Structural Organization of Secondary Markets: Clearing Frequency, Dealer Activity and Liquidity Risk

Authors

  • KENNETH D. GARBADE,

  • WILLIAM L. SILBER

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    • The authors are Associate Professor and Professor, respectively, of Economics and Finance at the Graduate School of Business Administration, New York University. We are indebted to William J. Baumol whose comments sparked the development of this paper. Financial Support from NSF Grant #RDA75–17953 is gratefully acknowledged.


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