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Data Regulation in Credit Markets

Yan Xiong , Uday Rajan   Jan 26,2025

Working Paper No.00148-00

We study a credit market in which lending decisions depend on a borrower's digital profile, and the borrower can manipulate... Read More

Data Regulation in Credit Markets

Yan Xiong , Uday Rajan   Jan 26,2025

Working Paper No.00148-00

We study a credit market in which lending decisions depend on a borrower's digital profile, and the borrower can manipulate... Read More

Block Trade Contracting

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-

Information Technology and Lender Competition

Zhiqiang Ye, Xavier Vives   Aug 01,2024

Working Paper No.00129-01

We study how information technology (IT) affects lender competition, entrepreneurs’ investment, and welfare in a spatial model. The effects of... Read More

Fintech Entry, Lending Market Competition, and Welfare

Zhiqiang Ye, Xavier Vives   Aug 01,2024

Working Paper No.00141-00

We study fintech entry and how it affects competition, investment, and welfare in a spatial model. We find that fintechs... Read More

The Rise of Factor Investing: Asset Market Implications and "Passive" Security Design

Douglas Xu, Shiyang Huang Lin William Cong (叢林)   Nov 21,2024

Working Paper No.00133-01

We model financial innovations such as Exchange-Traded Funds, smart beta products, and many index-based vehicles as composite securities (CSs) that... Read More

A Theory of Socially Responsible Investment

Marcus Opp , Martin Oehmke   Mar 27,2023

Working Paper No.00093-00

We characterize the conditions under which a socially responsible (SR) fund induces firms to reduce externalities, even when profit-seeking capital... Read More

Sustainable finance under regulation

Shiyang Huang , Alexandr Kopytov   Jul 22,2023

Working Paper No.00112-00

We build a model analyzing optimal environmental regulation in the presence of socially responsible investors. Investors care about sustainability of... Read More

Designing Stress Scenarios

Thomas Philippon, Cecilia Parlatore   Sep 25,2023

Working Paper No.00074-01

We study the optimal design of stress scenarios. A principal manages the unknown risk exposures of agents by asking them to... Read More

Intermediation via Credit Chains

Jian Li. , Zhiguo He   Jun 03,2022

Working Paper No.00078-00

The modern financial system features complicated financial intermediation chains, with each layer performing a certain degree of credit/maturity transformation. We... Read More