I review the recent literature that applies search-and-matching theory to the study of over-the-
counter financial markets. I formulate and solve a simple model to illustrate the typical …

In intermediated markets, trading takes time and intermediaries extract rents. We estimate a
structural search-and-bargaining model to quantify these trading delays, intermediaries' …

We build a theory of financial intermediation based on the premise that some investors are
better able to figure out the trade motives of their counterparties in bilateral meetings …

In this paper, we develop a model that links the funding role of bank debt in the primary
market to its circulation in the secondary market. We uncover a new rationale for why banks …

Market freezes are an interesting and theoretically challenging phenomenon—they are
observed empirically, but cannot occur in standard models. This paper develops a formal …

Institutions of collective investment schemes play an important role in the institutional
structure of investors in the securities and derivatives market. This type of investment …

With the continuous development of the Chinese economy and the intensification of
economic globalization, enterprise groups have established financial sharing centers one …