We introduce a model to explain the widespread failure to index contracts to aggregate indices, despite the apparent risk-sharing benefits... Read More
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A theory framework to assess how global, too-big-to-fail banks can be successfully resolved by national regulators.
To assess the value of information for contracting, it is necessary to study how contracts change with signal precision. This... Read More
Conventional wisdom is that owning multiple firms weakens governance by spreading an investor too thinly. We show that common ownership... Read More
In many cases, buyers are not fully informed about their valuations and rely on the advice of biased experts. For... Read More