auction model to measure markups, and to illustrate and quantify how the interaction between tax policy and bidder strategic …

lowers mean borrowing costs by 9-10%. We estimate a structural auction model to measure markups and to illustrate and …

When a bank experiences a negative shock to its equity, one way to return to target leverage is to sell assets. If … asset sales occur at depressed prices, then one bank's sales may impact other banks with common exposures, resulting in … explains how the distribution of bank leverage and risk exposures contributes to a form of systemic risk. We compute bank …

When a bank experiences a negative shock to its equity, one way to return to target leverage is to sell assets. If … asset sales occur at depressed prices, then one bank's sales may impact other banks with common exposures, resulting in … explains how the distribution of bank leverage and risk exposures contributes to a form of systemic risk. We compute bank …

. Upon the arrival of a signal about banks' future defaults, investors update their expectations of bank solvency. If their …

. Upon the arrival of a signal about banks' future defaults, investors update their expectations of bank solvency. If their …