• Costs and benefits of speculation 

      Lensberg, Terje; Schenk-Hoppé, Klaus Reiner; Ladley, Daniel (Discussion paper;2012:12, Working paper, 2012-10)
      We quantify the effects of financial regulation in an equilibrium model with delegated portfolio management. Fund managers trade stocks and bonds in an order-driven market, subject to transaction taxes and constraints ...
    • Fragmentation and stability of markets 

      Ladley, Daniel; Lensberg, Terje; Palczewski, Jan; Schenk-Hoppé, Klaus Reiner (Working paper;2013:7, Working paper, 2013-07)
      Trading skills are highly rewarded in practice but largely ignored in theoretical models of financial markets. This paper demonstrates the importance of skills by exploring their interaction with market fragmentation and ...