A Search-Based Theory of the On-the-Run Phenomenon
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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
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美国国家经济研究局创建时间：
2006-11-01
