Papers

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Lending and Monitoring: Big Tech vs Banks

Catherine Casamatta,Rui xiong, Matthieu Bouvard   Nov 21,2022

Working Paper No.00087-00

We show that by lending to merchants and monitoring them, an e-commerce platform can price-discriminate between merchants with high and... Read More

Antitrust, Regulation, and User Union in the Era of Digital Platforms and Big Data

Simon Mayer , Lin William Cong (叢林)   Nov 28,2022

Working Paper No.00088-00

We model platform competition with endogenous data generation, collection, and sharing, thereby providing a unifying framework to evaluate data-related regulation... Read More

The Coming Battle of Digital Currencies

Simon Mayer , Lin William Cong (叢林)   Nov 28,2022

Working Paper No.00089-00

We model the dynamic competition among national fiat currencies, cryptocurrencies, and Central Bank Digital Currencies (CBDCs), whereby countries strategically digitize... Read More

Markets for Financial Innovation

Kinda Hachem , Ana Babus   Dec 02,2022

Working Paper No.00090-00

We develop a theory of financial innovation in which both market structure and the payoffs of the claims being traded... Read More

Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing

Johan Hombert, Bruno Biais , Pierre-Olivier Weill   Mar 29,2021

Working Paper No.00070-00

Incentive problems make securities’ payoffs imperfectly pledgeable, limiting agents’ ability to issue liabilities. We analyze the equilibrium consequences of such... Read More

Strategic Fragmented Markets

Ana Babus , Cecilia Parlatore   Apr 30,2021

Working Paper No.00071-00

We study the determinants of asset market fragmentation in a model with strategic investors that disagree about the value of... Read More

Published: Journal of Financial Economics, 2022, 145(), 876-908

Endogenous Specialization and Dealer Networks

Batchimeg Sambalaibat   Jul 07,2021

Working Paper No.00014-02

We build a directed search model of network formation. We propose that a core-periphery interdealer network arises from dealer specialization. Read More

A Theory of Liquidity Spillover Between Bond and CDS Markets

Batchimeg Sambalaibat   Jul 07,2021

Working Paper No.00072-00

I build a search model of bond and credit default swap (CDS) markets with endogenous investor participation and show that... Read More

A Theory of Participation in OTC and Centralized Markets

Jerome Dugast, Pierre-Olivier Weill , Semih Uslu   Sep 29,2021

Working Paper No.00052-02

Should regulators encourage the migration of trade from over-the-counter (OTC) to centralized markets? To address this question, we study a... Read More

Published: Review of Economic Studies, 2022, 89(6), 3223-3266

Private Renegotiations and Government Interventions in Debt Chains

Christian Opp Vincent Glode   Nov 02,2021

Working Paper No.00062-02

We propose a model of strategic debt renegotiation in which businesses are sequentially interconnected through their liabilities. This financing structure,... Read More