AGGREGATION ACROSS HETEROGENEOUS DEPOSITORY INSTITUTIONS

Sudarshan Gooptu, Raymond Lombra

Research output: Contribution to journalArticlepeer-review

1 Scopus citations

Abstract

Financial models usually proceed “as if” aggregation across heterogeneous financial intermediaries suppresses little information. The presumption is that the relevant set of relative yields remains essentially constant over time across intermediaries. Drawing on the fact that objective functions differ across intermediaries, we present theoretical evidence and data that question standard practice and suggest proceeding “as if” such differences exist and matter.

Original languageEnglish (US)
Pages (from-to)369-378
Number of pages10
JournalFinancial Review
Volume22
Issue number4
DOIs
StatePublished - Nov 1987

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

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