Search Results - "Park, Andreas"

The Conceptual Flaws of Decentralized Automated Market Making by Park, Andreas

“…Decentralized exchanges (DEXs) are an essential component of the nascent decentralized finance (DeFi) ecosystem. The most common DEXs are so-called automated…”
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Tokenomics: When Tokens Beat Equity by Malinova, Katya, Park, Andreas

“…In a token offering, investors fund a venture in exchange for tokens that grant rights to future economic output. To many financial industry insiders, tokens…”
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Subsidizing Liquidity: The Impact of Make/Take Fees on Market Quality by MALINOVA, KATYA, PARK, ANDREAS

“…Facing increased competition over the last decade, many stock exchanges changed their trading fees to maker-taker pricing, an incentive scheme that rewards…”
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Herding and Contrarian Behavior in Financial Markets by Park, Andreas, Sabourian, Hamid

“…Rational herd behavior and informationally efficient security prices have long been considered to be mutually exclusive but for exceptional cases. In this…”
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Regulating dark trading: Order flow segmentation and market quality by Comerton-Forde, Carole, Malinova, Katya, Park, Andreas

“…We examine the impact of a rule in the Canadian equities market that requires dark orders to offer price improvement over displayed orders. We show that this…”
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The impact of competition and information on intraday trading by Malinova, Katya, Park, Andreas

“…In a dynamic model of financial market trading multiple heterogeneously informed traders choose when to place orders. Better informed traders trade…”
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RUSHES IN LARGE TIMING GAMES by Anderson, Axel, Smith, Lones, Park, Andreas

“…We develop a continuum player timing game that subsumes standard wars of attrition and pre-emption games, and introduces a new rushes phenomenon. Payoffs are…”
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Liquidity, volume and price efficiency: The impact of order vs. quote driven trading by Malinova, Katya, Park, Andreas

“…As equity trading becomes predominantly electronic, is there still value to a traditional, intermediated dealer system? We address this question by comparing…”
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Trading Volume in Dealer Markets by Malinova, Katya, Park, Andreas

“…We develop a financial market trading model in the tradition of Glosten and Milgrom (1985) that allows us to incorporate nontrivial volume. We observe that in…”
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Experiential Learning of the Efficient Market Hypothesis: Two Trading Games by Park, Andreas

