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
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
