Research Interests

In general, I am interested in building dynamic equilibrium models, which are explicit about the trading frictions that make liquidity relevant for the determination of prices, allocations, and welfare. My existing research concerns how heterogeneity in market participants’ various characteristics affect their strategies in bilateral trade in OTC markets, their choice of trading venue, and their optimal inventory and portfolio management.


[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

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

(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

Working Papers

[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

[4] Informed Trading in Markets with Trading Delays Revise and Resubmit, Management Science

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

[5] Comparing Search and Intermediation Frictions Across Markets (with Gábor Pintér)

A structural empirical analysis of liquidity and welfare in the UK fixed-income markets

Work in Progress

[6] 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

[7] 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