I explore whether the value of borrowers’ private information is an important determinant of institutional lender participation in syndicated loans. Institutional lenders have been shown to exploit their access to borrowers’ private information by trading on it in financial markets. As a...

We analyze how information disclosure policy affects investment efficiency in non-cooperative settings with information externalities. In a two-firm, two-period model, we characterize equilibrium behavior under policies which disclose whether investment returns exceed a predefined level. These...

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...

Die Bedeutung von kleinen und mittleren Unternehmen für eine Marktwirtschaft steht außer Zweifel. Neben wettbewerbs- und angebotspolitischen Funktionen ist der arbeitsmarktpolitische Stellenwert vor allem junger innovativer Unternehmen hervorzuheben. Während Großunternehmen in den letzten...