We propose a mathematical model for one pattern of charts studied in technicalanalysis: in a phase of consolidation, the price of a risky asset goes down times after hitting aresistance level.[....] []

In OTC bond markets many investors face high costs of trade, and these costs appear to berelated to the lack of price transparency. We study the consequences this has for efficient pricediscovery. Prices of municipal bonds react sluggishly to macroeconomic news. Yield spreads overtreasuries...