Peter Hoffmann,Cyril Monnet, Toni Ahnert Mar 02,2024
Working Paper No.00139-00
We propose a model of financial intermediation, payments choice, and privacy in the digital economy. While digital payments enable merchants to sell... 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
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
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