Over-the-counter markets
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Author
Contributions
- Garleanu, Nicolae. - Contributor
- Pedersen, Lasse Heje. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2004 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
11,750 words, Guess
Page Count
47 pages
Identifiers
- OCLC Control Number56896854
- Open LibraryOL17625248M
Classifications
- LCCHB1
Description
"We study how intermediation and asset prices in over-the-counter markets are affected by illiquidity associated with search and bargaining. We compute explicitly the prices at which investors trade with each other as well as marketmakers' bid and ask prices in a dynamic model with strategic agents. Bid-ask spreads are lower if investors can more easily find other investors, or have easier access to multiple marketmakers. With a monopolistic marketmaker, bid-ask spreads are higher if investors have easier access to the marketmaker. We characterize endogenous search and welfare, and discuss empirical implications"--National Bureau of Economic Research web site.
Subjects
Links
Other Editions
- Over-the-counter markets
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