Intermediary Asset Pricing and the Financial Crisis
Zhiguo He () and
Arvind Krishnamurthy
Annual Review of Financial Economics, 2018, vol. 10, issue 1, 173-197
Abstract:
Intermediary asset pricing understands asset prices and risk premia through the lens of frictions in financial intermediation. Perhaps motivated by phenomena in the financial crisis, intermediary asset pricing has been one of the fastest-growing areas of research in finance. This article explains the theory behind intermediary asset pricing and, in particular, how it is different from other approaches to asset pricing. This article also covers selective empirical evidence in favor of intermediary asset pricing.
Keywords: liquidity; financial crises; capital; credit; collateral (search for similar items in EconPapers)
JEL-codes: E44 G12 G2 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (41)
Downloads: (external link)
https://doi.org/10.1146/annurev-financial-110217-022636 (application/pdf)
Full text downloads are only available to subscribers. Visit the abstract page for more information.
Related works:
Working Paper: Intermediary Asset Pricing and the Financial Crisis (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:anr:refeco:v:10:y:2018:p:173-197
Ordering information: This journal article can be ordered from
http://www.annualreviews.org/action/ecommerce
Access Statistics for this article
More articles in Annual Review of Financial Economics from Annual Reviews Annual Reviews 4139 El Camino Way Palo Alto, CA 94306, USA.
Bibliographic data for series maintained by http://www.annualreviews.org ().