We model financial innovations such as Exchange-Traded Funds, smart beta products, and many index-based vehicles as composite securities that facilitate... Read More
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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
This paper studies frequent-offer limits of perfect Bayesian equilibria in the alternating-offer bilateral bargaining model with private correlated values. The... Read More