Peter Kondor , Adam Zawadowski Mar 12,2018
We study a capital reallocation problem in which investors can enter into a new market where they compete with each other... Read More
Mark Westerfield , Felix Zhiyu Feng Mar 11,2018
We study a dynamic continuous-time principal-agent model with endogenous cash-flow volatility. The principal supplies the agent with capital for investment,... Read More
Zhiguo He (何治国) , Lin William Cong (叢林) Feb 14,2018
Blockchain technology features decentralized consensus as well as tamper-proof and algorithmic executions, and consequently enlarges the contracting space through smart... Read More
Alejandro Rivera, Tak-Yuen Wong, Alejandro Rivera, Tak-Yuen Wong, Dirk Hackbarth Jan 14,2018
This paper studies incentives in a dynamic contracting framework of a levered firm. In particular, the manager selects long-term and... Read More
Alexei Tchistyi , Tomasz Piskorski Dec 28,2017
We develop a tractable general equilibrium framework of housing and mortgage markets with aggregate and idiosyncratic risks, costly liquidity and... Read More
Brendan Daley , Victoria Vanasco Brett Green Nov 22,2017
We show that the availability of credit ratings (or other public information) increases the allocative efficiency of cash flows by... Read More
Liyan Yang Nov 21,2017
This paper studies the classic information-sharing problem in a duopoly setting in which firms learn information from a financial market.... Read More
Bilge Yilmaz, Bilge Yilmaz, Yaron Leitner Nov 21,2017
We study a situation in which a regulator relies on risk models that banks produce in order to regulate them.... Read More
Florian Hoffmann, Roman Inderst,Florian Hoffmann, Roman Inderst, Marcus Opp Oct 09,2017
We characterize optimal contracts in settings where the principal observes informative signals over time about the agent's one-time action. If... Read More
Ehsan Azarmsa,Ehsan Azarmsa, Lin William Cong (叢林) Aug 18,2017
Relationship financing of innovative projects, as is common in bank lending and venture capital, features incumbent financiers' observing interim information... Read More