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Christian Opp

Institution

Simon Business School, University of Rochester

PhD Year

2011

opp@rochester.edu

FTG Membership

Member

Website

http://www.christianopp.info

Featured Work

Market Power in the Securities Lending Market

Jul 1, 2026

Shuaiyu Chen, Ron Kaniel, Christian Opp

We document market power in U.S. equity securities lending and examine its origins and consequences. We develop a dynamic model of securities lending and estimate it on the cross-section of U.S. equities, showing that the dominant custodian-intermediated market structure emerges as a response to short sellers' information-leakage concerns. Short sellers prefer this opaque market structure over a centralized alternative, particularly for smaller stocks, despite the...

How (Not) to Identify Demand Elasticities in Dynamic Asset Markets

Aug 5, 2025

Jules Van Binsbergen, Benjamin David, Christian Opp

We evaluate approaches to estimating demand elasticities in dynamic asset markets, both theoretically and empirically. We establish strict, necessary conditions that the dynamics of instrumented asset price variation must satisfy for valid identification. We illustrate these insights in a general equilibrium model of dynamic trade and derive the magnitude of biases that arise when these conditions are violated. Estimates based on static IO models are...