Information disclosure is an essential component of regulation in financial markets. In this
article, we provide a cohesive analytical framework to review certain key channels through …

A large amount of activity in the financial sector occurs in secondary financial markets,
where securities are traded among investors without capital flowing to firms. The stock …

Stress tests have become an important component of the supervisory toolkit. However, the
extent of disclosure of stress-test results remains controversial. We argue that while stress …

We address the determination of bitcoin prices and decentralized security. Users forecast
the transactional and resale values of holdings, pricing the risk of systemic attacks. Miners …

We study real-efficiency implications of disclosing public information in a model with multiple
dimensions of uncertainty where market prices convey information to a real decision maker …

This paper develops a model with a tractable log‐linear equilibrium to analyze the effects of
informational frictions in commodity markets. By aggregating dispersed information about …

An authoritative graduate textbook on information choice, an exciting frontier of research in
economics and finance Most theories in economics and finance predict what people will do …

This chapter studies how incomplete information helps accommodate frictions in
coordination, leading to novel insights on the joint determination of expectations and …

Exchange traded funds (ETFs) have a novel design that allows them to “open up” illiquid
markets hitherto resistant to index products. We demonstrate that such ETFs also have the …

In the context of a “beauty-contest” coordination game (in which pay-offs depend on the
quadratic distance of actions from an unobserved state variable and from the average …