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Intermediary Asset Pricing, American Economic Review
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
Zhiguo He, Arvind Krishnamurthy
He, Zhiguo, and Arvind Krishnamurthy. 2013. Intermediary Asset Pricing. American Economic Review. 103(2): 732-770.LINK
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