Hongda Zhong Jan 18,2025
Working Paper No.00146-00
I study the optimal integration of humans and technologies in multi-layered decision-making processes. Each layer can correct existing errors but... Read More
Zhen Zhou, Hongda Zhong Jan 18,2025
Working Paper No.00147-00
Many regulations aim at promoting coordination among creditors in bankruptcy by ex post restricting their ability to exit distressed firms.... Read More
Yan Xiong , Uday Rajan Jan 26,2025
Working Paper No.00148-00
We study a credit market in which lending decisions depend on a borrower's digital profile, and the borrower can manipulate... Read More
Peter Hoffmann,Agnese Leonello,Davide Porcellacchia, Toni Ahnert Feb 24,2025
Working Paper No.00100-04
We develop a model of financial intermediation with remunerated Central Bank Digital Currency (CBDC) as consumers’ alternative to bank deposits... Read More
Martin Oehmke , Adam Zawadowski Mar 22,2025
Working Paper No.00055-01
Complexity can create value. At the same time, understanding more complex goods requires more of an agent’s attention. We show... Read More
Rui Albuqerque, Adam Zawadowski Mar 22,2025
Working Paper No.00149-00
A maturity wall occurs in private credit funds when the fund reaches its maturity date, where it can no longer... Read More
Alexander Ober, Patrick Blonien Apr 09,2025
Working Paper No.00142-01
In a dynamic model of large traders who manage inventory risk, we show that a daily market closure coordinates liquidity.... Read More
Gabor Pinter,Jean-Charles Wijnandts, Semih Uslu Apr 30,2025
Working Paper No.00150-00
We develop a two-asset search-and-bargaining model of OTC trading to estimate frictions and welfare losses in the UK government and... Read More
Jordan Martel May 01,2025
Working Paper No.00151-00
How should we expect firms to communicate with their shareholders in the presence of uncertainty? This paper studies a model... Read More
Samuel Lee, Mike Burkart , Paul Voss Feb 02,2024
Working Paper No.00137-00
In a canonical takeover model we let an informed large shareholder choose between making a bid or initiating a sale... Read More