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Intermediary Asset Pricing, American Economic Review
Abstract
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
Type
Article
Author(s)
Zhiguo He, Arvind Krishnamurthy
Date Published
2013
Citations
He, Zhiguo, and Arvind Krishnamurthy. 2013. Intermediary Asset Pricing. American Economic Review. 103(2): 732-770.
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