Inventory Management, Dealers' Connections, and Prices in Over‐the‐Counter Markets
提出一个场外市场交易模型，研究核心与外围交易商之间的连接如何影响库存持有成本、价格和价格离散，当外围交易商总库存非零时连接性才起作用。
ABSTRACT We propose a new model of trading in over‐the‐counter markets. Dealers accumulate inventories by trading with end‐investors and trade among each other to reduce their inventory holding costs. Core dealers use a more efficient trading technology than peripheral dealers, who are heterogeneously connected to core dealers and trade with each other bilaterally. Connectedness affects prices and allocations if and only if the peripheral dealers' aggregate inventory position differs from zero. Price dispersion increases in the size of this position. The model generates new predictions about the effects of dealers' connectedness and dealers' aggregate inventories on prices.