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Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing

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

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

Renegotiation in Debt Chains

Christian Opp , Vincent Glode   Sep 28,2020

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

Demand Disagreement

Christian Heyerdahl-Larsen, Philipp Illeditsch   Dec 13,2019

We develop an overlapping generations model with disagreement about the cross-sectional distribution of investors’ preferences and beliefs. This disagreement implies... Read More