Market Power and Capital Constraints

The views presented are those of the authors and not necessarily those of the Bank of Canada. Any errors are our own. We thank the Triton team at the Bank of Canada, Rui Albuquerque, Eric Budish, David Cimon, Robert Clark, Darrell Duffie, Benjamin Hébert, Amy Huber, Ali Hortaçsu, Mark Egan, Mahyar Kargar, Leonid Kogan, Liran Einav, Matthew Gentzkow, Katja Seim, Daniel Smith, Or Shachar, Monika Piazzesi, Marzena Rostek, Fabricius Somogyi, Xavier Vives, Ji Hee Yoon, Bart Zhou Yueshen, Anthony Zhang, in addition to all participants of talks at Boston College, Chicago Booth, London School of Economics, University College London, University of Maryland, Stanford University, the Annual Meeting of Women in Microstructure, Boston Conference on Markets and Competition, EARIE, EFA, EWMES, FIRS, NBER Market Design, NYU IO day, and SFS Cavalcade. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.