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  Home > Diane Publishing Books >

Financial Market Frictions: A Reprint from the “Economic Review”
Defined as anything that interferes with trade, fi

 
Our Price: $15.00
By Ramon P. DeGennaro (au); Cesare Robotti (au)
Year: 2007
Pages: 16
Binding Paperback

Product Code: 1422319873

Description
 
Defined as anything that interferes with trade, financial market frictions (FMF) can exist even in efficient markets. FMF generate real costs to investors, generate business opportunities, & change over time. FMF depend in part on market structure. Market structure tends to evolve over time, as trading volume increases, from low fixed costs & high marginal costs to high fixed costs & low marginal costs. The authors classify & discuss 5  categories of FMF: transactions costs, taxes & regulations, asset indivisibility, non-traded assets, & agency & info. problems. FMF impose utility costs on investors by making preferable investment portfolios unattainable. Investors who ignore market FMF compound the harm done by the FMF themselves. Illustrations.

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