This work studies the information content of trades in the world's largest over-the-counter(OTC) market, the foreign … across agents, time and currency pairs, consistent withthe asymmetric information theory and OTC market fragmentation. A …

We show that trade frictions in OTC markets result in inefficient private liquidity provision. We develop a dynamic … model of market-based financial intermediation with a two-way interaction between primary credit markets and secondary OTC …

improved if one of the two OTC markets is replaced by an exchange, or if the two OTC markets have more links in common …

The goal of this paper is to study how informational frictions affect asset liquidity in OTC markets in a laboratory … setting. The experiments replicate an OTC market similar to the one used in monetary and financial economics (Shi, 1995 … its lack of "recognizability." We study a benchmark experiment where the OTC bargaining game takes place under complete …

of OTC markets, as it fosters our understanding of the information contained in transaction data. Thus, our results …