Ph.D. in Economics, Stanford University (1993)                        

 

RESEARCH INTERESTS

1. •Finance: arbitrage in segmented markets; financial innovation and security design; asset pricing with asymmetric information.
   

2. •General equilibrium theory: incomplete markets; asymmetric information.
   

3. •Networks.
   

PUBLICATIONS

1. •Value of Information in Competitive Economies with Incomplete Markets (with Piero Gottardi), International Economic Review, forthcoming.
   

2. •Risk Sharing and Retrading in Incomplete Markets (with Piero Gottardi), Economic Theory, forthcoming.
   

3. •Strategic Financial Innovation in Segmented Markets (with Jean-Pierre Zigrand), Review of Financial Studies, 22 (2009), 2941-2971.
   

4. •Informed Trading, Investment, and Welfare (with James Dow), Journal of Business, 76 (2003), 439-454.
   

5. •Should Speculators be Taxed? (with James Dow), Journal of Business, 73 (2000), 89-107.
   

6. •Information Revelation and Market Incompleteness (with José M. Marín), Review of Economic Studies, 67 (2000), 563-579.
   

7. •Speculative Securities (with José M. Marín), Economic Theory, 14 (1999), 653-668.
   

8. •Adverse Selection and Security Design, Review of Economic Studies, 63 (1996), 287-300.
   

9. •Financial Market Innovation and Security Design: An Introduction (with Darrell Duffie), Journal of Economic Theory, 65 (1995), 1-42.
   

10. •Optimal Incomplete Markets with Asymmetric Information, Journal of Economic Theory, 65 (1995), 171-197.
    

11. •Partially Revealing Rational Expectations Equilibria with Nominal Assets, Journal of Mathematical Economics, 24 (1995), 137-146.
    

WORKING PAPERS

1. •Market Quality and Contagion in Fragmented Markets (with Jean-Pierre Zigrand).
   

2. •Arbitrage Networks (with Jean-Pierre Zigrand).
   

3. •Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information (with Piero Gottardi).
   

WORK IN PROGRESS

1. •Walrasian Foundations for Equilibria in Segmented Markets (with Jean-Pierre Zigrand).
   

2. •Financial Innovation in Arbitrage Networks (with Jean-Pierre Zigrand).
   

3. •Welfare Analysis of Arbitrage Networks (with Jean-Pierre Zigrand).
   

PROFESSIONAL ACTIVITIES

1. •Member of the Editorial Board, Review of Economic Studies (1996-2005).