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- Consumption, Durable Goods, and Transaction Costs
- The paper studies consumption of durable and nondurable goods when the durable good is subject to transaction costs. In the model, agents derive utility from a service flow of a durable good and a consumption flow of a nondurable good. The key feature of the model is the existence of...
- White papers 2003-01-01
- The Valuation of Houses in an Uncertain World With Substantial Transaction Costs
- This paper presents a dynamic model of residential real estate valuation that takes into account the uncertain time paths of rents and prices and the substantial transaction costs. By temporarily postponing decisions, potential buyers and sellers obtain additional information about future rents and prices and may avoid transactions that are...
- White papers 2004-06-02
- Explaining the Magnitude of Liquidity Premia: The Roles of Return Predictability, Wealth Shocks and State-Dependent Transaction Costs
- The paper bridges the gap between Constantinides' theoretical result and the empirical magnitude of the liquidity premium by examining dynamic portfolio choice with transaction costs in a variety of more elaborate settings that move the problem closer to the one solved by real-world investors. In particular, the paper allows returns...
- White papers 2004-12-01
- The Effects of Business-to-Business E-Commerce on Transaction Costs
- This paper studies the changes in transaction costs from the introduction of the Internet in transactions between firms (i.e., business-to-business (B2B) e-commerce). It begins with a conceptual framework to organize the changes in transaction costs that are likely to result when a transaction is transferred from a physical marketplace to...
- White papers 2000-11-01
- Customs-Related Transaction Costs, Firm Size and International Trade Intensity
- This paper analyses the role of firm size as a determinant of customs-related transaction costs, as well as the effect of firm size on the relationship between these costs and the international trade intensity of firms. It submits that economies of scale should be related to the size of the...
- White papers 2001-02-01
- Creating, Capturing and Protecting Value: A Property Rights-based View of Competitive Strategy
- This paper develops a property rights-based view of strategy (the "PRV"). A property right or economic right is an individual's net valuation, in expected terms, of the ability to directly consume the services of an asset or consume it indirectly through exchange. Resources expended on exchanging, protecting and capturing such...
- White papers 2002-02-06
- Outsourcing Internet Security: The Effect Of Transaction Costs On Managed Service Providers
- Transaction costs are a significant factor in outsourcing decisions. In the case of Internet security, outsourcing has higher transaction costs for two major reasons: The outsourcing process is not yet standardized; and there is uncertainty about the frequency and impact of cyber attacks creating large variations in coordination costs. This...
- White papers 2006-02-20
- Avoid Mutual Fund Transaction Costs
- You probably never thought about the cost your fund incurs simply by trading the stocks in its portfolio. Here's why you should — plus a few fund types to be wary of. All the more reason, then, to pay attention to transaction costs: the costs...
- Articles 2009-06-19
Additional Resources
- APPLYING INSIGHTS FROM TRANSACTION COST ECONOMICS TO IMPROVE COST ESTIMATES FOR PUBLIC SECTOR PURCHASES: THE CASE OF U.S. MILITARY ACQUISITION
- ABSTRACT: This article uses Transaction Cost Economics TCE to help characterize, explain, and ultimately reduce the cost growth that plagues many of today's major investments in military capabilities. There is mounting evidence of a systematic bias in initial cost estimates of new weapon systems purchased by the U.S. military. Unrealistically...
- Research articles 2007-01-01
- Custody, Settlement and Technology News: JPMorgan moves to market TCA more aggressively.(transaction cost analysis)(Inalitics)(Brief Article)
- JPMorgan has acquired Los Angeles-based Plexus Group and entered into a joint venture with Inalytics. Both measures signal JPMorgan's bid to expand its transaction cost analysis TCA capability. JPMorgan has acquired Los Angeles-based Plexus Group and entered into a joint venture with Inalytics....
