We build a directed search model of network formation. We propose that a core-periphery interdealer network arises from dealer specialization. Read More
Florian Hoffmann, Roman Inderst,Florian Hoffmann, Roman Inderst, Marcus Opp 2017
We characterize optimal contracts in settings where the principal observes informative signals over time about the agent's one-time action. If... Read More
Liyan Yang 2017
This paper studies the classic information-sharing problem in a duopoly setting in which firms learn information from a financial market.... Read More
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 2017
We study a situation in which a regulator relies on risk models that banks produce in order to regulate them.... Read More
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
Brett Green , William Fuchs Vladimir Asriyan 2017
We study a dynamic market for durable assets, in which asset owners are privately informed about the quality of... 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