We study the information sensitivity of government debt denominated in domestic versus
foreign currency: the former is subject to inflation risk and the latter to default. Default only …

The use of order-flow information by financial firms has come to the forefront of the
regulatory debate. Should a dealer who acquires information by taking client orders be …

How financial crises are inherent features of macroeconomic dynamics There are no bigger
disruptions in the functioning of economies than financial crises. Yet prior to the crash of …

ABSTRACT A financial crisis is an event of sudden information acquisition about the
collateral backing shortterm debt in credit markets. When investors see a financial crisis …

The use of order flow information by financial firms has come to the forefront of the regulatory
debate. A central question is: Should a dealer who acquires information by taking client …

Pay-as-bid (or discriminatory) auctions are frequently used to sell homogenous goods such
as treasury securities and commodities. We prove the uniqueness of their pure-strategy …

The amount of information produced in an economy varies over time depending on the state
of the macro economy. We define movements in aggregate economic activity very …

This dissertation consists of three chapters. In the first chapter, using a dataset containing
individual bids on Portuguese debt auctions, I document changes in investors' demand for …

In this paper, we study the impact that alternative ways of issuing sovereign debt have on
borrowing decisions, the cost of debt, and welfare. We build a model of sovereign borrowing …

This thesis examines the performance of the discriminatory-price auction relative to the
uniform-price auction in the Indonesian treasuries' market. Employing a counterfactual …