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Strategic Fragmented Markets

Ana Babus , Cecilia Parlatore   Apr 30,20210

We study the determinants of asset market fragmentation in a model with strategic investors that disagree about the value of... Read More

Pricing and Liquidity in Decentralized Asset Markets

Semih Uslu   Mar 27,20194

I develop a search-and-bargaining model of endogenous intermediation in over-the-counter markets. Unlike the existing work, my model allows for rich... Read More

Published: Econometrica, 2019, 87(6), 2079-2140