Benjamin Lester,Ali Shourideh,Venky Venkateswaran, Ariel Zetlin-Jones Jul 06,2018
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 Jul 06,2018
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 Jul 06,2018
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 Dec 13,2016
Proxy advisors play an important role by providing investors with research and recommendations on how to vote their shares. This... Read More
Anton Tsoy , Andrey Malenko Dec 13,2016
In many cases, buyers are not fully informed about their valuations and rely on the advice of biased experts. For... Read More
Günter Strobl , Simon Gervais Dec 13,2016
We construct and analyze the equilibrium of a model of delegated portfolio management in which money managers signal their investment... Read More
Andrey Malenko , Anton Tsoy Dec 14,2016
In many cases, buyers are not fully informed about their valuations and rely on the advice of biased experts. For... Read More
Patrick Bolton , Martin Oehmke Dec 14,2016
A theory framework to assess how global, too-big-to-fail banks can be successfully resolved by national regulators. Read More
Christine Parlour , Uday Rajan Dec 28,2016
We provide a novel interpretation of the role of credit ratings when contracts between investors and portfolio managers are incomplete.... Read More
Anton Tsoy Dec 28,2016
This paper studies frequent-offer limits of perfect Bayesian equilibria in the alternating-offer bilateral bargaining model with private correlated values. The... Read More