Thomas Philippon, Cecilia Parlatore Apr 26,2022
We develop a tractable framework to study the optimal design of stress scenarios. A principal wants to manage the unknown risk... Read More
Kose John,Thomas Rivera, Fahad Saleh May 24,20220
We compare the economic implications of scaling blockchains under the Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus protocols. We study an... Read More
Kose John,Thomas Rivera, Fahad Saleh May 24,2022
We study the equilibrium level of staking in a Proof-of-Stake blockchain when investors have different trading horizons. We find that,... Read More
Max Reppen,Tarik Umar,Hao Xing, Ali Kakhbod May 28,20220
How does a firm’s optimal cash, issuance, default, payout, and investment policies vary over its life cycle? To answer this... Read More
Jian Li. , Zhiguo He Jun 03,2022
The modern financial system features complicated financial intermediation chains, with each layer performing a certain degree of credit/maturity transformation. We... Read More
Garud Iyengar,Jay Sethuraman,Wenjun Wang, Fahad Saleh Jun 30,2022
We examine a supply chain with a single risk-averse manufacturer who purchases from vendors and sells to consumers. Within this... Read More
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
Ana Babus , Cecilia Parlatore Apr 30,20210
We study the determinants of asset market fragmentation in a model with strategic investors that disagree about the value of... Read More
Batchimeg Sambalaibat Jul 07,2021
We build a directed search model of network formation. We propose that a core-periphery interdealer network arises from dealer specialization. Read More
Batchimeg Sambalaibat Jul 07,2021
I build a search model of bond and credit default swap (CDS) markets with endogenous investor participation and show that... Read More