Research

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.    
   

Publications

[1] Pricing and Liquidity in Decentralized Asset Markets Econometrica, Vol. 87 (2019), pp. 2079-2140.

         A search-and-bargaining model that demonstrates how investors' heterogeneous exposure to search frictions shapes their dynamic liquidity provision incentives
          

Working Papers

[2] A Theory of Participation in OTC and Centralized Markets Revise and Resubmit, Review of Economic Studies 

      (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


[3] 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
          


         Trading delays do not affect information aggregation in competitive markets, yet still reduce the market efficiency by disincentivizing information production

Work in Progress
  
[5] 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 


[6] 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