Decentralized autonomous organizations (DAOs) are entities without central leadership and
operate based on a set of decision-making rules encoded into smart contracts using …

Does the stock market exert short-term pressure on listed firms, do they respond, and is this
response value reducing? We show that limited investor horizons indeed have those …

We decompose mutual fund value added by the length of funds' holdings using transaction‐
level data. We motivate our decomposition with a model featuring horizon‐specific …

Price discovery in financial markets guides the effi cient allocation of resources. Yet we
argue that speculators uninformed about firms' fundamentals can profit from distorting the …

We exploit detailed transaction and position data for a sample of long-short equity hedge
funds to study the trading activity of fundamental investors. We find that hedge funds exhibit …

We study learning and uncertainty under the factor investing paradigm using an
endogenous information model with correlated assets. As investors shift attention from firms …

Contemporary literature attributes the temporary drop in secondary prices before a Treasury
auction to primary dealers' limited risk-bearing capacity and slow-moving capital. We …

Using a search-based trading model, we show that either an illiquidity price premium or
discount can arise between two assets with identical fundamentals. Liquidity between the …

I study how (VaR-based) financial constraints affect liquidity and welfare under different
structures of the arbitrage industry. When capital is dispersed across competitive …

The cost of selling a security short is an equilibrium outcome of the demand for short
positions and the willingness of long-term institutional investors to lend their securities to …