We construct and analyze the equilibrium of a model of delegated portfolio management in which money managers signal their investment... Read More
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We provide a novel interpretation of the role of credit ratings when contracts between investors and portfolio managers are incomplete.... Read More
We study a model in which an issuer can manipulate information obtained by a credit rating agency (CRA) seeking to... Read More
We study a continuous-time Kyle-Back model of insider trading with uncertainty about the existence of the insider. The market maker... Read More
We characterize optimal contracts in settings where the principal observes informative signals over time about the agent’s one-time action. If... Read More