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, Vish Viswanathan for their comments and the seminar participants at Erasmus University, the Finance UC International Conference at Catholic University of Chile, Harvard Business School, Maastricht University, Norges Bank, 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.