http://repub.eur.nl/res/aut/8264/ List of Publications en http://repub.eur.nl/static-eur/img/logo.png http://repub.eur.nl http://repub.eur.nl/res/pub/23436/ 2009-03-01T00:00:00Z We analyze a dynamic microstructure model in which a dealer market (DM) and a crossing network (CN) interact for three informational settings. A key result is that coexistence of trading systems generates systematic patterns in order flow, which depend on the degree of transparency. Further, we study overall welfare, measured by the gains from trade of all agents, and compare it with the maximum overall welfare. The discrepancy between both measures is attributable to two inefficiencies. Due to these inefficiencies, introducing a CN next to a DM, as well as increasing the transparency level, not necessarily produces greater overall welfare. http://repub.eur.nl/res/pub/11255/ 2007-09-11T00:00:00Z This paper examines the relation between cash-flow availability and investment spending in The Netherlands. In particular we are interested whether manae for both firms with low and high investment opportunities. It is however significantly larger for firms with low investment opportunities, suggesting that the managerial-discretion problem is most important in the Dutch setting. Effective corporate-governance may reduce this agency problem. Specific to The Netherlands, firms with low shareholder influence posit a higher cash-flow investment sensitivity.The relavnce of asymmetric information is confirmed as smaller firms and firms from information-sensitive industries show a larger cash-flow investment sensitivity. http://repub.eur.nl/res/pub/147/ 2001-01-19T00:00:00Z This paper examines the relation between cash-flow availability and investment spending in the Netherlands. In particular, we are interested whether managerial discretion and/or asymmetric information drive the positive relation between cash-flow and investment spending. This relation is positive for both firms with low and high investment opportunities. It is however significantly larger for firms with low investment opportunities suggesting that the managerial-discretion problem is most important in the Dutch setting. Effective corporate-governance may reduce this agency problem. Specific to the Netherlands, firms with low shareholder influence posit a higher cash-flow-investment sensitivity. The relevance of asymmetric information is confirmed as smaller firms and firms from information-sensitive industries show a larger cash-flow-investment sensitivity.