Capital Mobility and Asset Pricing
研究资本在不同资产市场间的均衡流动，发现资本最多的市场风险溢价最低，中介机构通过权衡中介成本与投资者收益来优化资本配置，资本失衡程度越高，平均收益和资本调整速度越快。
We present a model for the equilibrium movement of capital between asset markets that are distinguished only by the levels of capital invested in each. Investment in that market with the greatest amount of capital earns the lowest risk premium. Intermediaries optimally trade off the costs of intermediation against fees that depend on the gain they can offer to investors for moving their capital to the market with the higher mean return. The bargaining power of an investor depends on potential access to alternative intermediaries. In equilibrium, the speeds of adjustment of mean returns and of capital between the two markets are increasing in the degree to which capital is imbalanced between the two markets, and can be reduced by competition among intermediaries.