一、主題：Financial Intermediation Chains in an OTC Market

二、主講人：沈吉，北京大學光華管理學院金融學系助理教授。他先後從複旦大學獲得管理學學士，北京大學獲得經濟學碩士和倫敦政治經濟學院獲得金融學博士學位。主要研究領域：資産定價、政治經濟學。研究成果在The Review of Financial Studies 等國外高水平金融學期刊發表。

三、時間：2017年12月27日（周三），12:30-13:30

四、地點：學院南路校區主教學樓910會議室

五、主持人：郭豫媚，bevictor伟德官网講師

Abstract: This paper analyzes financial intermediation chains in a search model with an endogenous intermediary sector. We show that the chain length and price dispersion among inter-dealer trades are decreasing in search cost, search speed, and market size, but increasing in investors' trading needs. Using data from the U.S. corporate bond market, we find evidence broadly consistent with these predictions. Moreover, as search speed approaches infinity, the search equilibrium does not always converge to the centralized-market equilibrium: prices and allocation converge, but the trading volume may not. Finally, the multiplicity and stability of the equilibrium is analyzed.