Ana Babus , Cecilia Parlatore Apr 30,2021
Working Paper No.00071-00
We study the determinants of asset market fragmentation in a model with strategic investors that disagree about the value of... Read More
Published: Journal of Financial Economics, 2022, 145(), 876-908Batchimeg Sambalaibat Jul 07,2021
Working Paper No.00014-02
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
Working Paper No.00072-00
I build a search model of bond and credit default swap (CDS) markets with endogenous investor participation and show that... Read More
Jerome Dugast, Pierre-Olivier Weill , Semih Uslu Sep 29,2021
Working Paper No.00052-02
Should regulators encourage the migration of trade from over-the-counter (OTC) to centralized markets? To address this question, we study a... Read More
Published: Review of Economic Studies, 2022, 89(6), 3223-3266Christian Opp Vincent Glode Nov 02,2021
Working Paper No.00062-02
We propose a model of strategic debt renegotiation in which businesses are sequentially interconnected through their liabilities. This financing structure,... Read More
Basil Williams Yaron Leitner Nov 17,2021
Working Paper No.00061-01
Should regulators reveal the models they use to stress test banks? In our setting, revealing leads to gaming, but secrecy... Read More
Published: Journal of Finance, 2023, 78(2), 1055-1095Ivan Marinovic , Martin Szydlowski Sep 22,2020
Working Paper No.00045-01
We study the disclosure policy of a regulator overseeing a monitor with reputation concerns, such as a bank or... Read More
Efstathios Avdis Oct 08,2020
Working Paper No.00051-02
Long-held intuition dictates that information-based trade is impossible without exogenous noise. Risk seekers can resolve this conundrum. Even though such... Read More
Thierry Foucault,Peter Hoffmann, Jean-Edouard Colliard Oct 08,2020
Working Paper No.00063-00
We propose a new model of trading in OTC markets. Dealers accumulate inventories by trading with end-investors and trade among... Read More
Gabrielle Demange, Jean-Edouard Colliard Oct 08,2020
Working Paper No.00064-00
In over-the-counter markets for assets such as bonds or securitizations, large volumes can be split into smaller pieces and gradually... Read More