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Author(s)

Zhiguo He

Arvind Krishnamurthy

We present a model to study the dynamics of risk premia during crises in asset markets where the marginal investor is a financial intermediary. Intermediaries face a constraint on raising equity capital. When the constraint binds, so that intermediaries
Date Published: 2013
Citations: He, Zhiguo, Arvind Krishnamurthy. 2013. Intermediary Asset Pricing. American Economic Review. (2)732-770.