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Research Details

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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