Reducible Intermediation Chains

We introduce reducible intermediation chains in order to study the intermediation incentives of corporate bond dealers. We find that three quarters of intermediation chains mitigate search frictions, while the remaining one-quarter of chains arise due to the dealers' rent-seeking incentive. We provide an OTC model à la Stahl (1989) and show that an additional competition channel is necessary for the rent-seeking story to apply in the corporate bond markets

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Year of publication:	2019
Authors:	An, Yu
Other Persons:	Song, Yang (contributor) ; Zhang, Xingtan (contributor)
Publisher:	[2019]: [S.l.] : SSRN
Subject:	Lieferkette \| Supply chain \| Theorie \| Theory \| Lieferantenmanagement \| Supplier relationship management \| Betriebliche Wertschöpfung \| Value creation \| Vorleistungen \| Intermediate goods

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Extent:	1 Online-Ressource (40 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 25, 2019 erstellt
Other identifiers:	10.2139/ssrn.2754235 [DOI]
Classification:	G1 - General Financial Markets ; G12 - Asset Pricing ; D4 - Market Structure and Pricing ; D83 - Search, Learning, Information and Knowledge
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012903477