We propose a parsimonious model of information choice in a global coordination game of regime change that is used to analyze debt crises, bank runs or currency attacks. A change in the publicly available information alters the uncertainty about the behavior of other investors. Greater strategic...

The routing capacity region of networks with multiple unicast sessions can be characterized using Farkas lemma as an infinite set of linear inequalities. In this paper this result is sharpened by exploiting properties of the solution satisfied by each rate-tuple on the boundary of the capacity...

Within the context of games on networks S. Goyal (Goyal (2007), pg. 39) posed the following problem. Under any arbitrary but fixed topology, does there exist at least one pure Nash equilibrium that exhibits a positive relation between the cardinality of a player's set of neighbors and its...

The routing capacity region of networks with multiple unicast sessions can be characterized using Farkas lemma as an infinite set of linear inequalities. In this paper this result is sharpened by exploiting properties of the solution satisfied by each rate-tuple on the boundary of the capacity...

Personal taxation can be an important determinant of corporate investment and financing decisions if the marginal investor is taxed. I develop a dynamic capital budgeting model under realization-based capital gains taxation that highlights distinct cross-sectional and time-series implications....

Dealers in over-the-counter securities form networks to mitigate search frictions. The audit trail for municipal bonds shows the dealer network has a core-periphery structure. Central dealers are more efficient at matching buyers and sellers than peripheral dealers, which shortens intermediation...

Municipal bonds trade in opaque, decentralized broker-dealer markets in which price information is costly to gather. Whether dealers in such a market operate competitively is an empirical issue, but a difficult one to study because data in such markets is generally not centrally recorded. We...

We study trading and prices in newly issued municipal bonds. Municipals, which trade in decentralized, broker-dealer markets, are underpriced when issued, but unlike equities the average price rises slowly over a period of several days. We document high levels of price dispersion in newly issued...