We develop a tractable framework of delegated asset management with flexible information acquisition in a multi-asset economy in which fund... Read More
Showing papers sorted by date, newest first.
We study a model in which an issuer can manipulate information obtained by a credit rating agency (CRA) seeking to... Read More
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 provide a novel interpretation of the role of credit ratings when contracts between investors and portfolio managers are incomplete.... Read More
This paper proposes a theory of intermediation that explains the existing financial network with a few highly interconnected institutions. In... Read More