Feb 28, 2017 11:00am to 1:00pm
639 Evans Hall
Happening As Scheduled
Abstract: We examine the network of bilateral trading relations between insurers and dealers in the over-the-counter corporate bond market. Using comprehensive regulatory data we find that many insurers use only one dealer while the largest insurers have a network of up to eighty dealers. To understand the heterogeneity in network size we build a model of decentralized trade in which insurers...
Speaker: Terrence Hendershott, UC Berkeley (Speaker - Featured)