Nicolas Figueroa, Nicolas Inostroza Apr 26,2023
Working Paper No.00097-00
A liquidity-constrained asset owner designs an asset-backed security to raise funds from an informed liquidity supplier. Information insensitive securities reduce... Read More
Nicolas Inostroza Apr 26,2023
Working Paper No.00098-00
How much information about financial institutions' balance sheets should regulators pass on to the market? To minimize the probability of... Read More
Joshua Mollner , Markus Baldauf Apr 26,2023
Working Paper No.00096-00
When seeking to trade in over-the-counter markets, institutional investors typically contact only a small number of potential counterparties and limit... Read More
Peter Hoffmann,Agnese Leonello,Davide Porcellacchia, Toni Ahnert Jun 16,2023
Working Paper No.00100-02
What is the effect of Central Bank Digital Currency (CBDC) on financial stability? We answer this question by studying a model... Read More
Sushil Bikhchandani,omer tamuz,ivo welch, David Hirshleifer Jul 11,2023
Working Paper No.00104-00
We review the theory of information cascades and social learning. Our goal is to describe in a relatively integrated and... Read More
Anton Tsoy , Nicolas Inostroza Jul 11,2023
Working Paper No.00105-00
An asset owner designs an asset-backed security and a signal about its value. After privately observing the signal, he sells... Read More
Kostas Koufopoulos (York), Pavel Zryumov , Giulio Trigilia Jul 11,2023
Working Paper No.00106-00
We show that short-term debt in a firm’s optimal capital structure reduces investment under asymmetric information. Investors’ interpretation of underinvestment... Read More
Joel M. Vanden, Diego Garcia Aug 02,2023
Working Paper No.00114-00
We study the size and the existence of the mutual fund industry by generalizing the standard competitive noisy rational expectations... Read More
Günter Strobl , Diego Garcia Aug 02,2023
Working Paper No.00115-00
This paper studies how relative consumption effects, in which a person's satisfaction with their own consumption depends on how much... Read More
Francesco Sangiorgi , Diego Garcia Aug 02,2023
Working Paper No.00116-00
We study information sales in financial markets with strategic risk-averse traders. Our main result establishes that the optimal selling mechanism... Read More