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
Anton Tsoy 2016
This paper studies frequent-offer limits of perfect Bayesian equilibria in the alternating-offer bilateral bargaining model with private correlated values. The... Read More
Jonathan Cohn , Günter Strobl Uday Rajan 2016
We study a model in which an issuer can manipulate information obtained by a credit rating agency (CRA) seeking to... Read More
Steven Grenadier, Yunzhi Hu, Steven Grenadier, Yunzhi Hu, Lin William Cong (叢林) 2016
We model a dynamic economy with strategic complementarity among investors and endogenous government interventions that mitigate coordination failures. We establish... Read More
Douglas Xu, Douglas Xu, Lin William Cong (叢林) 2016
We model financial innovations such as Exchange-Traded Funds, smart beta products, and many index-based vehicles as composite securities that facilitate... Read More
Hongda Zhong 2016
Firms often choose to raise capital from multiple creditors even though doing so may lead to inefficient liquidation caused by... Read More
Pete Kyle,Pete Kyle, Mina Lee 2016
This paper investigates the strategic foundations for rational expectations equilibrium. In the model, risk-averse traders with two signals—private information and... Read More
Brett Green , William Fuchs Vladimir Asriyan 2016
We study information spillovers in a dynamic setting with corre- lated assets owned by privately-informed sellers. In the model,... Read More
Ivan Marinovic , Paul Povel 2016
We study the effects of introducing competition for CEOs, assuming that the talent of CEOs is not observable and... Read More
Published: Journal of Accounting and Economics, 2017, 64(1), 1-14luis garicano,luis rayo, William Fuchs 2016
We study contractual arrangements that support an efficient use of time in a knowledge- intensive economy in which agents... Read More