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How Do Firms Choose Their Lenders? An Empirical Investigation
This article investigates which companies finance themselves through intermediaries and which borrow directly from arm's length investors. Our empirical results show that large companies withExpand
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Optimal Card Payment Systems
This paper presents a model of a card payment system to address the pricing and rules that govern such systems. It evaluates the social optimality of privately set interchange fees and the adoptionExpand
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One-Sided Logic in Two-Sided Markets
In this paper, I consider eight basic fallacies that can arise from using conventional wisdom from one-sided markets in two-sided market settings. These fallacies are illustrated using statementsExpand
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Mobile Call Termination
We analyse charges levied by mobile telephone networks to deliver calls. We integrate two literatures: one analysing calls from the fixed network, where predicted unregulated termination charges areExpand
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Exclusive Dealing with Imperfect Downstream Competition
The existing literature on exclusive dealing is extended to take into account that buyers signing exclusive deals are typically competing firms that are differentiated from the perspective of theirExpand
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Multi-Sided Platforms
We study the economic tradeoffs that drive organizations to position themselves closer to or further away from a multi-sided platform (MSP) business model, relative to three traditional alternatives:Expand
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Asymmetric Network Interconnection
We develop a model of competition between interconnected networks, that allows for carriers to differ in size. Expand
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Open mouth operations
This paper explains how central bank statements, rather than open market operations, can be used to implement monetary policy. In the extreme, policy instruments can be held constant, and yetExpand
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Interconnection in Network Industries
Recent deregulation of telecommunications in the U.S. and elsewhere has highlighted the importance of interconnection in network industries. In this paper, we analyse interconnection in a deregulatedExpand
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The Determinants of Optimal Interchange Fees in Payment Systems
A fundamental aspect of any open payment system is the interchange fee that is paid from the merchant's bank to the cardholder's bank. Using a model in which there is partial participation byExpand
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