How effectively does a decentralized marketplace aggregate information that is dispersed throughout the economy? We study this question in a... Read More
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We characterize optimal contracts in settings where the principal observes informative signals over time about the agent's one-time action. If... Read More
We model multi-stage financing of innovative projects where relational financiers observe entrepreneurs' experimentation and thus information they endogenously produce, before... Read More
OTC markets exhibit a core-periphery network: 10-30 central dealers trade frequently and with many dealers, while hundreds of peripheral dealers... Read More
We propose an amplification mechanism of financial crises based on the information choices of investors. We derive and discuss normative... Read More
Published: Review of Financial Studies (2017), 30 (6): 2130-2178.