Working Papers and Work in Progress

"Who Issues What: Mapping Financial Innovation" (with Gaurab Aryal, Manu Garcia and Sara Moreira).
June 2023.

"The Rise of Specialized Financial Products" (with Matias Marzani and Sara Moreira).
updated September 2023.
[Abstract] [Paper]

"The Hidden Costs of Strategic Opacity" (with Maryam Farboodi).
June 2021.
[Abstract] [Paper]


"Markets for Financial Innovation" (with Kinda Hachem).
Journal of Economic Theory, vol. 208, 2023.
[Abstract] [Paper][Link to article]

"The Optimal Allocation of Covid-19 Vaccines" (with Sanmay Das and SangMok Lee).
Economics Letters, vol. 224, 2023.
[Abstract] [Paper][Link to article]

"Strategic Fragmented Markets" (with Cecilia Parlatore).
Journal of Financial Economics, vol. 145, 876-908, 2022.
[Abstract] [Paper][Link to article]

"Regulation and Security Design in Concentrated Markets"; (with Kinda Hachem).
Journal of Monetary Economics, vol. 121, 139-151, 2021.
[Abstract] [Paper][Link to article]

"Trading and Information Diffusion in Over-the-Counter Markets"; (with Peter Kondor).
Econometrica, vol. 86, 1727-1769, 2018.
Corrigendum (with Peter Kondor and with Yilin Wang), vol. 88, 2221-2228, 2020.
[Abstract] [Paper] [Link to article] [MATLAB code][Online Appendices]

"Endogenous Intermediation in Over-the-Counter Markets" (with Tai-Wei Hu).
Journal of Financial Economics, vol. 125, 200-215, 2017.
[Abstract] [Paper] [Link to article]

"The Formation of Financial Networks".
RAND Journal of Economics, vol. 47, 239-272, 2016.
[Abstract] [Paper] [Link to article]

"Asset Commonality, Debt Maturity and Systemic Risk" (with Franklin Allen and Elena Carletti).
Journal of Financial Economics, vol. 104, 519-534, 2012
[Abstract] [Paper] [Link to article]

"Global Stochastic Properties of Dynamic Models and their Approximations" (with Casper de Vries).
Journal of Economic Dynamics and Control, vol. 34, 817-824, 2010.
[Abstract] [Paper] [Link to article]

Other Publications

"Innovation for Innovators: The Financing of Intangibles" (with Matias Marzani and Sara Moreira).
American Economic Association: Papers & Proceedings, vol. 113, 268-73, 2023.
[Abstract] [Paper] [Link to article]

"Financial Crises: Theory and Evidence" (with Franklin Allen and Elena Carletti).
Annual Review of Financial Economics, vol. 1, 97-116, 2009.
[Abstract] [Paper] [Link to article]

"Networks in Finance" (with Franklin Allen).
In P. Kleindorfer and J. Wind (ed.) Network-based Strategies and Competencies, 367-382, 2009.
[Abstract] [Paper]