We provide a framework for the analysis of term structures of credit spreads on corporate bonds in the presence of informational asymmetries. While bond investors observe default incidents, we suppose that they have incomplete information on the firm's assets and/or the threshold asset level at...

We propose a model of correlated multi-firm default with incomplete information. While public bond investors observe issuers' assets and defaults, we suppose that they are not informed about the threshold asset level at which a firm is liquidated. Bond investors form instead a prior on these...

Blockchains hold the potential to revolutionize our economic systems, but their success hinges on effective self-governance. One crucial question is how these decentralized systems should gather user input — a hotly debated topic. Though most blockchains rely on a form of linear stake-weighted...