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Market opacity and fragility: Why liquidity evaporates when it is most needed

Giovanni Cespa, Xavier Vives   Dec 04,2023

Working Paper No.00131-00

We show that, consistent with empirical evidence, access to order flow information allows traders to supply liquidity via contrarian marketable... Read More

Free entry in a Cournot market with overlapping ownership

Orestis Vravosinos, Xavier Vives   Dec 04,2023

Working Paper No.00130-01

We examine the effects of overlapping ownership among existing firms deciding whether to enter a product market. We show that... Read More

Free entry in a Cournot market with overlapping ownership

Orestis Vravosinos, Xavier Vives   Dec 04,2023

Working Paper No.00130-01

We examine the effects of overlapping ownership among existing firms deciding whether to enter a product market. We show that... Read More

Free entry in a Cournot market with overlapping ownership

Orestis Vravosinos, Xavier Vives   Dec 04,2023

Working Paper No.00130-01

We examine the effects of overlapping ownership among existing firms deciding whether to enter a product market. We show that... Read More

Free entry in a Cournot market with overlapping ownership

Orestis Vravosinos, Xavier Vives   Dec 04,2023

Working Paper No.00130-01

We examine the effects of overlapping ownership among existing firms deciding whether to enter a product market. We show that... Read More

The Short-Termism Trap: Catering to Informed Investors Under Stock-Based CEO Compensation

James Dow , Jungsuk Han Francesco Sangiorgi   Dec 15,2023

Working Paper No.00132-00

The combination of stock-based CEO compensation and limited informed trading capital creates a ''race to the bottom among firms resulting... Read More

The Short-Termism Trap: Catering to Informed Investors Under Stock-Based CEO Compensation

James Dow , Jungsuk Han Francesco Sangiorgi   Dec 15,2023

Working Paper No.00132-00

The combination of stock-based CEO compensation and limited informed trading capital creates a ''race to the bottom among firms resulting... Read More

The Short-Termism Trap: Catering to Informed Investors Under Stock-Based CEO Compensation

James Dow , Jungsuk Han Francesco Sangiorgi   Dec 15,2023

Working Paper No.00132-00

The combination of stock-based CEO compensation and limited informed trading capital creates a ''race to the bottom among firms resulting... Read More

Central Bank Digital Currency and Financial Stability

Peter Hoffmann,Agnese Leonello,Davide Porcellacchia, Toni Ahnert   Dec 20,2023

Working Paper No.00100-03

What is the effect of Central Bank Digital Currency (CBDC) on financial stability? We answer this question by studying a model... Read More

Central Bank Digital Currency and Financial Stability

Peter Hoffmann,Agnese Leonello,Davide Porcellacchia, Toni Ahnert   Dec 20,2023

Working Paper No.00100-03

What is the effect of Central Bank Digital Currency (CBDC) on financial stability? We answer this question by studying a model... Read More