I study the equilibrium behavior of wealth distribution in a dynamic model of financial markets with multiple groups of rational investors who may differ in their information sets, as well as a group of irrational investors with incorrect beliefs. The...

We present a model of competition between ESG raters who acquire information about multiple unrelated categories and sell ratings. Raters specializing in different categories maximizes the amount of information transmitted and surplus, and can be the equilibrium outcome. When investors place a high...

Managing CEO succession is one of the board’s most important tasks. We develop a dynamic model of CEO succession to analyze executive hiring, firing, and entrenchment. The board learns about the CEO’s and successor’s ability and can decide to replace...

A property tax can be thought of as a capital structure, which divides a stream of rents into components accruing to the homeowner and to the government. Near-term rents mainly accrue to homeowners, and far-term rents mainly accrue to governments....

Cryptocurrency exchange market structure is fragmented, since cryptocurrencies are fungible, but customers cannot move freely across cryptocurrency exchanges. We build a model where exchanges with captive customers are linked by arbitrageurs, showing that ``star-shaped'' equilibria can exist, in which arbitrageurs...

This paper studies how artificial intelligence (AI) affects the finance labor market when
humans and AI perform different tasks in investment projects, and workers earn agency
rents that grow with project size. We identify two key effects of AI improvement: A freeriding
effect...