IDEAS home Printed from https://ideas.repec.org/a/cai/finpug/fina_381_0007.html
   My bibliography  Save this article

Competition in Exchanges and Reputational Concerns

Author

Listed:
  • Selma Boussetta

Abstract

Cet article propose un modèle théorique qui analyse l?impact de la compétition sur la qualité de certification menée par la bourse. Dans le cas où celle-ci certifie honnêtement la qualité des nouvelles émissions, la bourse ne coterai que les bons projets, ce qui permettrait d?atténuer l?assymétrie d?information et de générer des gains à travers les transactions. Cependant, il se peut qu?il soit plus profitable pour la bourse d?être laxiste sur les critères de cotation. En effet, l?enjeu entre les profits à court terme et la réputation conduit à un comportement stratégique de la bourse. Les résultats montrent que le fait de surévaluer la qualité d?un projet est un équilibre, quel que soit le risque pour la réputation. Contre-intuitivement la compétition entre les bourses conduit à un comportement plus laxiste qu?en situation de monopole et réduit le bien-être tant que la réputation du concurrent est plus élevée que celle de la bourse en monopole.

Suggested Citation

  • Selma Boussetta, 2017. "Competition in Exchanges and Reputational Concerns," Finance, Presses universitaires de Grenoble, vol. 38(1), pages 7-44.
    • Handle: RePEc:cai:finpug:fina_381_0007
    as

    Download full text from publisher

    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=FINA_381_0007
    Download Restriction: free
    File URL: http://www.cairn.info/revue-finance-2017-1-page-7.htm
    Download Restriction: free
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:finpug:fina_381_0007. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jean-Baptiste de Vathaire (email available below). General contact details of provider: https://www.cairn.info/revue-finance.htm .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.