Joel Hasbrouck,Thomas Rivera, Fahad Saleh Jul 10,2023
Working Paper No.00080-01
We demonstrate that increasing trading fees at a decentralized exchange (DEX) can increase DEX trading volume. This result arises due... Read More
Orit Milo, Jacob Sagi Jul 10,2023
Working Paper No.00103-00
We find that a measure of aggregate corporate debt maturity choices strongly predicts real GDP growth. The new measure compares... Read More
Sushil Bikhchandani,omer tamuz,ivo welch, David Hirshleifer Jul 11,2023
Working Paper No.00104-00
We review the theory of information cascades and social learning. Our goal is to describe in a relatively integrated and... Read More
Anton Tsoy , Nicolas Inostroza Jul 11,2023
Working Paper No.00105-00
An asset owner designs an asset-backed security and a signal about its value. After privately observing the signal, he sells... Read More
Kostas Koufopoulos (York), Pavel Zryumov , Giulio Trigilia Jul 11,2023
Working Paper No.00106-00
We show that short-term debt in a firm’s optimal capital structure reduces investment under asymmetric information. Investors’ interpretation of underinvestment... Read More
Alberto Martin,Alejandro Van der Gothe,Luc Laeven, Vladimir Asriyan , Victoria Vanasco Jul 13,2023
Working Paper No.00107-00
We show that in a canonical model with heterogeneous entrepreneurs, financial fric-tions, and an imperfectly elastic supply of capital, a... Read More
Alberto Martin,Sergio Mayordomo, Victoria Vanasco Jul 13,2023
Working Paper No.00108-00
Many countries implemented large-scale programs to guarantee private credit in re-sponse to the outbreak of COVID-19. Yet the role of... Read More
Jason Allen, Milena Wittwer Jul 18,2023
Working Paper No.00109-00
In traditional over-the-counter markets, investors trade bilaterally through intermediaries. We assess whether and how to shift trades on a centralized... Read More
Jason Allen, Milena Wittwer Jul 18,2023
Working Paper No.00110-00
We examine how intermediary capitalization affects asset prices in a framework that allows for intermediary market power. We introduce a... Read More
Jason Allen,Jakub Kastl, Milena Wittwer Jul 18,2023
Working Paper No.00111-00
Leveraging an institutional feature that Treasury auctions of different maturities are often held simultaneously, we propose a method for estimating... Read More