Giovanni Cespa, Xavier Vives Dec 04,2023
Working Paper No.00131-00
We show that, consistent with empirical evidence, access to order flow information allows traders to supply liquidity via contrarian marketable... Read More
Zhiheng He,Ke Tang, Lin William Cong (叢林) Dec 30,2023
Working Paper No.00134-00
Blockchain-based platforms and decentralized finance prominently features ``staking'': Besides offering a convenience yield for transactions as digital media of exchange,... Read More
Ron Kaniel , Yizhou Xiao Lin William Cong (叢林) Dec 30,2023
Working Paper No.00136-00
A pandemic or nationalism can dial back global integration as much as advancements in IT and transportation spur it. We... Read More
Alice Hsiaw, Ing-Haw Cheng Nov 14,2022
Working Paper No.00047-01
Why do individuals interpret the same information differently? We propose that individuals follow Bayes' Rule when forming posteriors with one exception:... Read More
Batchimeg Sambalaibat Jul 07,2021
Working Paper No.00014-02
We build a directed search model of network formation. We propose that a core-periphery interdealer network arises from dealer specialization. Read More
Batchimeg Sambalaibat Jul 07,2021
Working Paper No.00072-00
I build a search model of bond and credit default swap (CDS) markets with endogenous investor participation and show that... Read More
Ana Babus , Cecilia Parlatore Apr 30,2021
Working Paper No.00071-00
We study the determinants of asset market fragmentation in a model with strategic investors that disagree about the value of... Read More
Published: Journal of Financial Economics, 2022, 145(), 876-908Jerome Dugast, Pierre-Olivier Weill , Semih Uslu Sep 29,2021
Working Paper No.00052-02
Should regulators encourage the migration of trade from over-the-counter (OTC) to centralized markets? To address this question, we study a... Read More
Published: Review of Economic Studies, 2022, 89(6), 3223-3266Efstathios Avdis Oct 08,2020
Working Paper No.00051-02
Long-held intuition dictates that information-based trade is impossible without exogenous noise. Risk seekers can resolve this conundrum. Even though such... Read More
Thierry Foucault,Peter Hoffmann, Jean-Edouard Colliard Oct 08,2020
Working Paper No.00063-00
We propose a new model of trading in OTC markets. Dealers accumulate inventories by trading with end-investors and trade among... Read More