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Nike Air Max 87 Hyperfuse banks to assess whether changing the
This paper investigates whether dealer firms’ trading and pricing decisions are governed by their equivalent inventories, based on Ho and Stoll (1983) or Froot and Stein (1998), or by their ordinary inventories. It finds that ordinary inventories best explain dealer firms’ quote placement strategy, which dealer firm Nike Air Max 87 Hyperfuse executes trades, and the quality of execution offered to the trades. This finding is consistent with decentralized nature of market-making where individual dealers focus on the position risk of stocks managed by them and not the position risks of stocks managed by other dealers in the firm. We develop an analytical framework that allows central banks to assess whether changing the manufacturing material of their tokens would be beneficial. Applied to the case of the U.S., we find that a complete adoption of plastic notes would save the Fed $140 million per year but would entail a substantial migration cost in case of a “big bang”. On the level of individual denominations, we find that the $1 bill would be the most lucrative Air Force Nike Sale to replace and that the business case for the $100 bill is thin – suggesting that a partial adoption of polymer would make more sense.