@article{Costa:276504,
      recid = {276504},
      author = {Costa, Geraldo Jr. and Trujillo-Barrera, Andres and  Pennings, Joost M.E.},
      title = {Concentration and Liquidity Costs in Emerging Commodity  Exchanges},
      journal = {Journal of Agricultural and Resource Economics},
      address = {2018-09},
      number = {1835-2018-3860},
      year = {2018},
      abstract = {We analyze the relationships among liquidity costs,  volume, and volatility in the Brazilian agricultural  futures market, along with the role of market  concentration. We estimate a structural three-equation  IV–GMM model using data from Bolsa, Brasil, Balcão corn and  live cattle contracts from March 2014 to February 2016.  Results show a negative association between liquidity costs  and volume and a positive association between liquidity  costs and volatility. Market concentration impacts corn and  live cattle differently. Concentration contributes to  volume reduction for live cattle and to liquidity costs  reduction for corn. Our findings shed light on the  microstructure of emerging markets.},
      url = {http://ageconsearch.umn.edu/record/276504},
      doi = {https://doi.org/10.22004/ag.econ.276504},
}