{"id":5437,"date":"2025-10-14T14:40:26","date_gmt":"2025-10-14T05:40:26","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=5437"},"modified":"2025-10-14T15:21:41","modified_gmt":"2025-10-14T06:21:41","slug":"2025%e5%b9%b410%e6%9c%8820%e6%97%a5%e6%9c%88-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar-%e3%80%80commitment-through-lemons","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/5437","title":{"rendered":"2025\u5e7410\u670820\u65e5(\u6708) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar : Commitment through Lemons: A Theory of Relationship Trading in OTC Markets\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cCommitment through Lemons : A Theory of Relationship Trading in OTC
\nMarkets\u300d<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2025\u5e7410\u670820\u65e5\uff08\u6708\uff0913:10\uff5e14:50<\/td>\n<\/tr>\n
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\u8b1b\u6f14\u8005<\/th>\nJohn Kuong \u6c0f
\n\uff08Associate Professor, CUHK Business School, The Chinese University of Hong Kong\uff09<\/td>\n<\/tr>\n
\u8981\u65e8<\/th>\nThis 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\u2019s 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.<\/td>\n<\/tr>\n
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\u300cCommitment through Lemons : A Theory of Relationship Trading in OTC Markets\u300d \u65e5\u6642 2025\u5e7410\u670820\u65e5\uff08\u6708\uff0913:10\uff5e14:50 \u958b\u50ac\u65b9 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-5437","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=5437"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5437\/revisions"}],"predecessor-version":[{"id":5542,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5437\/revisions\/5542"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=5437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=5437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=5437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}