期刊
JOURNAL OF FINANCE
卷 74, 期 1, 页码 91-144出版社
WILEY
DOI: 10.1111/jofi.12728
关键词
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资金
- Swiss Finance Institute
- Swiss National Science Foundation [CRSII1_154445/1]
- Swiss National Science Foundation (SNF) [CRSII1_154445] Funding Source: Swiss National Science Foundation (SNF)
Dealers in the over-the-counter municipal bond market form trading networks with other dealers to mitigate search frictions. Regulatory data show that this network has a core-periphery structure with 10 to 30 hubs and over 2,000 peripheral broker-dealers in which bonds flow from periphery to core and partially back. Central dealers charge investors up to double the round-trip markups compared to peripheral dealers. In turn, central dealers provide immediacy by matching buyers with sellers more directly and prearranging fewer trades, especially during stress times. Investors thus face a trade-off between execution cost and speed, consistent with network models of decentralized trade.
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