Seminar Invitation-Thursday 15 December 2016-Norman Schürhoff

The Department of Banking and Financial Management announces the upcoming seminar with Prof. Norman Schürhoff, University of Lausanne.

Norman Schürhoff will present:

Relationship Trading in OTC Markets

ABSTRACT:

We examine the network of bilateral trading relations between insurers and dealers in the

over-the-counter corporate bond market. Using comprehensive regulatory data we find that

many insurers use only one dealer while the largest insurers have a network of up to eighty

dealers. To understand the heterogeneity in network size we build a model of decentralized

trade in which insurers trade off the benefits of repeat business against more intense dealer

competition. Empirically, large insurers form more relations and receive better prices than

small insurers. The model matches both the distribution of insurers’ network sizes and how

prices depend on insurers’ size and the size of their dealer network.

Prof. Norman Schürhoff,

University of Lausanne

More information about Norman Schürhoff

Relationship Trading in OTC Markets

Time and Place

December 15, 2016

Time: 16.15-18.00

Place: Room 013

More upcoming Seminars 2016:

December 22, 2016

Dimos Andronoudis, LSE

January 12, 2016

Maria Marchica, Manchester Business School

ALL FINANCE SEMINARS