Conventional wisdom is that owning multiple firms weakens governance by spreading an investor too thinly. We show that common ownership... Read More
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In many cases, buyers are not fully informed about their valuations and rely on the advice of biased experts. For... Read More
Disagreements about substance and expert credibility often go hand-in-hand and are hard to resolve, even when people share common information,... Read More
Published: American Economic Review (forthcoming)
In a model of endogenous hierarchies with adverse selection. We show that spot contracting is not efficient since lemons cannot... Read More
Published: Review of Economic Studies (2015)