An asset owner designs an asset-backed security and a signal about its value. After privately observing the signal, he sells the security to a monopolistic liquidity supplier. Any optimal signal distribution guarantees the security sale and reveals noisy information about...

We review the theory of information cascades and social learning. Our goal is to describe in a relatively integrated and accessible way the more important themes, insights and applications of the literature as it has developed over the last thirty...

We find that a measure of aggregate corporate debt maturity choices strongly predicts real GDP growth. The new measure compares well with other strong GDP predictors from recent literature, is no less robust/stable, and distinct from spread-related variables. We develop...

We demonstrate that increasing trading fees at a decentralized exchange (DEX) can increase DEX trading volume. This result arises due to the fact that higher DEX fees can endogenously reduce the price impact of trading at the DEX, thereby reducing...

In the twenty-first century, the most valuable firms in the world are valued primarily for their data. This makes data central to finance. 
Data is an important asset to price, it changes firm valuation, and it is a key...

With the rise of social media and streaming platforms, firms and brand-owners increasingly depend on influencers to attract consumers, who care about both common product quality and consumer-influencer interaction. Sellers thus compete in both influencer and product markets. As outreach...