Financial Market Frictions

Released on by Ramon P. DeGennaro
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  • Financial Market Frictions Book Detail

  • Author : Ramon P. DeGennaro
  • Release Date : 2008-01
  • Publisher :
  • Genre :
  • Pages : 16
  • ISBN 13 : 9781422319871
  • File Size : 56,56 MB
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Financial Market Frictions by Ramon P. DeGennaro PDF Summary

Book 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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