一、主题：Financial Intermediation Chains in an OTC Market

二、主讲人：沈吉，北京大学光华管理学院金融学系助理教授。他先后从复旦大学获得管理学学士，北京大学获得经济学硕士和伦敦政治经济学院获得金融学博士学位。主要研究领域：资产定价、政治经济学。研究成果在The Review of Financial Studies 等国外高水平金融学期刊发表。

三、时间：2017年12月27日（周三），12:30-13:30

四、地点：学院南路校区主教学楼910会议室

五、主持人：郭豫媚，中央财经大学金融学院讲师

Abstract: 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 multiplicity and stability of the equilibrium is analyzed.