“…In goods markets, an equilibrium price balances demand and supply. In a financial market, an equilibrium price also aggregates people's information to reveal…”
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Nonstandard Errors by KIRCHLER, MICHAEL, RAZEN, MICHAEL, ABUDY, MENACHEM (MENI), AKMANSOY, OLIVIER, ANGEL, JAMES J., BACH, AMADEUS, BARBON, ANDREA, BONDARENKO, OLEG, BOURI, ELIE, ROMERO, LAURA M. CAPERA, CAPORIN, MASSIMILIANO, CASKURLU, TOLGA, CHAKRABARTY, BIDISHA, CHEUNG, WILLIAM, CHINCARINI, LUDWIG B., CHOW, SHEUNG‐CHI, CLAPHAM, BENJAMIN, COMERTON‐FORDE, CAROLE, DAO, THONG, DARE, WALE, DAVIES, RYAN J., DECLERCK, FANY, DEEV, OLEG, DESAGRE, CHRISTOPHE, DIM, CHUKWUMA, DRUMMOND, PHILIP A., DZIELIŃSKI, MICHAŁ, EKSI, ASLI, EUGSTER, NICOLAS, FERRARA, GERARDO, FERROUHI, EL MEHDI, FONG, KINGSLEY Y. L., FOUCAULT, THIERRY, FRÖMMEL, MICHAEL, GAO, GE, GEHRIG, THOMAS P., GIL‐BAZO, JAVIER, GOMEZ, THOMAS, GRAMMIG, JOACHIM, HARTMANN, SIMON, HASSE, JEAN‐BAPTISTE, HAUTSCH, NIKOLAUS, IVASHCHENKO, ALEXEY, JURKATIS, SIMON, KAECK, ANDREAS T., KARAM, ARZÉ, KASSNER, BERNHARD, KHAN, SAAD A., KHOMYN, MARTA K., KLOS, ALEXANDER, KOLOKOLOV, ALEKSEY, KWAN, AMY, LAJAUNIE, QUENTIN, LAM, F. Y. ERIC C., LANGLOIS, HUGUES, LI, YIJIE, MARTINEAU, CHARLES, MIHET, ROXANA, MOINAS, SOPHIE, MURAVYEV, DMITRIY, NIMALENDRAN, MAHENDRARAJAH, ØDEGAARD, BERNT A., ÖSTBERG, PER, PRESS, OLIVER‐ALEXANDER, PROKOPCZUK, MARCEL, RAIZADA, GAURAV, RAKOWSKI, DAVID, REITZ, STEFAN, RIDDIOUGH, STEVEN J., RINNE, KALLE, RINTAMÄKI, PAUL, RIORDAN, RYAN, LONGARELA, IÑAKI RODRÍGUEZ, ROSEMAN, BRIAN, RZAYEV, KHALADDIN, SARKAR, ASANI, SARNO, LUCIO, SCHERTLER, ANDREA, SCHROEDER, FLORIAN, SEASHOLES, MARK S., SIMION, GIORGIA, SMALES, LEE A., SÖDERLIND, PAUL, SOKOLOV, KONSTANTIN, SÖNKSEN, JANTJE, STEFANOVA, DENITSA, TROLLE, ANDERS B., VOIGT, STEFAN, WAGNER, WOLF, WEISS, PATRICK, WIKA, HANS C., WRAMPELMEYER, JAN, YU, SHIHAO, YUESHEN, BART Z., ZAMOJSKI, MARCIN, ZAREEI, ABALFAZL, ZHANG, S. SARAH, ZHOU, CHEN, ZHU, XINGYU S., ZWINKELS, REMCO

“…ABSTRACT In statistics, samples are drawn from a population in a data‐generating process (DGP). Standard errors measure the uncertainty in estimates of…”
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Experimential learning of the efficient market hypothesis: Two trading games by Park, Andreas

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Herding, contrarianism and delay in financial market trading by Park, Andreas, Sgroi, Daniel

“…Herding and contrarian behaviour are often-cited features of real-world financial markets. Theoretical models of continuous trading that study herding and…”
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Caller Number Five and related timing games by Park, Andreas, Smith, Lones

“…There are two varieties of timing games in economics: wars of attrition, in which having more predecessors helps, and pre-emption games, in which having more…”
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How Syndicate Short Sales Affect the Informational Efficiency of IPO Prices and Underpricing by Bartling, Björn, Park, Andreas

“…When a company goes public, it is standard practice that the underwriting syndicate allocates more shares than are issued. The underwriter thus holds a short…”
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Special Drawing Rights in a New Decentralized Century by Veneris, Andreas, Park, Andreas

“…Unfulfilled expectations from macro-economic initiatives during the Great Recession and the massive shift into globalization echo today with political…”
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On Tokenizing Securities in Contemporary Decentralized Finance Ecosystems by Xin Li, Reina Ke, Singh, Srisht Fateh, Park, Andreas, Veneris, Andreas

“…This paper presents a securities tokenization solution allowing real-world securities to benefit from the accessibility, transparency, efficiency, and…”
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What determines the level of IPO gross spreads? Underwriter profits and the cost of going public by Bartling, Björn, Park, Andreas

“…This paper addresses three empirical findings of the literature on initial public offerings. (i) Why do investment banks earn positive profits in a competitive…”
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Engineering Economics in the Conflux Network by Cai, Yuxi, Long, Fan, Park, Andreas, Veneris, Andreas

“…Proof-of-work blockchains need to be carefully designed so as to create the proper incentives for miners to faithfully maintain the network in a sustainable…”
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Engineering Economics in the Conflux Network by Cai, Yuxi, Long, Fan, Park, Andreas, Veneris, Andreas

“…Proof-of-work blockchains need to be carefully designed so as to create the proper incentives for miners to faithfully maintain the network in a sustainable…”
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