Asset Pricing with Frictions
Information and Learning
Delegated Portfolio Management
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...
We propose a new measure of private information in decentralised markets – connections – defined as the number of dealers with whom a client trades in...
