Sergei Glebkin
Institution
INSEAD
PhD Year
2016
glebkin@insead.edu
FTG Membership
Member
Website
https://sglebkin.com/
Areas of Expertise
Asset Pricing
Information Frictions In Financial Markets
Liquidity
Market Microstructure
Otc Markets
Featured Work
Benign Granularity in Asset Markets
Jul 29, 2025
We develop a tractable model to study how asset concentration among a few large
investors impacts asset prices and liquidity. Consistent with existing empirical evidence:
(i) greater concentration is associated with higher volatility and returns, and (ii) large
investors’ turnover share is smaller than their proportion of total wealth. Surprisingly,
higher concentration enhances liquidity, aligning with our new empirical findings. We
show that increased concentration...
