Most assets are traded in multiple interconnected trading venues. This paper develops an
equilibrium model of decentralized markets that accommodates general market structures …

We introduce investors with preferences for green assets to a general equilibrium setting in
which they also prefer consuming green goods. Their preference for green goods induces …

We study asset prices and portfolio choice with overlap** generations, where the young
disregard history to learn from own experience. Disregarding history implies less precise …

We study information acquisition as a motive for trade in the market for municipal bonds, a
primary financing source for local governments. The market is decentralized and regional …

This chapter discusses recent developments in the literature involving applications of
industrial organization methods to finance. We structure our discussion around a simple …

I characterize the global solution to the international portfolio problem in a general setup, a
longstanding open issue in international finance. The framework replicates a number of …

This article shows that portfolio constraints can give rise to rational asset pricing bubbles in
equilibrium even if there are unconstrained agents in the economy who can benefit from the …

We build a model of a financial market where a large number of firms determine their
dynamic emission strategies under climate transition risk in the presence of both green …

Correlations of equity returns have varied substantially over time and remain a source of
continuing policy debate. This paper studies stock market correlations in an equilibrium …

How should an agent (the sender) observing multi-dimensional data (the state vector)
persuade another agent to take the desired action? We show that it is always optimal for the …