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We develop a tractable model to study jointly the role of non-diversifiable risk and financial
frictions for business cycles. Non-diversifiable risk induces strong precautionary motives …

In this paper we study firm dynamics and industry equilibrium when firms under financial
distress face a non-trivial choice between alternative bankruptcy procedures. Given limited …

This paper studies a financial contracting problem where a firm privately observes its cash
flow and faces a limited liability constraint. The firm's collateral is piecemeal divisible and …

This PhD thesis investigates the behavioral aspects of retirement savings, with a focus on
three empirical chapters. The research extends the existing literature by examining the …

Under the US personal bankruptcy law, exempt assets are not liquidated following
bankruptcy. Entrepreneurs can undo such a protection by posting collateral. We provide a …

The objective of this study was to explore whether there was a significant positive
relationship between startups' early adoption of the digital platforms, namely, 1) mobile …

Abstract† We extend the Bernanke, Gertler and Gilchrist (1999) financial accelerator model
with risk-neutral entrepreneurs to entrepreneurs with CRRA preferences. The optimal …

In Chapter 1, I study a model of financial contracting with private information, limited liability,
and the assumption that the firm's collateral can only be liquidated continuously by resorting …

If an entrepreneur files for bankruptcy under Chapter 7,(i) most of her debt is discharged,
and (ii) only her non-exempt assets are liquidated. Entrepreneurs can undo this “insurance” …