Firms often choose to raise capital from multiple creditors even though doing so may lead to inefficient liquidation caused by... Read More
Showing papers sorted by title, A - Z.
This paper studies frequent-offer limits of perfect Bayesian equilibria in the alternating-offer bilateral bargaining model with private correlated values. The... 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
A theory framework to assess how global, too-big-to-fail banks can be successfully resolved by national regulators.
Share repurchases naturally emerge in a repeated Myers and Majluf's world. Some firms strictly profit from the repurchase transaction. Some... Read More
Published: Volume 29, Issue 6, pages 1409-1452, Review of Financial Studies