activities. For this purpose, I propose a novel measure of synthetic leverage, which can be estimated based on publicly available … information. In the empirical application, I show that German equity funds have increased their risk-taking via synthetic leverage …

firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and …. Debt, however, has an adverse effect on the enforceability of these arrangements because too much debt increases the firm … analysis provides an explanation for why some firms only use little debt financing. Predictions made by our theory are in line …

I revisit the Rubinstein (1982) model for the classic problem of price hag- gling and show that bargaining can become a … of fixed bargaining costs). Augmenting the protocol with unilateral exit options for responding bargainers generally …

Weitzman (2014) proposed that focusing international climate negotiations on a uniform carbon price is more effective … than Paris style negotiations in achieving ambitious climate action. We put this hypothesis to an experimental test by … simulating international negotiations on climate change in collaboration with Model United Nations associations. This novel …

negotiated. The success of such negotiations depends on how they are designed. In the context of international climate change … a public good. Subjects differ in their benefits and costs of cooperation. Participation in the negotiations and all …

We generalize the Rubinstein (1982) bargaining model by disentangling payoff delay from bargaining delay. We show that … respect to time discounting. All bargaining takes place within a single experimental session, so bargaining delay is …

We provide causal evidence that patience is a significant source of bargaining power. Generalizing the Rubinstein (1982 …) bargaining model to arbitrarily non-stationary discounting, we first show that dynamic consistency across bargaining rounds is … bargaining delay is negligible (frequent offers, so dynamic consistency holds by design), while payoff delay is significant (a …