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Sequential Entry in Illiquid Markets
Journal of Financial Markets. 2023. Vol. 64. Article 100818.
I study the sequential entry of intermediaries into an illiquid market. As intermediaries trade with rational counterparts, market depth affects and is affected by the possibility of entry. This feedback loop between entry and depth gives incumbent intermediaries more incentives to deter entrants, creating endogenous barriers to entry. Further, whether entry occurs or not in equilibrium has distinct effects on market quality: while entry improves depth, reduces spreads, and speeds up price convergence, the threat of entry disciplines only spreads. In a contestable market, more competition leads to higher spreads and intermediaries’ counterparties benefit more from deterrence than actual entry.
Родичев А. И., Zinyakov Y., Вестник Московского университета. Серия 6: Экономика 2026 Т. 61 № 2 С. 340–357
This paper analyzes discrepancies between direct and mirror data in Russia's foreign trade statistics over the period of 2003-2024. Special attention is given to assessing the impact of sanction policies on the level of statistical discrepancies, which reflect trade costs, manipulations in customs and tax reporting, as well as structural changes in logistics and the ...
Added: July 10, 2026
Kuzminov Y., Kruchinskaia E., Вопросы экономики 2026 № 7 С. 5–23
The year 2026 marks the 250th anniversary of Adam Smith’s “An inquiry into the nature and causes of the wealth of nations”, the work that had laid the foundations of economic science. The three factors of production Smith implicitly introduced — labor, land, and capital — no longer operate in their pure form: the digital ...
Added: July 9, 2026
Sizova A., Барнаул: Алтайский государственный педагогический университет, 2026.
В сборник включены научные статьи, посвященные различным аспектам социально-экономической и культурной истории Сибири в контексте внутренней и внешней политики России. Сборник посвящен 70-летию со дня рождения известного ученого, педагога, просветителя и общественного деятеля, доктора исторических наук, профессора Александра Владимировича Старцева (1956–2019).
Сборник предназначен для специалистов в области отечественного исторического сибиреведения, а также всех, кто интересуется историей ...
Added: July 8, 2026
Besstremyannaya G., Кузнецова Ю., Прикладная эконометрика 2026 Т. 82 С. 26–46
This paper studies the technical efficiency of Russian retail companies in 2019 to 2023 using stochastic frontier analysis (SFA) with the Battese and Coelli (1995) model. A translogarithmic production function is employed for estimations. The dependent variable is company revenue, and the production factors are the average number of employees, fixed assets, and assets less ...
Added: July 8, 2026
Dormidontova Y., Central European Business Review 2026 Vol. 15 No. 2 P. 69–90
This study examines the individual factors of artificial intelligence (AI) implementation by small and medium-sized enterprise (SME) owners, based on a survey of 499 respondents in Russia. Drawing on Innovation Diffusion Theory, the Technology Acceptance Model (TAM), and stakeholder-oriented sustainability approach, the analysis shows that SME owners who already use AI for private purposes are ...
Added: July 7, 2026
Kozlov N., Semenova M., Journal of Corporate Finance Research 2026 Vol. 20 No. 2 P. 108–135
This paper introduces a novel approach to identifying and operationalizing political connections of banks. We manually code 2,598 bankers who owned or worked in 115 Russian banks between 2015 and 2021 to classify political connections and uncover their institutional patterns through cluster analysis. We propose a set of variables that capture the origins, relevance, and ...
Added: July 6, 2026
Grebnev L., Вопросы философии 2025 № 6 С. 105–116
The relevance of the topic is related to the fact that after the complete abandonment of real values in the 1970s of the main means of international settlements - the US dollar – there is a growing feeling that money increasingly represents an illusory reality. The article begins with an analysis of the illusions associated ...
Added: July 6, 2026
Volkova N., Кочетков Н. В., Чикер В. А., Психологическая наука и образование 2026 Т. 31 № 3 С. 35–49
Context and relevance. Artificial intelligence is a technology with the potential to fundamentally transform all spheres of human life. Its rapid integration into everyday reality intensifies research dedicated to the psychology of using neural networks. However, the development of empirical research in the Russian scientific field is limited by the lack of validated psychodiagnostic tools that ...
Added: July 5, 2026
Alekseeva O., Nazarova V., AlterEconomics (ранее - Журнал экономической теории) 2026 Т. 23 № 2 С. 329–354
IPO underpricing remains one of the most persistent anomalies in capital markets and is particularly pronounced in emerging markets, where information asymmetry and valuation uncertainty are especially high. This article examines the relationship between board gender composition and the level of IPO underpricing among Chinese companies. The study aims to assess whether a higher share ...
Added: July 4, 2026
Ershova N. V., Журнал институциональных исследований 2026 Т. 18 № 2 С. 82–97
This article, based on a survey data from 1,860 Russian manufacturing enterprises, analyzes the
scale of enterprise participation in science-industry collaboration (SIC), defines the characteristics of
enterprises that are more actively involved in SIC, and identifies regional institutional factors that
contribute to increased enterprise participation in SIC using correlation analysis. It is shown that
Russian manufacturing firms are very ...
