Working papers
The Value of Intermediaries for GSE Loans
FHFA WP
Media: FHFA Insights
(with Josh Bosshardt and Amir Kermani)
Keywords: Mortgage lenders, underwriting risk, overlays, Bank and Nonbanks
Process Intangibles and Agency Conflicts
(with Hui Chen, Mazi Kazemi and Hao Xing)
Keywords: Process intangibles, Intangible capital, Compensation, Contracting
Cash Policies and Firm Size
(with Max Reppen, Tarik Umar and Hao Xing)
Keywords: Cash holding, Liquidity management, Financial flexibility, Costly financing
The Bank Liquidity Channel of Financial (In)stability
(with Josh Bosshardt and Farzad Saidi)
Keywords: Banking, Complexity, GFC, Quantitative easing
Inventor Gender and Patent Undercitation: Evidence from Causal Text Estimation
(with Yael V. Hochberg, Peiyao Li and Kunal Sachdeva)
Keywords: Innovation, Machine learning, Causal inference, Gender, Patent, Big data
Segmented Trading Markets: Competition, Fees, and Tax Policies
(with Kerry Back, Oguzhan Celebi and Max Reppen)
Keywords: Crypto market, Trading volume, Liquidity, Tax, Market segmentation
Multistage Financing: Milestone Bonuses or Deferred Compensation
(with Kerry Back and Hao Xing)
Keywords: Multistage projects, Moral hazard, Project financing, Venture capital
Liquidity Regulation and Bank Risk Taking on the Horizon
(with Josh Bosshardt and Farzad Saidi)
Keywords: Liquidity regulation, Bank risk taking, Insurance sector, LCR, NSFR
Public vs. Private offers with informed and forward-looking dealers
(with Fei Song)
Keywords: Microstructure of asset markets, Municipal bond, Liquidity, Trading volume, Disclosure, Welfare
Heterogeneous Learning in Product Markets
(with Giacomo Lanzani and Hao Xing)
Keywords: Product markets, Learning, Asset pricing, Trading volume, Market power
When does introducing verifiable communication choices improve welfare?
(with Uliana Loginova)
Keywords: Communication technologies, Welfare, Incentive, Cost structure
Agency Meets Stability: The effect of Corporate Governance and Capital Requirements on Bank Lending
(with Josh Bosshardt, Kunal Sachdeva)
Keywords: Banking, Capital requirement, Stress testing, Managerial protections, Investment, Corporate governance
Publications
- Liquidity, Information friction, Contract
Advising the Management: A Theory of Shareholder Engagement
SSRN, Online Appendix
Review of Financial Studies (RFS)
vol 36 (with Uliana Loginova, Andrey Malenko, Nadya Malenko)
Keywords: Corporate governance, Advisory voting, Advisory board, Incentive, Trading
Information Choice and Amplification of Financial Crises
Review of Financial Studies (RFS)
vol 30 (with Toni Ahnert)
Keywords: Banking, Financial crises, Information panics, Costly information acquisition, Global games
Optimal Contracting in Networks
Journal of Economic Theory (JET)
vol 183 (with Ali Jadbabaie)
Keywords: Optimal contracting, Incomplete information, Network externality, Financial networks
Dynamic Pricing in Social Networks: The Word of Mouth Effect
Management Science (MS)
vol 64 (with Amir Ajorlou and Ali Jadbabaie)
Keywords: COASE Conjecture, Price fluctuations, Zero pricing, Information diffusion
Dynamic Price Discovery: Transparency vs. Information Design
Games and Economic Behavior (GEB)
vol 122 (with Fei Song)
Keywords: Information design, Dynamic price discovery, Learning dynamics, Heterogenous risk aversion, Market microstructure, Hedging
- Green finance, Renewables
Competition in Electricity Markets with Renewable Energy Sources
Energy Journal
vol 38 (with Daron Acemoglu and Asu Ozdaglar)
Keywords: Energy finance, Commodity market, Renewable energy, Merit order effect hypothesis, Price volatility
- A preliminary version of this paper was accepted for presentation in 52nd Annual Allerton Conference, UIUC (Allerton'14).
