Figure 1. Segmentation frictions
Figure 2. Cross-sectional standard deviation of stock returns
Figure III. Average yield curve (annualized)
Figure 3. Conditional returns
Figure 4. Implementation of family trades
Figure 5. Welfare costs of segmentation
Figure I. Conditional moments
Figure II. Multiplicative bond-pricing factor \(\theta_{t+1}/\theta_t\)
Aggregate Implications of Micro Asset Market Segmentation