Peter Hoffmann,Cyril Monnet, Toni Ahnert Mar 02,2024
Working Paper No.00139-00
We propose a model of financial intermediation, payments choice, and privacy in the digital economy. While digital payments enable merchants to sell... Read More
Markus Baldauf Joshua Mollner May 17,2024
Working Paper No.00096-01
When seeking to trade in over-the-counter markets, institutional investors typically restrict both the number of potential counterparties they contact and... Read More
Published: Journal of Political Economy, 2024, 132(5), 1603-1641christoph 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-Sushil Bikhchandani,omer tamuz,ivo welch, David Hirshleifer Jul 11,2023
Working Paper No.00104-00
We review the theory of information cascades and social learning. Our goal is to describe in a relatively integrated and... Read More
Nicolas Figueroa, Nicolas Inostroza Apr 26,2023
Working Paper No.00097-00
A liquidity-constrained asset owner designs an asset-backed security to raise funds from an informed liquidity supplier. Information insensitive securities reduce... Read More
Nicolas Inostroza Apr 26,2023
Working Paper No.00098-00
How much information about financial institutions' balance sheets should regulators pass on to the market? To minimize the probability of... Read More
Anton Tsoy , Nicolas Inostroza Jul 11,2023
Working Paper No.00105-00
An asset owner designs an asset-backed security and a signal about its value. After privately observing the signal, he sells... 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
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