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Vincent Maurin

Institution

HEC Paris

PhD Year

2016

maurin@hec.fr

FTG Membership

Member

Website

https://sites.google.com/site/vincentmmaurin/home

Areas of Expertise

Financial Contracting Information Frictions In Financial Markets Liquidity Otc Markets

Featured Work

Dealers as Record Keepers

Mar 5, 2026

John C.f. Kuong, Vincent Maurin

Trading relationships in over-the-counter (OTC) markets are persistent and often exclusive, despite technological advances that have expanded clients' access to dealers. We rationalize this pattern in a model where trading relationships allow dealers to learn their clients' trading motives from their trading records. Relationship dealers set record-contingent quotes, generating price discrimination that mitigates adverse selection for liquidity-driven clients. Moreover, we show that clients prefer exclusive...

A Theory of Liquidity in Private Equity

Apr 9, 2019

Vincent Maurin

We propose a model of Private Equity (PE) investment that can rationalize several empirical findings about fundraising and returns. General partners (GPs) possess superior investment skills and raise capital from Limited Partners (LPs) to finance illiquid projects within funds. The optimal fund contract incentivizes GPs to maximize the expected payoff of fund investments by giving them a profit share in the fund, while compensating LPs...