certifier can enable the seller to disclose her private information publicly, as well as gather additional market information …-maximal information-gathering. Thus, optimal contracts eliminate private information but not market uncertainty; even though the latter … would be costless, it is suboptimal as it requires excessive information rents to the seller. Thus, market inefficiencies …

-liability (JL) to individual liabil- ity (IL) lending models. This article tests a theory explaining this shift, focusing on … in timely repayment. These results inform contract design and strategies to reduce information asymmetries in lending …

this development: First, using the German security register, this paper shows that scarcity affects bank funding costs, as … their collateral supply is determined by their ex ante securities holdings and repo rates. Second, it makes use of the …

bank issues covered bonds backed by a pool of assets that is bankruptcy remote and replenished following losses …. Encumbering assets allows a bank to raise cheap secured debt and expand profitable investment, but it also concentrates risk on …

operations. These findings suggest that incentives to diversify bank liquidity risk dominate the benefits of private information … concentration of credit relationships and the position of a bank in the network topology of the system influence the bank’s ability … by the individual banks in the European Central Bank’s (ECB) weekly repo auctions. The bids measure each bank …

reason. -- Liquidity ; Asymmetric Information ; Debt maturity …

We study markets for sensitive personal information. An agent wants to communicate with another party but any revealed … information can be intercepted and sold to a third party whose reaction harms the agent. The market for information induces an … adverse sorting effect, allocating the information to those types of third parties who harm the agent most. In equilibrium …

We study markets for sensitive personal information. An agent wants to communicate with another party but any revealed … information can be intercepted and sold to a third party whose reaction harms the agent. The market for information induces an … adverse sorting effect, allocating the information to those types of third parties who harm the agent most. In equilibrium …

' productivities. We characterize the trade-offs between signaling by workers and costly information acquisition by firms. Information …

firm level? We exploit that, in 2007, the European Central Bank replaced national collateral frameworks by a single list …How does a shock to the liquidity of bank assets affect credit supply, cross-border lending, and real activity at the …. This collateral framework shock added loans to non-domestic euro area firms to the pool of eligible assets. Using loan …