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
Thomas Philippon, Cecilia Parlatore Apr 26,2022
Working Paper No.00074-00
We develop a tractable framework to study the optimal design of stress scenarios. A principal wants to manage the unknown risk... Read More
Thomas Philippon, Cecilia Parlatore Apr 26,2022
Working Paper No.00074-00
We develop a tractable framework to study the optimal design of stress scenarios. A principal wants to manage the unknown risk... Read More
Johan Hombert, Bruno Biais , Pierre-Olivier Weill Mar 29,2021
Working Paper No.00070-00
Incentive problems make securities’ payoffs imperfectly pledgeable, limiting agents’ ability to issue liabilities. We analyze the equilibrium consequences of such... Read More
Christian 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
Christian Heyerdahl-Larsen, Philipp Illeditsch Dec 13,2019
Working Paper No.00058-00
We develop an overlapping generations model with disagreement about the cross-sectional distribution of investors’ preferences and beliefs. This disagreement implies... Read More