This paper examines a quasi-natural experiment to study the effect of balance sheet frictions among financial intermediaries on the pricing and liquidity of segmented asset markets. Corporate bond ETF purchases by the Federal Reserve through the Secondary Market Corporate Credit Facility (SMCCF)...

This paper investigates interbank market fragmentation that results from the bank-sovereign risk nexus. We focus on the Italian market fragmentation during the post-Lehman and sovereign debt crisis era. By using Italian bank and GIPSI country CDS spread changes, we suggest a new measure of...

The European equity trading landscape of 2022 is a complex mix of exchanges, dark pools, dealers, and auctions. The once dominant national stock exchanges are now part of global exchange groups that compete with investment banks and high-frequency trading (HFT) firms to match the orders of...

The difference between corporate bond yields at issuance and in secondary markets, the "issuance premium", spikes in bad times, increasing firms' costs of capital. Leveraging new bond-level data, I estimate a model of primary markets with imperfectly elastic investors and endogenous firms'...

When firms decide to post a vacancy they can hire from the pool of unemployed workers or they can poach a worker from another firm. In this paper we show that if there are two different matching processes, one for unemployed workers and another one for job-to-job transitions, then implications...

Rail liberalisation in Europe is an on-going process, with a high degree of heterogeneity across countries. Its long-run effects on the rail market however are still debated. This paper focuses on the specific case of the Italian rail market and explores the link between presence of head-on...

Over the past years, a large market of service providers for powers of attorney has emerged in Germany. The number of officially registered general powers of attorney raised from almost 326,000 in 2005 to more than 5.3 million in 2021, according to the German Federal Chamber of Notaries. Service...

When measuring income dynamics, discrete labor market events have been traditionally ignored. However, income trajectory and labor market history are intricately linked. In this paper, I use the stochastic EM algorithm to estimate a tractable statistical framework that combines discrete events...

This paper outlines a model of demand segmentation in the federal funds market with two types of borrowers - the "interest on reserves (IOR) arbitrage'' type and the "regulatory'' type - which have different reservation prices and cannot always be separated. When fed funds trade above IOR, the...