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Screening and Adverse Selection in Frictional Markets

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

What is the Optimal Trading Frequency in Financial Markets?

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

Size Discovery

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

Proxy Advisory Firms: The Economics of Selling Information to Voters

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

Selling to Advised Buyers

Anton Tsoy , Andrey Malenko   2016

In many cases, buyers are not fully informed about their valuations and rely on the advice of biased experts. For... Read More

Transparency and Talent Allocation in Money Management

Günter Strobl , Simon Gervais   2016

We construct and analyze the equilibrium of a model of delegated portfolio management in which money managers signal their investment... Read More

Insider Trading When There May Not be an Insider

Yenan Wang,Yenan Wang, Ming Yang   2016

We study a continuous-time Kyle-Back model of insider trading with uncertainty about the existence of the insider. The market maker... Read More

Selling to Advised Buyers

Andrey Malenko , Anton Tsoy   2016

In many cases, buyers are not fully informed about their valuations and rely on the advice of biased experts. For... Read More

Bank Resolution and the Structure of Global Banks

Patrick Bolton , Martin Oehmke   2016

A theory framework to assess how global, too-big-to-fail banks can be successfully resolved by national regulators. Read More

Contracting on Credit Ratings: Adding Value to Public Information

Christine Parlour , Uday Rajan   2016

We provide a novel interpretation of the role of credit ratings when contracts between investors and portfolio managers are incomplete.... Read More