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Optimal Short-Termism

Alejandro Rivera, Tak-Yuen Wong, Alejandro Rivera, Tak-Yuen Wong, Dirk Hackbarth   2018

This paper studies incentives in a dynamic contracting framework of a levered firm. In particular, the manager selects long-term and... Read More

Learning in Crowded Markets

Peter Kondor , Adam Zawadowski   2018

We study a capital reallocation problem in which  investors can enter into a new market where they compete with each other... Read More

Optimal Contracting and the Organization of Knowledge

luis garicano,luis rayo, William Fuchs , William Fuchs   2018

We study contractual arrangements that support an efficient use of time in a knowledge- intensive economy in which agents... Read More

Risk Preferences and the Macro Announcement Premium

Ravi Bansal, Ravi Bansal, Hengjie Ai   2017

The paper develops a theory for equity premium around macroeconomic announcements. Stock returns realized around pre-scheduled macroeconomic announcements, such as... Read More

Bank capital and the composition of credit

Milton Harris , Christian Opp Marcus Opp   2017

We propose a general equilibrium framework to analyze the cross-sectional distribution of credit and its exposure to shocks to the... Read More

Rational-expectations whiplash

Efstathios Avdis, Masahiro Watanabe,Efstathios Avdis, Masahiro Watanabe, Efstathios Avdis   2017

We present a financial market with investors who have nested private information. Small perturbations of price informativeness, originating from fat-finger... Read More

Information Tradeoffs in Dynamic Financial Markets

Masahiro Watanabe, Masahiro Watanabe, Efstathios Avdis   2017

In dynamic financial markets the stochastic supply of risky assets has a significant informational role. Contrary to static models, where... Read More

Bargaining and News

Brendan Daley , Brett Green   2017

We study a bargaining model in which a buyer makes frequent offers to a privately informed seller, while gradually learning... Read More

Persistent Blessings of Luck

Yizhou Xiao, Yizhou Xiao, Lin William Cong (叢林)   2017

Persistent fund performance in venture capital is often interpreted as evidence of differential abilities among managers. We present a dynamic... Read More

Persuasion in Relationship Finance

Ehsan Azarmsa,Ehsan Azarmsa, Lin William Cong (叢林) , Lin William Cong (叢林)   2017

Relationship finance as seen in bank lending and venture capital features incumbent financiers' observing interim information after initial investment but... Read More