A Search-Based Theory of the On-the-Run Phenomenon
收藏NBER2006-11-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w12670
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资源简介：
We propose a model in which assets with identical cash flows can trade at different prices. Infinitely-lived agents can establish long positions in a search spot market, or short positions by first borrowing an asset in a search repo market. We show that short-sellers can endogenously concentrate in
提供机构：
美国国家经济研究局
创建时间：
2006-11-01
