We model multi-stage financing of innovative projects where relational financiers observe entrepreneurs' experimentation and thus information they endogenously produce, before... Read More
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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.
We study a bargaining model in which a buyer makes frequent offers to a privately informed seller. In addition, the... Read More
We present a dynamic model of venture investment with endogenous fund heterogeneity and deal flows that produces performance persistence without... Read More