All Outputs (8)

Fees, Reputation and Information Production in the Credit Rating Industry (2021)
Journal Article

We compare a credit rating agency's incentives to acquire costly information when it is only paid for giving favorable ratings to the corresponding incentives when the agency is paid upfront, i.e. irrespective of the ratings assigned. We show that, i... Read More about Fees, Reputation and Information Production in the Credit Rating Industry.

Dynamic Persuasion with Outside Information (2021)
Journal Article

A principal seeks to persuade an agent to accept an offer of uncertain value before a deadline expires. The principal can generate information, but exerts no control over exogenous outside information. The combined effect of the deadline and outside... Read More about Dynamic Persuasion with Outside Information.

Who Acquires Information in Dealer Markets? (2020)
Journal Article

We study information acquisition in dealer markets. We first identify a one-sided strategic complementarity in information acquisition: the more informed traders are, the larger market makers' gain from becoming informed. When quotes are observable,... Read More about Who Acquires Information in Dealer Markets?.

Testing, disclosure and approval (2020)
Journal Article

Learning about analysts (2019)
Journal Article

We examine an analyst with career concerns making cheap talk recommendations to a sequence of traders, each of whom possesses private information concerning the analyst's ability. The recommendations of the analyst influence asset prices that are the... Read More about Learning about analysts.

Credit Rating and Debt Crises (2018)
Journal Article

We develop an equilibrium theory of credit rating in the presence of rollover risk. By influencing rational creditors, ratings affect sovereigns' probability of default, which in turn affects ratings. Our analysis reveals a pro-cyclical impact of cre... Read More about Credit Rating and Debt Crises.

Interaction, protection and epidemics (2015)
Journal Article

© 2015. Individuals respond to the risk of contagious infections by restricting interaction and by investing in protection. We develop a model that examines the trade-off between these two actions and the consequences for infection rates.There exists... Read More about Interaction, protection and epidemics.

Attack, defence, and contagion in networks (2014)
Journal Article

© The Author 2014. Connections between individuals facilitate the exchange of goods, resources, and information and create benefits. These connections may be exploited by adversaries to spread their attacks as well. What is the optimal way to design... Read More about Attack, defence, and contagion in networks.