inventory model, we analyze the impact of order preferencing on dealers’ quoti "
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2025-03-16T06:21:43.000Z"
"docTitle" => "Transparency matters: Price formation in the presence of order preferencing"
"docSurtitle" => "Articles"
"authorNames" => "<a href="/cv/daures-laurence">LESCOURRET Laurence</a>, ROBERT C.-Y."
"docDescription" => "<span class="document-property-authors">LESCOURRET Laurence, ROBERT C.-Y.</span><br><span class="document-property-authors_fields">Finance</span> | <span class="document-property-year">2011</span> <span class="document-property-authors">LESCOURRET Laurence, ROBERT C.-Y.</span><br><span class="doc "
"keywordList" => "<a href="#">Direction préférentielle du flux d'ordres</a>, <a href="#">Fourchette de prix</a>, <a href="#">Risque de position</a>, <a href="#">Transparence des marchés</a> <a href="#">Direction préférentielle du flux d'ordres</a>, <a href="#">Fourchette de prix</a>, <a hr "
"docPreview" => "<b>Transparency matters: Price formation in the presence of order preferencing</b><br><span>2011-05 | Articles </span> <b>Transparency matters: Price formation in the presence of order preferencing</b><br><span>2011-05 "
"docType" => "research"
"publicationLink" => "<a href="https://doi.org/10.1016/j.finmar.2010.09.002" target="_blank">Transparency matters: Price formation in the presence of order preferencing</a> <a href="https://doi.org/10.1016/j.finmar.2010.09.002" target="_blank">Transparency matters: Price f "
]
+lang: "fr"
+"_type": "_doc"
+"_score": 9.346443
+"parent": null
}
