We provide a novel interpretation of the role of credit ratings when contracts between investors and portfolio managers are incomplete.... Read More
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This paper proposes a theory of intermediation that explains the existing financial network with a few highly interconnected institutions. In... Read More
We study decentralized markets in which advisers have conflicts of interest and compete for customers via information provision. We show... Read More
How does a firm’s disclosure policy depend on its choice of financing? In this paper, I study a firm that... Read More
We introduce a model to explain the widespread failure to index contracts to aggregate indices, despite the apparent risk-sharing benefits... Read More