Seminar on International Economics

时间：2016年3月23日（周三）10：30－12：00 am

 

地点：北大国发院/中国经济研究中心512教室

主持人：余淼杰、余昌华

主讲人：Ji SHEN 沈吉 (London School of Economics & Political Science)

题目：Financial Intermediation Chains in an OTC Market

摘要：This paper analyzes financial intermediation chains in a search model with an endogenous intermediary sector. We show that the chain length and price dispersion among inter-dealer trades are decreasing in search cost, search speed, and market size, but increasing in investors' trading needs. Using data from the U.S. corporate bond market, we find evidence broadly consistent with these predictions. Moreover, as search speed approaches infinity, the search equilibrium does not always converge to the centralized-market equilibrium: prices and allocation converge, but the trading volume may not. Finally, the efficiency of the intermediary sector size is analyzed.

 

主讲人简介：Ji SHEN 沈吉博士就读于伦敦政治经济学院，并获有耶鲁大学和北京大学经济学硕士学位以及复旦大学理学学士学位；其主要研究领域为资产定价、金融中介、场外市场和流动性，并已在金融学国际一流期刊Review of Financial Studies上发表论文。

 

演讲者的CV Ji_Shen_CV 和所用文章 文章 请见附件。