Selling Wind
Energy Journal
vol 40 (with Ian Schneider and Asu Ozdaglar)
Keywords: Energy finance, Commodity market, Market power, Pricing wind, Public forecasting, Collusion
The Value of Intermediaries for GSE Loans
FHFA WP
Media: FHFA Insights
(with Josh Bosshardt and Amir Kermani)
Keywords: Mortgage lenders, underwriting risk, overlays, Bank and Nonbanks
Process Intangibles and Agency Conflicts
(with Hui Chen, Mazi Kazemi and Hao Xing)
Keywords: Process intangibles, Intangible capital, Compensation, Contracting
Cash Policies and Firm Size
(with Max Reppen, Tarik Umar and Hao Xing)
Keywords: Cash holding, Liquidity management, Financial flexibility, Costly financing
The Bank Liquidity Channel of Financial (In)stability
(with Josh Bosshardt and Farzad Saidi)
Keywords: Banking, Complexity, GFC, Quantitative easing
Inventor Gender and Patent Undercitation: Evidence from Causal Text Estimation
(with Yael V. Hochberg, Peiyao Li and Kunal Sachdeva)
Keywords: Innovation, Machine learning, Causal inference, Gender, Patent, Big data
Segmented Trading Markets: Competition, Fees, and Tax Policies
(with Kerry Back, Oguzhan Celebi and Max Reppen)
Keywords: Crypto market, Trading volume, Liquidity, Tax, Market segmentation
Multistage Financing: Milestone Bonuses or Deferred Compensation
(with Kerry Back and Hao Xing)
Keywords: Multistage projects, Moral hazard, Project financing, Venture capital
Liquidity Regulation and Bank Risk Taking on the Horizon
(with Josh Bosshardt and Farzad Saidi)
Keywords: Liquidity regulation, Bank risk taking, Insurance sector, LCR, NSFR
Public vs. Private offers with informed and forward-looking dealers
(with Fei Song)
Keywords: Microstructure of asset markets, Municipal bond, Liquidity, Trading volume, Disclosure, Welfare
Heterogeneous Learning in Product Markets
(with Giacomo Lanzani and Hao Xing)
Keywords: Product markets, Learning, Asset pricing, Trading volume, Market power
When does introducing verifiable communication choices improve welfare?
(with Uliana Loginova)
Keywords: Communication technologies, Welfare, Incentive, Cost structure
Agency Meets Stability: The effect of Corporate Governance and Capital Requirements on Bank Lending
(with Josh Bosshardt, Kunal Sachdeva)
Keywords: Banking, Capital requirement, Stress testing, Managerial protections, Investment, Corporate governance
Publications
- Liquidity, Information friction, Contract
Advising the Management: A Theory of Shareholder Engagement
SSRN, Online Appendix
Review of Financial Studies (RFS)
vol 36 (with Uliana Loginova, Andrey Malenko, Nadya Malenko)
Keywords: Corporate governance, Advisory voting, Advisory board, Incentive, Trading
Information Choice and Amplification of Financial Crises
Review of Financial Studies (RFS)
vol 30 (with Toni Ahnert)
Keywords: Banking, Financial crises, Information panics, Costly information acquisition, Global games
Optimal Contracting in Networks
Journal of Economic Theory (JET)
vol 183 (with Ali Jadbabaie)
Keywords: Optimal contracting, Incomplete information, Network externality, Financial networks
Dynamic Pricing in Social Networks: The Word of Mouth Effect
Management Science (MS)
vol 64 (with Amir Ajorlou and Ali Jadbabaie)
Keywords: COASE Conjecture, Price fluctuations, Zero pricing, Information diffusion
Dynamic Price Discovery: Transparency vs. Information Design
Games and Economic Behavior (GEB)
vol 122 (with Fei Song)
Keywords: Information design, Dynamic price discovery, Learning dynamics, Heterogenous risk aversion, Market microstructure, Hedging
- Green finance, Renewables
Competition in Electricity Markets with Renewable Energy Sources
Energy Journal
vol 38 (with Daron Acemoglu and Asu Ozdaglar)
Keywords: Energy finance, Commodity market, Renewable energy, Merit order effect hypothesis, Price volatility
- A preliminary version of this paper was accepted for presentation in 52nd Annual Allerton Conference, UIUC (Allerton'14).
Selling Wind
Energy Journal
vol 40 (with Ian Schneider and Asu Ozdaglar)
Keywords: Energy finance, Commodity market, Market power, Pricing wind, Public forecasting, Collusion

- Mechanism design, Auctions
Book: Resource Allocation in Decentralized Systems with Strategic Agents: An Implementation Theory Approach
Springer Outstanding PhD Thesis Award
Winner of the Richard and Eleanor Towner Prize
for Distinguished Academic Achievement
Keywords: Mechanism design, Contract, Complex Networks, Optimal pricing.
Book: Resource Allocation in Decentralized Systems with Strategic Agents: An Implementation Theory Approach
Springer Outstanding PhD Thesis Award
Winner of the Richard and Eleanor Towner Prize
for Distinguished Academic Achievement
Keywords: Mechanism design, Contract, Complex Networks, Optimal pricing.

Book Chapter: Power Allocation, Spectrum Sharing, and Revenue Maximization in Networks: An Implementation Theory Approach Ch. 5 in Mechanisms and Games for Dynamic Spectrum Allocation. Editors: T. Alpcan, H. Boche, M. Honig, H. Vincent Poor.
Cambridge University Press
(with A. Nayyar, S. Sharma and D. Teneketzis)
Keywords: Mechanism design, Auction, Contract, Complex Networks.
Pay To Bid Auctions: To bid or not to bid
Operations Research Letters (ORL)
vol 41 [Extended version with re-entry effects]
Keywords: Dynamic Auction, Pay to bid auctions, Risk loving bidders, Entry and re-entry effect
- Pricing, Complex networks, Full Nash implementation
An Efficient Game Form for Unicast Service Provisioning
IEEE Transactions on Automatic Control (TAC)
vol 57 (with Demos Teneketzis)
- A preliminary version of this paper was accepted for presentation in
47th Annual Allerton Conference, UIUC.
