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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
We model financial innovations such as Exchange-Traded Funds, smart beta products, and many index-based vehicles as composite securities that facilitate... Read More
We model a dynamic economy with strategic complementarity among investors and endogenous government interventions that mitigate coordination failures. We establish... Read More
We develop a tractable framework of delegated asset management with flexible information acquisition in a multi-asset economy in which fund... Read More
We study a model in which an issuer can manipulate information obtained by a credit rating agency (CRA) seeking to... Read More