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
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
Guner Velioglu, Semih Uslu Feb 06,2024
Working Paper No.00138-00
We develop a dynamic model of a multi-asset over-the-counter (OTC) market that operates via search and bargaining and empirically test... Read More
Peter Hoffmann,Cyril Monnet, Toni Ahnert Mar 02,2024
Working Paper No.00139-00
We propose a model of financial intermediation, payments choice, and privacy in the digital economy. While digital payments enable merchants to sell... Read More
Denis Gromb (in memoriam) Jean-Edouard Colliard Mar 22,2024
Working Paper No.00065-01
How do resolution frameworks affect the private restructuring of distressed banks? We model a bank’s shareholders and creditors negotiating a... Read More
Bart Yueshen Zhou, Markus Baldauf Joshua Mollner May 16,2024
Working Paper No.00094-01
We study liquidity supply in fragmented markets. Market makers intermediate heterogeneous order flows, trading off spread revenue against inventory costs.... Read More
Published: Journal of Financial Economics, 2024, 154(), 103807-Markus Baldauf Joshua Mollner May 17,2024
Working Paper No.00096-01
When seeking to trade in over-the-counter markets, institutional investors typically restrict both the number of potential counterparties they contact and... Read More
Published: Journal of Political Economy, 2024, 132(5), 1603-1641christoph frei, Markus Baldauf Joshua Mollner Jun 12,2024
Working Paper No.00095-02
We study the optimal execution problem in a principal-agent setting. A client contracts to purchase from a dealer. The dealer... Read More
Published: Journal of Financial Economics, 2024, 160(), 103901-