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Digital Disruption in Banking 

Date: 01/12/2019 Author(s): Vives, Xavier Editor(s): Cátedra Abertis de Regulación, Competencia y Políticas Públicas Document type: Article in Journal (refereed) This review surveys technological disruption in banking, examining its impact on competition and its potential to increase efficiency and customer welfare. It analyzes the possible strategies of the players involved--incumbents and FinTech and BigTech firms--and the role of regulation. The industry is facing radical transformation and restructuring, ... More information

Overlapping Ownership, R&D Spillovers, and Antitrust Policy 

Date: 10/2019 Author(s): López, Ángel L.; Vives, Xavier Document type: Article in Journal (refereed) This paper considers cost-reducing R&D investment with spillovers in a Cournot oligopoly with minority shareholdings. We fi?nd that, with high market concentration and sufficiently convex demand, there is no scope for cross-ownership to improve welfare regardless of spillover levels. Otherwise, there is scope for cross-ownership provided that spillovers ... More information

Common Ownership, Market Power, and Innovation 

Date: 29/08/2019 Author(s): Vives, Xavier Editor(s): Cátedra Abertis de Regulación, Competencia y Políticas Públicas Document type: Article in Journal (refereed) I examine the effects of overlapping ownership on market power when there are external effects across firms. This is done in an oligopoly model with cost-reducing innovation with technological spillovers where firms have an overlapping ownership structure based largely on López and Vives (2019). The model allows for Cournot competition with homogeneous ... More information

Competition Policy in Banking in the European Union 

Date: 08/2019 Author(s): Vives, Xavier Document type: Article in Journal (refereed) We examine the evolution of competition in banking in the EU in its interaction with regulatory developments and the parallel evolution of the application of competition policy in the sector. The crisis of 2007?2009 interrupted the normalization of competition policy in banking that started in the early 1980s; the crisis also reversed some advances ... More information

Competition and Stability in Modern Banking: A Post-Crisis Perspective 

Date: 05/2019 Author(s): Vives, Xavier Document type: Article in Journal (refereed) Competition has been suppressed for extended periods in banking and when it has been unleashed, financial stability has suffered. This paper elucidates the relationship between competition and stability in modern banking, with particular attention to the impact of digital technologies, and derives the policy consequences for regulation and competition ... More information

Endogenous Public Information and Welfare in Market Games 

Date: 04/2017 Author(s): Vives, Xavier Document type: Article in Journal (refereed) This article performs a welfare analysis of markets with private information in which agents condition on prices in the rational expectations tradition. Price-contingent strategies introduce two externalities in the use of private information: a pecuniary externality and a learning externality. The pecuniary externality induces agents to put too much ... More information

The Beauty Contest and Short-Term Trading 

Date: 10/2015 Author(s): Cespa, Giovanni; Vives, Xavier Document type: Article in Journal (refereed) Short-termism need not breed informational price inefficiency even when generating beauty contests. We demonstrate this claim in a two-period market with persistent liquidity trading and risk-averse, privately informed, short-term investors and find that prices reflect average expectations about fundamentals and liquidity trading. Informed investors ... More information Read related article

Information, Coordination, and Market Frictions: An Introduction 

Date: 07/2015 Author(s): Pavan, Alessandro; Vives, Xavier Document type: Article in Journal (refereed) Market frictions due to asymmetric information have received significant attention at least since the pioneering work of Akerlof [3] and Rothschild and Stiglitz [103] on adverse selection, Spence [105] on signaling, and the work on rational expectations equilibria (REE) by Lucas [78], Radner [96], and Grossman and Stiglitz [65]. The study of such ... More information

Strategic Complementarity, Fragility, and Regulation 

Date: 12/2014 Author(s): Vives, Xavier Document type: Article in Journal (refereed) Fragility is affected by how the balance sheet composition of financial intermediaries, the precision of information signals, and market stress parameters all influence the extent of strategic complementarity among investors' strategies. A solvency and a liquidity ratio are required to control the likelihood of insolvency and illiquidity. The solvency ... More information

On the Possibility of Informationally Efficient Markets 

Date: 10/2014 Author(s): Vives, Xavier Document type: Article in Journal (refereed) This paper presents conditions for a resolution of the Grossman-Stiglitz paradox of informationally efficient markets. We display a market with asymmetric information where a privately revealing equilibrium obtains in a competitive framework and where incentives to acquire information are preserved as long as the correlation in traders' valuations ... More information
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