- Research articles 2002-09-09
- The Next Step in the Evolution of the RBV: Integration With Transaction Cost Economics
- This paper addresses the role of transaction cost economics TCE in advancing the resource-based view. In particular, it is argued that TCE has the potential to remedy a number of weak spots in the RBV, such as the absence of attention in the RBV to the interaction between value creation...
- White papers 2004-04-15
- A Transaction-Cost View of Title Insurance and Its Role in Different Legal Systems
- This article outlines a transaction cost theory of 'title insurance' and analyses the role it plays in countries with recording and registration of land titles. Title insurance indemnifies real estate right holders for losses caused by pre-existing title defects that are unknown when the policy is issued. It emerged to...
- White papers 2002-10-01
- Foreign Direct Investment And The Environment: A Transaction Cost Perspective
- Traditionally, the extant literature on foreign direct investment and the natural environment has conceived the investment-environment nexus in terms of foreign investors exploiting weak environmental regulations and abundant natural resources in developing host countries. This paper provides a corrective to the literature's focus on locational factors as determinants of foreign...
- White papers 2003-06-12
- JPMorgan's Transaction Cost Analysis Available via Bloomberg
- NEW YORK -- JPMorgan's Electronic Client Solutions ("ECS") announced today that it is the first firm to offer its Transaction Cost Analysis ("TCA") trading analytics directly through the BLOOMBERG PROFESSIONAL([R]) service.
- Research articles 2006-10-23
- Financial Insights States Buy-Side Needs Execution Metrics to Support Trade Decisions; Transaction Cost Analysis Increasingly Critical and Key to Adoption of Algorithmic Trading
- FRAMINGHAM, Mass -- Global independent research and advisory firm, Financial Insights, an IDC company, today announced additional results of their recent buy-side survey on algorithmic trading. The battle for algorithmic trading supremacy will be waged on the transaction cost analysis TCA front, although market penetration of algorithmic trading is remarkably...
- Research articles 2005-06-20
- Vhayu Velocity chosen by Bear Stearns to power transaction cost analysis module of its advanced algorithmic trading application.
- M2 PRESSWIRE-10 January 2006-Vhayu: Vhayu Velocity chosen by Bear Stearns to power transaction cost analysis module of its advanced algorithmic trading applicationC1994-2006 M2 COMMUNICATIONS LTD RDATE:10012006 Los Gatos, CA - Vhayu, a leader in streaming tick processing and persistence software today...
- Research articles 2006-01-10
- Wombat and Vhayu team to deliver real-time VWAP and transaction cost analysis; Integrated solution for TCA implemented by Bear Stearns.
- M2 PRESSWIRE-15 May 2006-Wombat Financial Software, Inc.: Wombat and Vhayu team to deliver real-time VWAP and transaction cost analysis; Integrated solution for TCA implemented by Bear StearnsC1994-2006 M2 COMMUNICATIONS LTD RDATE:15052006 NEW YORK - Wombat Financial Software, Inc., the market leader...
- Research articles 2006-05-15
- Transaction cost theories of business enterprise from Williamson and Veblen: convergence, divergence, and some evidence
- The purpose of this paper is to compare theories of firms and mergers offered by Oliver Williamson and Thorstein Veblen. Williamson elaborated Coase's theory of the finn into a transaction cost framework that resembles Veblen's approach in some respects, in that both place emphasis on transactions in explaining the emergence...
- Research articles 1995-06-01
- Incentives versus Transaction Costs: A Theory of Procurement Contracts
- Inspired by facts from the private sector construction industry, we develop a model that explains many stylized facts of procurement contracts. The buyer in our model incurs a cost of providing a comprehensive design, and is faced with a trade-off between providing incentives and reducing ex post transaction costs due...
- White papers 2001-04-01
- Congress may look to reduce tax gap with cost basis reporting; Legislation seen as inevitable; advisers applaud idea.(News)
- Byline: Sara Hansard WASHINGTON - Brokerage firms are worried that legislation that would require them to report securities transaction cost basis information will be difficult to implement, but advisers welcome the idea. It appears inc...
- Research articles 2006-10-30
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