Over‐the‐Counter Markets for Nonstandardized Assets
研究了非标准化资产场外市场的搜索与议价模型，发现资产质量与交易延迟呈倒U型关系，资产周转率与延迟呈U型关系，并在商业地产和公司债市场中得到验证。
ABSTRACT We study a search and bargaining model of over‐the‐counter markets for nonstandardized assets of heterogeneous quality. Once matched, investors privately learn their values positively correlated with asset quality. Bargaining results in delay that is hump‐shaped in quality and U‐shaped in asset turnover. We document these patterns in commercial real estate and corporate bonds markets. Extreme qualities are little affected by changes in asset standardization, while intermediate qualities are more susceptible. For nonstandardized assets, opacity ensures active trading of all assets, which explains why their trading is decentralized and suggests that trade centralization should come with greater standardization.