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Persistent link: https://www.econbiz.de/10005526161
This paper views financial intermediaries as vertically integrated firms. The authors explore how competitive conditions in retail and wholesale funding markets affect the incentive for (upstream) originators and (downstream) fund managers to integrate. The underlying tradeoff in our model is...
Persistent link: https://www.econbiz.de/10005387477
Persistent link: https://www.econbiz.de/10005717413