Brendan Daley , Victoria Vanasco Brett Green 2017
We show that the availability of credit ratings (or other public information) increases the allocative efficiency of cash flows by... Read More
Alexei Tchistyi , Tomasz Piskorski 2017
We develop a tractable general equilibrium framework of housing and mortgage markets with aggregate and idiosyncratic risks, costly liquidity and... Read More
Bilge Yilmaz,Bilge Yilmaz, Yaron Leitner , Yaron Leitner 2017
We study a situation in which a regulator relies on risk models that banks produce in order to regulate them.... Read More
Published: Journal of Financial Economics, 2018, (), -Brett Green , William Fuchs , Vladimir Asriyan Vladimir Asriyan 2017
How efectively does a decentralized marketplace aggregate information that is dispersed throughout the economy? We study this question in... Read More
Itay Goldstein , Liyan Yang 2017
We study how commodity financialization affects information transmission and aggre- gation in a commodity futures market. The trading of... Read More
Francesco Bova, Liyan Yang 2017
We develop a model to illustrate that equity-based compensation for non-executive employees and product market decisions are related. When... Read More
Benjamin Lester,Ali Shourideh,Venky Venkateswaran, Ariel Zetlin-Jones 2017
We incorporate a search-theoretic model of imperfect competition into an otherwise standard model of asymmetric information with unrestricted contracts.... Read More
Songzi Du, Haoxiang Zhu 2017
This paper studies the impact of increasing trading frequency in financial markets on allocative efficiency. We build and solve... Read More
Darrell Duffie , Haoxiang Zhu 2017
Size-discovery mechanisms allow large quantities of an asset to be exchanged at a price that does not respond to... Read More
Nadya Malenko , Andrey Malenko 2016
Proxy advisors play an important role by providing investors with research and recommendations on how to vote their shares. This... Read More