financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2023-27-5-104-114finance-2399Research ArticleФИНАНСОВЫЙ МЕНЕДЖМЕНТFINANCIAL MANAGEMENTВлияние конкуренции маркетмейкеров на ценовую эффективность тунисского фондового рынкаThe Impact of Market Maker Competition on Price Efficiency Features in the Tunisian stock Markethttps://orcid.org/0000-0002-0999-0448ХачичаФ.HachichaF.

Фатма Хачича —  доцент, кафедра финансов, Институт высших бизнес-исследований Сфакса

Сфакс

 

Fatma Hachicha —  Assoc. Prof., Department of Finance, Institute of High Business Studies of Sfax

Sfax

hachicha_fatmaa@yahoo.comУниверситет СфаксаТунисUniversity of SfaxTunisia202323102023275104114Copyright © Хачича Ф., 20232023Хачича Ф.Hachicha F.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/2399

Цель исследования —  определить зависимость ценовой эффективности акций от влияния конкуренции маркетмейкеров на фондовом рынке Туниса. Показателем конкуренции определено количество маркетмейкеров, а исследуемыми параметрами —  транзакционные издержки, информационная асимметрия и прибыль. Высокая положительная корреляция между конкуренцией и ценовой эффективностью акций показана через отрицательное влияние конкуренции на все исследуемые переменные. Кроме того, эффективность ценообразования значительно возросла после внедрения новых рыночных факторов с использованием модели дифференциации (DID). При этом конкуренция между маркетмейкерами оказывает негативное влияние на эффективность цен через транзакционные издержки, информационную асимметрию и уровень опыта.

Таким образом, можно сделать вывод, что ценовая эффективность акций может быть улучшена путем усиления конкуренции маркетмейкеров в Тунисе.

The purpose of this study —  is to determine the relationship between market maker competition and stock price efficiency in TSE (Tunisian Stock Exchange) market. The proxy for competition was determined as the number of market makers and the parameters investigated were transaction costs, information asymmetry and profit. The high positive correlation between competition and stock price efficiency is demonstrated by the negative impact of competition on all the variables studied. In addition, the price efficiency increased considerably after the introduction of new market makers by using the difference-in-difference (DID) model. Also, the competition between market makers has a significant negative impact on price efficiency through transaction costs, asymmetry information and level of experience. Thus, it can be concluded that the stock price efficiency can be improved by increasing the competition of market makers in Tunisia. 

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The authors declare that there are no conflicts of interest present.