Research Interests

My current research concerns how bilateral interactions affect allocations and prices in financial markets. In particular, my research focuses on the role of liquidity and financial intermediation in decentralized markets and the role of information choice and information exchange in centralized markets.    

Working Papers

[1] Pricing and Liquidity in Decentralized Asset Markets Revise and Resubmit, Econometrica
Work in Progress

[2] Liquidity in the Cross Section of OTC Assets (with Güner Velioğlu)

         An OTC market framework to study the determinants of liquidity differentials across assets with rich set of implications on trading activity, price dispersion, and price impact  

[3] Platform Trading with an OTC Market Fringe (with Jérôme Dugast and Pierre-Olivier Weill)

         The equilibrium and socially optimal distribution of volume across venues with an emphasis on the role of trading capacities in the OTC market

[4] Information Production, Information Diffusion, and Market Efficiency (with Adrien d'Avernas) 

         Costly percolation of information has implications that are in sharp contrast with reduced-form information acquisition models 

[5] Persistent Bilateral Relationships in OTC Markets (with Wei Li and Zhaogang Song)

         A general framework that demonstrates how the bilateral nature of OTC trades gives rise to persistent trading relationships