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
Jonathan Cohn , Günter Strobl Uday Rajan Dec 28,2016
We study a model in which an issuer can manipulate information obtained by a credit rating agency (CRA) seeking to... Read More