Financial Intermediation Chains in an Over-the-Counter Market
研究了投资者对资产估值不同时，金融中介链的形成与长度如何受搜索成本、速度、市场规模和交易需求影响，并用美国公司债券数据验证了模型预测。
We analyze financial intermediation chains in a search economy that is populated by investors with heterogeneous valuations of an asset. In equilibrium, investors with moderate valuations choose to be intermediaries, and those with extreme valuations are their customers. The average length of intermediation chains is shown to be decreasing in search cost, search speed, and market size but increasing in investors’ trading needs. These predictions are distinct from those implied by existing models in the literature. Our empirical evidence, based on data from the U.S. corporate bond market, is mostly consistent with our model predictions. This paper was accepted by Tomasz Piskorski, finance.