「Commitment through Lemons : A Theory of Relationship Trading in OTC
Markets」
| 日時 | 2025年10月20日（月）13:10～14:50 |
|---|---|
| 開催方法 | ①対面 ＊開催場所は後日メールにてお知らせいたします。 ②Zoom＊お申込み完了の自動返信メールにて、参加用URLをお知らせいたします。 |
| 対象 | 学生・教職員・一般 |
| 講演者 | John Kuong 氏 （Associate Professor, CUHK Business School, The Chinese University of Hong Kong） |
| 要旨 | This paper endogenizes the value and persistence of trading relationships in non-anonymous over-the-counter (OTC) markets. In the model, a liquidity-driven client initially chooses to trade with a number of dealers. She would like to commit to trading with these dealers again in the future in exchange for better pricing or service today. When non-anonymity allows dealers to infer the client’s trading motives (i.e., whether driven by liquidity needs or private information) from past trading, the client can credibly commit to these valuable relationships by trading information-sensitive assets, because deviating to trade with alternative dealers would incur an adverse selection discount. This mechanism yields three unconventional results: liquidity-driven, uninformed clients could benefit from 1) trading risky assets that are subject to adverse selection, 2) with a costly and inefficient technology, 3) in an opaque environment. These results help rationalize why investors trade risky, complex, and illiquid assets. The paper also derives novel testable predictions about how the number of relationships depends on client and dealer characteristics. |
| 世話人 | 宮島 英昭 （早稲田大学商学学術院 教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※10月16日（木）17:00締切 |
| その他 | 早稲田大学商学部・産業経営研究所・谷川寧彦分科会 |
