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] Price Dispersion and Trading Activity during Turbulent Times

         A severe crisis in an OTC market creates a hump-shaped impact on trading activity, where a "heating-up" caused by fire sales is followed by a complete "dry-up" of trading    

[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] Theory of Asset Prices with Information Search (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