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This is a Observational study (also classified as: Equilibrium models).

Market Macrostructure: Institutions and Asset Prices

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This analysis reveals how market macrostructure influences asset prices in various markets, highlighting passive investing and central banks.

Market macrostructure affects asset prices by organizing financial markets and shaping key player dynamics.
The rise of passive investing has transformed stock market behavior, suggesting new pathways for price movements.
Central banks play a crucial role in bond markets through asset purchase programs, indicating structural shifts in investment strategies.
Levered financial intermediaries contribute to market dynamics, raising questions on risk and stability within the financial system.

Haddad et al. (2025) studied this question.

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This analysis reveals how market macrostructure influences asset prices in various markets, highlighting passive investing and central banks.