| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12472 |
| DP12472 Relationship Trading in OTC Markets | |
| Norman Schürhoff; Terrence Hendershott; Dmitry Livdan; Dan Li | |
| 发表日期 | 2017-11-29 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We examine the network of trading relations between insurers and dealers in the over-the-counter corporate bond market. Comprehensive regulatory data shows that many insurers use only one dealer while the largest insurers have networks of up to forty dealers. Large insurers receive better prices than small insurers. However, execution costs are a non-monotone function of the network size, increasing once the network size exceeds 20 dealers. To understand these facts we build a model of decentralized trade in which insurers trade off the benefits of repeat business against dealer competition. The model can quantitatively fit the distribution of insurers’ network sizes and how prices depend on insurers’ size. |
| 主题 | Financial Economics |
| 关键词 | Over-the-counter market Corporate bond Trading cost Liquidity Decentralization Financial networks |
| URL | https://cepr.org/publications/dp12472 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541283 |
| 推荐引用方式 GB/T 7714 | Norman Schürhoff,Terrence Hendershott,Dmitry Livdan,et al. DP12472 Relationship Trading in OTC Markets. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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