liquidity may be related positively to the longer-term probability of default. Our empirical analysis confirms these predictions …

-determining random variable. The model is estimated using individual-level consumer credit card information. The parameter estimates and …

Counseling website. We test the role information complexity, uncertainty about earnings, and the default option play. We show …

information state of the economy. At each date, in general there is either "good news" (the information state improves), "bad news …" (the information state gets worse), or "no news" (the information state remains the same). When rollover risk is high …. Thus, a small change in information, as measured by a change in the fundamental value, can lead to a "market freeze …

market liquidity and shorter debt maturity can exacerbate this externality and cause costly firm bankruptcy at higher … fundamental thresholds. Our model provides implications on liquidity-spillover effects, the flight-to-quality phenomenon, and …

US government bonds are widely considered to be the world's safe store of value. US government bonds are a large … fraction of safe asset portfolios, such as the porfolios of many central banks. The world demand for safe assets leads to low …

faster during bad booms. We develop a model in which crises happen when credit markets change to an information regime with …