James Dow , Jungsuk Han Francesco Sangiorgi Jun 24,2024
Working Paper No.00140-00
Will arbitrage capital flow into markets experiencing shocks, mitigating adverse effects on price efficiency? Not necessarily. In a dynamic model... Read More
christoph frei, Markus Baldauf Joshua Mollner Jun 12,2024
Working Paper No.00095-02
We study the optimal execution problem in a principal-agent setting. A client contracts to purchase from a dealer. The dealer... Read More
Published: Journal of Financial Economics, 2024, 160(), 103901-Laura Veldkamp Jul 10,2023
Working Paper No.00102-00
In the twenty-first century, the most valuable firms in the world are valued primarily for their data. This makes data... Read More
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
Garud Iyengar,Jay Sethuraman,Wenjun Wang, Fahad Saleh Oct 17,2023
Working Paper No.00079-01
We examine a supply chain with a single risk-averse manufacturer who purchases from suppliers and sells to consumers. Within this... Read More
Alberto Martin,Alejandro Van der Gothe,Luc Laeven, Victoria Vanasco , Vladimir Asriyan Nov 15,2023
Working Paper No.00107-01
We show that in a canonical model with heterogeneous entrepreneurs, financial frictions, and an imperfectly elastic supply of capital, a... Read More
James Dow , Jungsuk Han Francesco Sangiorgi Dec 15,2023
Working Paper No.00132-00
Does the stock market exert short-term pressure on listed firms, do they respond, and is this response value reducing? We... Read More
Published: Journal of Financial Economics, 2024, (), -Kose John,Thomas Rivera, Fahad Saleh May 24,2022
Working Paper No.00076-00
We study the equilibrium level of staking in a Proof-of-Stake blockchain when investors have different trading horizons. We find that,... Read More
Kose John,Thomas Rivera, Fahad Saleh Nov 01,2022
Working Paper No.00075-01
We compare the economic implications of scaling blockchains under the Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus protocols. We study an... Read More
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