Winter Term 2026/2027

December 16, 2026 / 12:00–13:00 / TC.3.06
Thu Nguyen (Vienna University of Economics and Business) 

 

November 18, 2026 / 12:0013:00 / room tba
Giorgio Ottonello (Vienna University of Economics and Business)
Shadow Discounts (with Tomy Lee, Isacco Lotti, Florian Nagler and Chaojun Wang)

Abstract: Centralized trading platforms should improve competition in OTC markets. Using transaction records from the U.S. corporate bond market and exploiting variation within client-dealer relationships, we find no evidence that clients receive better secondary-market trading terms after adopting a platform. To reconcile this puzzling finding, we present a model in which relationship dealers operate in both primary and secondary markets. A central insight, for which we find strong empirical support, is that dealers respond to clients‘ improved outside options not by changing secondary-market terms, but by granting larger primary-market allocations. Guided by the model, we estimate that platform adoption is worth 77% of clients‘ pre-adoption profits from primary-market allocations. Overall, the effects of platforms in OTC markets are more complex than previously thought.

 

November 12, 2026 / 12:00–13:00 / room tba
Emanuele Rizzo (ESADE Business School)

 

November 5, 2026 / 10:00-11:00 / D2.0.342
Tobin Hanspal (Vienna University of Economics and Business)