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 …

The lion's share of this chapter is devoted to the construction of equilibria for mean field
games with a common noise. We develop a general two-step strategy for the search of weak …

ABSTRACT I describe asset price dynamics caused by the slow movement of investment
capital to trading opportunities. The pattern of price responses to supply or demand shocks …

This article reviews the theory of imperfectly competitive financial markets with special
attention to recent contributions and rapidly growing new areas of research. We survey the …

Most assets are traded in multiple interconnected trading venues. This paper develops an
equilibrium model of decentralized markets that accommodates general market structures …

This paper shows that the network of relationships between brokers and institutional
investors shapes information diffusion in the stock market. Central brokers gather …

A concise introduction to modeling over-the-counter markets Over-the-counter (OTC)
markets for derivatives, collateralized debt obligations, and repurchase agreements played …

I develop a search‐and‐bargaining model of endogenous intermediation in over‐the‐
counter markets. Unlike the existing work, my model allows for rich investor heterogeneity in …

Using trade‐level data, we study whether brokers play a role in spreading order flow
information in the stock market. We focus on large portfolio liquidations that result in …

We propose a joint theory of time-series momentum and reversal based on a rational-
expectations model. We show that a necessary condition for momentum to arise in this …