Papers

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The Limits of Multi-Dealer Platforms

Chaojun Wang   Nov 14,2022

On many important multi-dealer platforms, customers mostly request quotes from very few dealers. I build a model of multi-dealer platforms... Read More

Time Trumps Quantity in the Market for Lemons

Piero Gottardi,Humberto Moreira, William Fuchs   Nov 15,2022

We consider a dynamic adverse selection model where privately informed sellers of divisible assets can choose how much of their... Read More

Markets for Financial Innovation

Kinda Hachem , Ana Babus   Dec 02,2022

We develop a theory of financial innovation in which both market structure and the payoffs of the claims being traded... Read More

Strategic Fragmented Markets

Ana Babus , Cecilia Parlatore   Apr 30,2021

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(), 876-908

Monitor Reputation and Transparency

Ivan Marinovic , Martin Szydlowski   Sep 22,2020

We study the disclosure policy of a regulator overseeing a monitor with reputation concerns, such as a bank or... Read More

Aggregation and Design of Information in Markets with Adverse Selection

Brett Green , William Fuchs , Vladimir Asriyan   Nov 05,2019

How effectively does a decentralized marketplace aggregate information that is dispersed throughout the economy? We study this question in a... Read More

Published: Journal of Economic Theory, 2021, (), -

Compensation in High Finance: A Theory of Periodic Labor Markets and Guaranteed Bonuses

Brian Waters , Edward Van Wesep   Dec 17,2018

We present a general equilibrium model of labor market ows that features a periodic equilibrium in which turnover is high... Read More

Size Discovery

Darrell Duffie , Haoxiang Zhu   Jul 06,2018

Size-discovery mechanisms allow large quantities of an asset to be exchanged at a price that does not respond to... Read More