Search and Inventory in Over‐the‐Counter Markets
研究了公司债券场外交易中交易商网络中心性溢价的原因，发现限制核心交易商议价能力能降低买卖价差，而消除其搜索优势影响不大。
ABSTRACT We investigate the sources of the dealer centrality premium in the over‐the‐counter market for corporate bonds. We model dealer heterogeneity by allowing the dealer's status in the network to determine search effort and inventory costs when choosing to conduct riskless principal or principal trades. Structural estimates match the observed centrality premium across transaction types and trade count deciles. Counterfactual analyses reveal that measures that limit core dealer bargaining power vis‐a‐vis clients reduce roundtrip spreads. Removing core dealers' advantage in search relative to peripheral dealers has little effect on transaction costs.