This article studies future equity financing in a continuous-time principal-agent setup whereby career concerns generate moral hazard tension. Our framework admits precise closed-form expressions. The higher firm value leading up to conversion, the fewer equity investors attain and the less risk...

This paper studies the asset pricing implications of mining pools' concentration. We incorporate two features specific to cryptocurrencies into a traditional dynamic asset pricing model. First, we introduce the technological arms race between mining pools, and second, the interdependency between...

We study the equilibrium implications of a multi-asset economy in which asset managers are subject to different benchmarks, and demonstrate how heterogeneous benchmarking generates a mechanism through which fundamental shocks propagate across assets. Fluctuations in asset managers' capital...