The Value of Intermediation in the Stock Market
NBER Working Paper No. 26147
---- Acknowledgments ----
We thank Malcolm Baker, Vyacheslav Fos, Robin Greenwood, Boris Groysberg, Vincent van Kervel, Brian Levine, Amit Seru, Daniel Strack, Vish Viswanathan and Mao Ye for their comments and the seminar participants at the 2019 Boston Conference on Markets and Competition, Erasmus University, the Finance UC International Conference at Catholic University of Chile, Harvard Business School, Maastricht University, Norges Bank, University California Berkeley Haas School of Business, and at the UNC-Duke Corporate Finance Conference. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.