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 propose a general equilibrium framework to analyze the cross-sectional distribution of credit and its exposure to shocks to the... Read More