Research

 

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My area of research is mainly industrial organization, auctions and financial markets. Financial support from the National Science Foundation under Grants No. SES-0752860, SES-1123314 and SES-1352305, and from the Alfred P. Sloan Foundation is gratefully acknowledged.

WORKING PAPERS:

 

The Value of Time: A High-Frequency Revealed Preference Analysis,, with N. Buchholz, L. Doval, F. Matejka and T. Salz, 2018

 

QE Reverse Auctions in the UK and the US,, with Lena Boneva nad Filip Zikes, 2018

 

Identifying Dependencies in the Demand for Government Securities, with Jason Allen and Milena Wittwer, 2018

 

Quantifying Delay Externalities in Airline Networks, with Liyu Dou and John Lazarev, 2018

 

Crisis Management: Analyzing Default Risk and Liquidity Demand during Financial Stress, with Jason Allen and Ali Hortacsu, 2011 (R&R at AEJ:Micro)  

pdf 724kb

 

Liquidity Auctions, Fixed Rate Tenders & Bailouts in the EURO Zone, with Nuno Cassola and Ali Hortacsu  

pdf 423kb

 

Empirical Analysis of Funding Cost Spillovers in the EURO Zone with Application to Systemic Risk, with Pietro Bonaldi and Ali Hortacsu (First Version 03/2013, Current Version 06/2015), (submitted)  

pdf 350kb

PUBLISHED PAPERS (in reverse chronological order):

 

Selling Information to Competitive Firms , with Marco Pagnozzi and Salvatore Piccolo, Rand Journal of Economics, 49(1), pp.254-282, 2018  

pdf 305kb

 

Bid Shading and Bidder Surplus in the U.S. Treasury Auction System , with Ali Hortacsu and Allen Zhang, , American Economic Review, 108(1), 2018  

pdf 500kb

 

Recent Advances in Empirical Analysis of Financial Markets: Industrial Organization Meets Finance, In B. Honore, A. Pakes, M. Piazzesi, & L. Samuelson (Eds.), Advances in Economics and Econometrics: Eleventh World Congress (Econometric Society Monographs, pp. 231-270). Cambridge: Cambridge University Press, 2017.  

pdf 684kb

 

The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds, with Nuno Cassola and Ali Hortacsu, 2009 (Econometrica, 81(4), pp.1309-1345, 2013)  

pdf 550kb

 

Delegation, Ownership Concentration and R&D Spending: Evidence from Italywith David Martimort and Salvatore Piccolo ( Journal of Industrial Economics, 61(1), pp. 84-107, 2013)

pdf
277kb

 

Valuing Dealers' Informational Advantage: A Study of Canadian Treasury Auctions , with Ali Hortacsu, last version January 2012 ( Econometrica, 80(6), pp.2511-2542, 2012) (previous title: Do Bidders in Canadian Treasury Bill Auctions Have Private Values?)

pdf 360kb

 

On the Properties of Equilibria in Private Value Divisible Good Auctions with Constrained Bidding - last version February 2011 ( Journal of Mathematical Economics , 48(6), pp.339-352, 2012)

pdf 370kb older version with existence proofs 352kb

 

When Should Manufacturers Want Fair Trade?: New Insights from Asymmetric Information, with David Martimort and Salvatore Piccolo - last version September 2009 (Journal of Economics and Management Strategy, 20(3), 2011)

pdf 185kb

 

Discrete Bids and Empirical Inference in Divisible Good Auctions  - last version June 2010 - (Review of Economic Studies, 78 (3), pp. 974-1014, 2011 )

pdf 475kb older version 502kb

 

Wily Welfare Capitalists: Werner von Siemens and the Pension Fund, with Lyndon Moore, last version July 2008 (Cliometrica, 4(3), pp. 321-348, 2010)

pdf 300kb

WORK IN PROGRESS:

 
Estimating Demand for U.S. Treasuries, with Ali Hortacsu
Impact of Emission Permits on Electricity Generation, with Federico Boffa