Information Cascades and Social Learning

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

Designing Stress Scenarios

Thomas Philippon, Cecilia Parlatore   Sep 25,2023

Working Paper No.00074-01

We study the optimal design of stress scenarios. A principal manages the unknown risk exposures of agents by asking them to... Read More

Intermediation via Credit Chains

Jian Li. , Zhiguo He   Jun 03,2022

Working Paper No.00078-00

The modern financial system features complicated financial intermediation chains, with each layer performing a certain degree of credit/maturity transformation. We... Read More

Asset Dissemination through Dealer Markets

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