The industrial structure of an intermediation industry is analysed in brokerage markets, where intermediaries help to reduce search frictions. The aspect of competition in intermediated markets is analysed in an `island economy', in which intermediaries invest in information networks, which...

One of the main decisions facing firms is that of a choice of a capital structure, and in particular the choice of debt versus equity. Models where capital structure matters have focused either on the incentive approach, where agency problems stemming from the separation between ownership and...