Before revision:  It corroborates well with empirically stylized facts, explains tri-party and bilateral repo haircut differences, recasts haircut increases during the financial crisis , and sets a limit on access liquidity dealers can extract while acting as funding intermediaries between money market funds and hedge funds .
After revision:  It corroborates well with empirically stylized facts, explains tri-party and bilateral repo haircut differences, recasts haircut increases during the financial crisis , and sets a limit on excess liquidity intermediating dealers can extract while acting as funding intermediaries between money market funds and hedge funds .