Research

WORKING PAPERS

• Dealers as Record Keepers, with John C.F. Kuong

• [NEW] The Price of Exchange Data, with Thierry Foucault

PUBLICATIONS and FORTHCOMING PAPERS

• Can Stablecoins be Stable?, with Adrien d'Avernas & Quentin Vandeweyer, Management Science (2026)

• Risk Managers in Banks, with Matthias Efing & Patrick Kampkötter, the Review of Financial Studies, (2026)

• Fragility under Joint Financing: The (Moral) Hazards of Diversification, with Cyril Monnet & Piero Gottardi, Journal of Economic Theory, 225 (2025)

• The Design of a Central Counterparty, with John C.F. Kuong,  Journal of Financial and Quantitative Analysis, 59, 3, 1257-1299 (2024)

• A Theory of Liquidity in Private Equity, with David Robinson & Per Strömberg, Management Science (2023)

• Asset Scarcity and Collateral Rehypothecation, Journal of Financial Intermediation, 52 (2022)

• Liquidity Fluctuations In Over-the-Counter Markets, Journal of Finance, 77, 2, 1325-1369 (2022)

• A Theory of Repurchase Agreements, Collateral Re-use and Intermediation, with Cyril Monnet & Piero Gottardi, Review of Economic Dynamics, 33, 30-56  (2019)

OTHER WORKS

• Innovation and Pivots, with Alvin Chen

• The Soft Carbon Budget Problem, with Philip König & David Pothier