Essays in financial markets and market design


Liu, Chang


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URN: urn:nbn:de:bsz:180-madoc-699580
Document Type: Doctoral dissertation
Year of publication: 2025
Place of publication: Mannheim
University: Universität Mannheim
Evaluator: Thadden, Ernst-Ludwig von
Publication language: English
Institution: Außerfakultäre Einrichtungen > Graduate School of Economic and Social Sciences - CDSE (Economics)
License: CC BY 4.0 Creative Commons Attribution 4.0 International (CC BY 4.0)
Subject: 330 Economics
Keywords (English): insurance , auctions , screening , limited attention , market microstructure
Abstract: This dissertation consists of three self-contained chapters. It contributes to our understanding of how informational and behavioral frictions shape financial market outcomes and how information can be used to improve market performance. In brief, the first chapter studies risk subscription practices and market design in the reinsurance industry. The second chapter revisits the problem of equilibrium existence in quote-driven markets, with connections to screening models in insurance markets. The third chapter explores how the endogenous allocation of limited investor attention affects market characteristics in order-driven mechanisms.




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