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Learning in Crowded Markets

Peter Kondor , Adam Zawadowski   Mar 12,2018

Working Paper No.00031-00

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   Jul 30,2018

Working Paper No.00042-09

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

The Market for Conflicted Advice

Briana Chang , Martin Szydlowski   Sep 21,2018

Working Paper No.00046-00

We present a model of the market for advice in which advisers have conflicts of interest and compete for... Read More

Compensation in High Finance: A Theory of Periodic Labor Markets and Guaranteed Bonuses

Brian Waters , Edward Van Wesep   Dec 17,2018

Working Paper No.00048-00

We present a general equilibrium model of labor market ows that features a periodic equilibrium in which turnover is high... Read More

Risk Preferences and the Macro Announcement Premium

Ravi Bansal, Ravi Bansal, Hengjie Ai   Jan 06,2017

Working Paper No.00009-00

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   Feb 01,2017

Working Paper No.00021-00

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   Mar 15,2017

Working Paper No.00019-00

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

Efstathios Avdis   Mar 15,2017

Working Paper No.00013-00

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

Published: Journal of Financial Economics, 2016, 122(), 568-584

Only time will tell: A Theory of Deferred Compensation

Florian Hoffmann, Roman Inderst,Florian Hoffmann, Roman Inderst, Marcus Opp   Oct 08,2017

Working Paper No.00015-00

We characterize optimal contracts in settings where the principal observes informative signals over time about the agent's one-time action. If... Read More

Disclosure, Competition, and Learning from Asset Prices

Liyan Yang   Nov 21,2017

Working Paper No.00018-00

This paper studies the classic information-sharing problem in a duopoly setting in which firms learn information from a financial market.... Read More