Information Percolation in Segmented Markets
---- Acknowledgements -----
The research of S. Malamud was supported in part by NCCR FINRISK, Project A5. Duffie is at the Graduate School of Business, Stanford University and is an NBER Research Associate. Malamud is at Swiss Finance Institute at EPF Lausanne. Manso is at the Sloan School of Business, MIT. We are grateful for research assistance from Xiaowei Ding, Michelle Ton, and Sergey Lobanov, and for discussion with Daniel Andrei, Luciano I. de Castro, Julien Cujean, Eiiricho Kazumori, and Phil Reny. Malamud gratefully acknowledges financial support by the National Centre of Competence in Research "Financial Valuation and Risk Management" (NCCR FINRISK).The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.