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Sergei Glebkin

Institution

INSEAD

PhD Year

2016

glebkin@insead.edu

FTG Membership

Member

Website

https://sglebkin.com/

Featured Work

Jul 29, 2025

Sergei Glebkin, Semyon Malamud, Alberto Teguia

Benign Granularity in Asset Markets

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...