Bubbles and crises, Liquidity
Heterogenous information
Mutual funds
Hedge funds
Network theory
Short-sale and margin constraints
Global games
Asset pricing
Using a unique transaction-level data, we document that only 60% of bilateral repos held by UK banks are backed by high quality collateral. Banks...
We develop a dynamic model of DeFi lending that incorporates the following key features: 1) borrowing and lending are decentralized, anonymous...
Journal of Econometrics, 235 (2), 2125-2154
Research highlight
The Review of Economic Studies, 90(6), 3282–3314
Research highlight
The Review of Economic Studies, 89 (5), 2445–2490
Borrowers obtain liquidity by issuing securities backed by current period payoff and resale price of a long-lived collateral asset. They are privately...
We study a noisy rational expectations equilibrium in a multi-asset economy populated by informed and uninformed investors and noise traders. The...
Journal of Financial Economics, 141(3), 831-859
