We characterize the role of benchmarks in price transparency of over‐the‐counter markets.
A benchmark can raise social surplus by increasing the volume of beneficial trade …

The London Interbank Offered Rate (LIBOR), the predominant family of global short-term
rate benchmarks for the past 40 years, ceased to exist in June 2023. Given the low volumes …

We model the design of a benchmark fixing as an estimator of fair market value. The fixing
data are the transactions of agents whose profits depend on the fixing, implying incentives …

Abstract The London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate
(Euribor) are two key benchmark interest rates used in a plethora of financial contracts. The …

Using comprehensive data on London Interbank Offer Rate (Libor) submissions from 2001
through 2012, we provide evidence consistent with banks manipulating Libor to profit from …

This paper studies manipulation in derivative contract markets. When traders hedge factor
risk using derivative contracts, traders can manipulate settlement prices by trading the …

We examine whether a concentrated interbank market stimulates bank collusion or
monopolistic pricing towards enhancing performance. We explore this nexus by …

With the London Interbank Offered Rate (LIBOR) being replaced by risk-free rate (RFR)-
based alternative reference rates, the fundamental differences between the two …

The LIBOR manipulation scandal of 2008 spurred extensive policy debates regarding the
importance of market-based reference rates. The alternative reference rates committee …

Regulatory sanctions and lawsuits related to Libor manipulation represent major operational
risks facing large international banks. We find a significant relation between a bank's …