Asset Pricing with Frictions
Information and Learning
Delegated Portfolio Management
Portfolio choice involves substituting across many assets at once, complicating inference about asset demand. An elementary condition often captures...
Annual Review of Financial Economics, 17, 77 - 92
Hybrid regimes feature combinations of democratic and autocratic attributes. Their common element is a leader who cultivates a clientele of favored...
Research highlight
Journal of Financial Economics, 150(1), 46-67
Research highlight
American Economic Review, 112 (7), 2178-2212
Research highlight
Journal of Finance, 77(1), 505-544
Endogenous cycles are generated by the two-way interaction between lenders’ behavior in the credit market and production fundamentals. When lenders...
