[...]This paper addresses how central banks can resuscitatelending chains by providing information that reduces uncertainty about participants along the chains. This action has been taken before: the Bank Holiday of 1933, declared byPresident Franklin Delano Roosevelt, resolved uncertaintyabout...

I present a fully-rational symmetric-information model of an IPO, and a dynamic imperfectly competitive model of trading in the IPO aftermarket. The model helps to explain IPO underpricing, underperformance, and why share allocations favor large institutional investors. In the model,...

The growing share of financial assets that are held and managed by large institutional investors whose desired trades move asset prices is at odds with the traditional competitive assumption that investors are small and take prices as given. This paper relaxes the traditional price-taking...