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Screening and Adverse Selection in Frictional Markets

Benjamin Lester,Ali Shourideh,Venky Venkateswaran, Ariel Zetlin-Jones  

We incorporate a search-theoretic model of imperfect competition into an otherwise standard model of asymmetric information with unrestricted contracts.... Read More

Credit Ratings: Strategic Issuer Disclosure and Optimal Screening

Jonathan Cohn , Günter Strobl Uday Rajan  

We study a model in which an issuer can manipulate information obtained by a credit rating agency (CRA) seeking to... Read More