A Liquidity-based Model of Security Design

@inproceedings{DeMarzo2005ALM,
  title={A Liquidity-based Model of Security Design},
  author={Peter M. DeMarzo and Darrell Duffie},
  year={2005}
}
It may be downloaded, printed and reproduced only for personal or classroom use. Absolutely no downloading or copying may be done for, or on behalf of, any for‐profit commercial firm or other commercial purpose without the explicit permission of the Econometric Society. For this purpose, contact Claire Sashi, General Manager, at sashi@econometricsociety.org. 1 We consider the problem of the design and sale of a security backed by specified assets. Given access to higher-return investments, the… CONTINUE READING
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