Fuster, Andreas; Lo, Stephanie H.; Willen, Paul S. - 2017
a new administrative data set, we find that the price of intermediation, measured as a fraction of the loan amount at … origination, is large - 142 basis points on average over the 2008-14 period. At daily frequencies, intermediaries pass on price … changes in the secondary market to borrowers in the primary market almost completely. At monthly frequencies, the price of …