To Pool or Not to Pool? Security Design in OTC Markets
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We study security issuers' decision whether to pool assets when facing counterparties endowed with market power, as is common in over-the-counter markets. Unlike in competitive markets, pooling assets may be suboptimal in the presence of market power - both privately and socially - in particular,
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美国国家经济研究局创建时间：
2020-06-01
