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Transparency and Talent Allocation in Money Management

Günter Strobl , Simon Gervais   Dec 13,2016

We construct and analyze the equilibrium of a model of delegated portfolio management in which money managers signal their investment... Read More

Bank Resolution and the Structure of Global Banks

Patrick Bolton , Martin Oehmke   Dec 14,2016

A theory framework to assess how global, too-big-to-fail banks can be successfully resolved by national regulators. Read More

Alternating-offer Bargaining with the Global Games Information Structure

Anton Tsoy   Dec 28,2016

This paper studies frequent-offer limits of perfect Bayesian equilibria in the alternating-offer bilateral bargaining model with private correlated values. The... Read More

A Dynamic Model of Optimal Creditor Dispersion

Hongda Zhong   Dec 30,2016

Firms often choose to raise capital from multiple creditors even though doing so may lead to inefficient liquidation caused by... Read More