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
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
Shiyang Huang , Alexandr Kopytov Jul 22,2023
Working Paper No.00112-00
We build a model analyzing optimal environmental regulation in the presence of socially responsible investors. Investors care about sustainability of... Read More
Michele Bisceglia,Jan Schneemeier, Alessio Piccolo Aug 01,2023
Working Paper No.00113-01
We develop a model to study the efficiency of socially responsible investments (SRI) as a market-based mechanism to control firms'... Read More
Joel M. Vanden, Diego Garcia Aug 02,2023
Working Paper No.00114-00
We study the size and the existence of the mutual fund industry by generalizing the standard competitive noisy rational expectations... Read More
Günter Strobl , Diego Garcia Aug 02,2023
Working Paper No.00115-00
This paper studies how relative consumption effects, in which a person's satisfaction with their own consumption depends on how much... Read More
Francesco Sangiorgi , Diego Garcia Aug 02,2023
Working Paper No.00116-00
We study information sales in financial markets with strategic risk-averse traders. Our main result establishes that the optimal selling mechanism... Read More
Dirk Hackbarth, Paolo Fulghieri , Diego Garcia Aug 02,2023
Working Paper No.00117-00
We study a security design problem under asymmetric information, in the spirit of Myers and Majluf (1984). We introduce a... Read More