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August 26, 2025The Journal of Finance

Over‐the‐Counter Markets for Nonstandardized Assets

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Authors

YNYoshio NozawaATAnton Tsoy

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Overview

Search and bargaining model reveals patterns in nonstandardized asset trading, suggesting centralization needs higher standardization.

Key Points

  • Investors' learning reveals asset values correlated with quality, leading to unique trading behaviors.
  • Bargaining outcomes show a hump-shaped delay based on asset quality and a U-shaped relationship with turnover.
  • The study examines commercial real estate and corporate bond markets to illustrate observed trading patterns.
  • Opacity in nonstandardized assets promotes trading flexibility, calling for potential centralization through standardization.

Cite This Study

Nozawa et al. (2025) studied this question.

synapsesocial.com/papers/68af63e3ad7bf08b1eae4549https://doi.org/10.1111/jofi.13483
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