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Principal Trading Arrangements: Optimality under Temporary and Permanent Price Impact

christoph frei, Joshua Mollner , Markus Baldauf   Apr 26,2023

Working Paper No.00095-00

We study the optimal execution problem in a principal-agent setting. A client (e.g., a pension fund, endowment, or other institution)... 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