Added: July 3, 2026
Podrugina A., Романова В. А., Пространственная экономика 2026 Т. 22 № 2 С. 56–85
Исследование посвящено анализу институциональных усилий развивающихся стран по дедолларизации и укреплению роли национальных валют. На основе систематизации теоретических подходов к интернационализации валют авторы разрабатывают новый аналитический инструмент – Индекс институционального развития финансового рынка в национальных валютах. Методология индекса охватывает четыре ключевых направления политики: использование валюты в международных расчетах, создание валютных своп-линий между центральными банками, развитие ...
Added: July 3, 2026
Anikeev K., AlterEconomics (ранее - Журнал экономической теории) 2026 Т. 23 № 2 С. 410–428
This study empirically tests the deposit channel hypothesis, which holds that increases in deposit markups cause liquidity outflows from the banking sector and a contraction in credit supply. The central question is whether deposit substitution effects, whereby depositors shift funds to other financial instruments during monetary tightening, are reflected in banks’ balance sheets and aggregate ...
Added: July 2, 2026
Kuzminov Y., Koshel A., Kruchinskaia E. et al., BRICS Law Journal 2026 Vol. 13 No. 2 P. 5–36
Today’s economy is undergoing a fundamental institutional shift in which digital ecosystems have emerged not only as a key driver of development but also as a critical condition for market access for billions of users. Despite the rapid global proliferation of these phenomena, the evolution of legal regulation—from e-commerce and data protection to antitrust oversight ...
Added: July 2, 2026
Kuzminov Y., Kruchinskaia E., Россия в глобальной политике 2026 Т. 24 № 4 С. 92–109
В статье анализируется структурный разрыв между увеличивающейся когнитивной нагрузкой и снижающейся отдачей от неё. Подход, при котором развитие научных и образовательных школ, ориентированных на тренировку суждения, может стать альтернативой количественному наращиванию вычислительных мощностей, которое служит основной стратегией Китая и США. Применительно к России традиция фундаментального образования и сильных исследовательских школ приобретает в новых условиях значение ...
Added: July 1, 2026
Saakyan T. V., Барабанова Ю. В., Финансовый журнал 2026 Т. 18 № 3 С. 110–121
In this article the authors aim to determine the place and role of methodological guidelines within the system regulating internal state financial control. The research holds both theoretical and applied significance, as a scholarly interpretation of this issue has not been previously undertaken and its examination will enable the full potential of the studied methodological ...
Added: July 1, 2026
Федорова В. С., Zavertiaeva M. A., Экономический журнал Высшей школы экономики 2026 Т. 30 № 2 С. 276–312
Crowdfunding is a relatively new method of project financing that involves raising funds from a large number of non-professional investors. Despite the rapid growth of this sector, only about 41.98% of crowdfunding campaigns are successful, which highlights the need to identify factors that increase the likelihood of successful fundraising. This study aims to address the ...
Added: July 1, 2026
Fardeau V., Journal of Economic Theory 2024 Vol. 217 Article 105825
I study how (VaR-based) financial constraints affect liquidity and welfare under different structures of the arbitrage industry. When capital is dispersed across competitive arbitrageurs, financial constraints may impair their ability to provide liquidity, lowering other investors' welfare. However, when capital is concentrated among arbitrageurs with market power, introducing constraints can make everyone better off and ...
Added: April 1, 2024
Fardeau V., / NRU HSE. Series WP9 "Серия WP9 «Исследования по экономике и финансам»". 2022. No. WP9/2022/03.
I study the sequential entry of intermediaries into an illiquid market. As intermediaries trade with rational counterparts, market depth affects and is affected by the possibility of entry. This feedback loop between entry and depth gives incumbent intermediaries more incentives to deter entrants, creating endogenous barriers to entry. Further, whether entry occurs or not in ...
Added: June 17, 2022
Fardeau V., / NRU HSE. Series WP9 "Серия WP9 «Исследования по экономике и финансам»". 2022. No. WP9/2022/02.
I study the price/quantity effects of anticipated supply or demand shocks in a model of strategic trading, where imperfectly competitive traders share risk with price-takers. When there are at least two traders, anticipated shocks lead to the V-shaped pattern observed empirically: prices drift away from fundamentals before the shock, and slowly revert afterwards. How traders ...
Added: June 17, 2022
Fardeau V., / NRU HSE. Series WP9 "Серия WP9 «Исследования по экономике и финансам»". 2022. No. WP9/2022/01.
I study how (VaR-based) financial constraints affect liquidity and welfare under different structures of the arbitrage industry. When capital is spread across numerous competitive arbitrageurs, financial constraints may impair their ability to provide liquidity, lowering other investors’ welfare. However, when capital is concentrated among arbitrageurs with market power, introducing constraints can make everyone better off ...
Added: June 17, 2022
Andreev N. A., , in: Financial Econometrics and Empirical Market Microstructure.: NY: Springer, 2015.
The problem of optimal portfolio liquidation under transaction costs has been widely researched recently, thus producing several approaches to problem formulation and solving. Obtained results can be used for decision making during portfolio selection or automatic trading at high-frequency electronic markets. This work gives a review of modern studies in this field, comparing models and ...
Added: October 21, 2013