Jason Allen, Milena Wittwer Jul 18,2023
Working Paper No.00109-00
In traditional over-the-counter markets, investors trade bilaterally through intermediaries. We assess whether and how to shift trades on a centralized... Read More
Jason Allen, Milena Wittwer Jul 18,2023
Working Paper No.00110-00
We examine how intermediary capitalization affects asset prices in a framework that allows for intermediary market power. We introduce a... Read More
Gabor Pinter, Semih Uslu Aug 26,2023
Working Paper No.00127-00
In intermediated markets, trading takes time and intermediaries extract rents. We estimate a structural search-and-bargaining model to quantify these trading... Read More
Douglas Xu, Shiyang Huang , Lin William Cong (叢林) Dec 30,2023
Working Paper No.00133-00
We model financial innovations such as Exchange-Traded Funds, smart beta products, and many index-based vehicles as composite securities (CSs) that... Read More