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Optimal infrastructure financing when governments have limited financial commitment and can expropriate rents from private sector firms that manage infrastructure, from Viral V. Acharya, Cecilia Parlatore, and Suresh Sundaresan nber.org/papers/w30131

Learned a lot about the value of data reading and discussing the paper by Maryam Farboodi, Laura Veldkamp, Venky Venkateswaran, and Dhruv Singal.

What determines asset market fragmentation? Low investor disagreement can lead to market fragmentation when dealers are strategic. More in the latest JFE issue 👇 sciencedirect.com/science/articl…

11. There is no reason to have only one stress scenario. In this paper with Cecilia Parlatore we study the optimal design of stress scenarios. We find that you don't need many scenarios, but having more than one is definitely a good idea. pages.stern.nyu.edu/~tphilipp/pape…

Large banks specialize in lending to industries, which improves loan performance and loan terms for borrowers. Specialization affects bank stability and credit allocation, from Kristian Blickle Cecilia Parlatore and Anthony Saunders nber.org/papers/w31077

A hat-trick of genuinely interesting papers relevant to the banking mess on.ft.com/3ovMxoq

Very much looking forward to it! Liliana Varela and Alejandro Lopez-Lira talking today at 10 am in our first LAFA session of the year, focusing on asset pricing research.

Looking forward to presenting MoFiR Workshop!

The XXV workshop in intl econ & finance will be held at Economía UTDT on August 28, 29, 30. Tom Sargent will be a keynote speaker. Deadline for submitting papers is June 9th utdt.edu/ief-workshop. Partners Becker Friedman Institute for Economics Banco Interamericano de Desarrollo and World Bank.

This is great news! Congrats to Eduardo!

Congratulations to my fantastic coauthor, Eduardo Dávila, and all the 2024 Sloan Research Fellows!

A study of specialized lending in a credit market competition model with private information, from Kristian Blickle, Zhiguo He, Jing Huang, and Cecilia Parlatore nber.org/papers/w32155

Finance Theory Group (FTG) is a group that strives to promote and influence theoretical research in finance, guide & illuminate empirical work, and impact policy. This account will be posting about upcoming conferences, workshops, and new papers. Follow and retweet! #econtwitter

Another fantastic meeting of the Finance Theory Group Group at NYU-Stern. Many thanks to the organizers Cecilia Parlatore, Yiming Ma, and Jane for putting together such a great program, and to Nadya Malenko for leading the panel discussions! Pics 👇

A credit market competition model that distinguishes between the information span and signal precision, capturing the emerging trend in fintech/non-bank lending where traditionally subjective information becomes more objective and concrete, from Zhiguo He, Jing Huang, and