Journal Article
Intermediary Asset Pricing
American Economic Review
Author(s)
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.