Real Effects of Centralized Markets: Evidence from Steel Futures
利用美国不同钢铁产品期货合约的分阶段引入，研究发现集中化期货市场提高了价格透明度和风险管理，降低了价格离散度，并促使市场份额向低成本生产商重新分配，但产品价格、利润和估值下降，表明期货市场加剧了产品市场竞争。
Abstract I study the real effects of centralized derivative markets using the staggered introduction of futures contracts for different steel products in the United States. Employing a difference-in-differences strategy, I find that the arrival of centralized futures markets improves price transparency and risk management in the underlying product market: price dispersion decreases and steel producers increase their hedging activity. Moreover, market share is reallocated toward low-cost producers, while product prices, producers’ profits, and valuations decrease. Overall, the results indicate that centralized futures markets foster competition in the product market.