Keywords: Full Nash Implementation, Market mechanisms, Wallrasian equilibrium, Complex Networks, Mechanism-Market design
Power Allocation and Spectrum Sharing in Multiuser Multichannel Systems with Strategic Users
IEEE Transactions on Automatic Control (TAC)
vol 57 (with Demos Teneketzis)
- A preliminary version of this paper was accepted for presentation in
49th Conference on Decision and Control.
Keywords: Full Nash Implementation, Public good mechanisms, Lindahl equilibrium, Budget balance on and off equilibrium, Individual rationality, Contract
An Efficient Game Form for Multi-rate Multicast Service Provisioning
IEEE Journal on Selected Areas in Communications (JSAC)
Lead article in the Special issue on "Network Economics"
vol 30 (with Demos Teneketzis)
Keywords: Nash Implementation, Public good/Market mechanisms, Lindahl/Wallrasian equilibrium, Budget balance on and off equilibrium, Individual rationality, Contract
- Discrete optimization, Information theory
Tight Bounds On the Redundancy of Huffman codes
IEEE Transactions on Information Theory (IT)
vol 58 (with Soheil Mohajer, Payam Pakzad)
Keywords: A proof to the YE & YEUNG Conjecture with extensions, Huffman coding, Information (Shannon) theory, Probability theory
Anti-Uniform Huffman Codes
IET Communications
vol 5 (with Soheil Mohajer)
Keywords: Information (Shannon) theory, AUH codes, Huffman coding
On the construction of prefix-free and fix-free codes with specified codeword compositions
Discrete Applied Mathematics (DAM)
vol 159 (with Morteza Zadimoghaddam)
Keywords: A proof to the CARTER & GILL Conjecture for distinct codes, Approximation algorithm
On Describing the Routing Capacity Regions of Networks
Mathematical Methods of Operations Research (MMOR)
vol 72 (with Sadegh M. S. Yazdi)
Keywords: Complexity theory, Probabilistic methods, Fourier–Motzkin elimination, Farkas lemma, Japanese theorem
Book Chapter: On the Routing Capacity Regions of Networks
iConcept press. (with Sadegh M. S. Yazdi)
Keywords: Discrete optimization, Farkas lemma, Japanese theorem, Complexity theory, Probabilistic methods, Network capacity
- Covid-19
Why did Firms Draw Down their Credit Lines during the COVID-19 Shutdown?
CEPR Covid Economics (Not peer-reviewed)
Issue 78 (with Josh Bosshardt)
Keywords: Credit lines, COVID-19, Liquidity, Investment
Cambridge University Press
(with A. Nayyar, S. Sharma and D. Teneketzis)
Keywords: Mechanism design, Auction, Contract, Complex Networks.
Pay To Bid Auctions: To bid or not to bid
Operations Research Letters (ORL)
vol 41 [Extended version with re-entry effects]
Keywords: Dynamic Auction, Pay to bid auctions, Risk loving bidders, Entry and re-entry effect
- Pricing, Complex networks, Full Nash implementation
An Efficient Game Form for Unicast Service Provisioning
IEEE Transactions on Automatic Control (TAC)
vol 57 (with Demos Teneketzis)
- A preliminary version of this paper was accepted for presentation in
47th Annual Allerton Conference, UIUC.
Keywords: Full Nash Implementation, Market mechanisms, Wallrasian equilibrium, Complex Networks, Mechanism-Market design
Power Allocation and Spectrum Sharing in Multiuser Multichannel Systems with Strategic Users
IEEE Transactions on Automatic Control (TAC)
vol 57 (with Demos Teneketzis)
- A preliminary version of this paper was accepted for presentation in
49th Conference on Decision and Control.
Keywords: Full Nash Implementation, Public good mechanisms, Lindahl equilibrium, Budget balance on and off equilibrium, Individual rationality, Contract
An Efficient Game Form for Multi-rate Multicast Service Provisioning
IEEE Journal on Selected Areas in Communications (JSAC)
Lead article in the Special issue on "Network Economics"
vol 30 (with Demos Teneketzis)
Keywords: Nash Implementation, Public good/Market mechanisms, Lindahl/Wallrasian equilibrium, Budget balance on and off equilibrium, Individual rationality, Contract
- Discrete optimization, Information theory
Tight Bounds On the Redundancy of Huffman codes
IEEE Transactions on Information Theory (IT)
vol 58 (with Soheil Mohajer, Payam Pakzad)
Keywords: A proof to the YE & YEUNG Conjecture with extensions, Huffman coding, Information (Shannon) theory, Probability theory
Anti-Uniform Huffman Codes
IET Communications
vol 5 (with Soheil Mohajer)
Keywords: Information (Shannon) theory, AUH codes, Huffman coding
On the construction of prefix-free and fix-free codes with specified codeword compositions
Discrete Applied Mathematics (DAM)
vol 159 (with Morteza Zadimoghaddam)
Keywords: A proof to the CARTER & GILL Conjecture for distinct codes, Approximation algorithm
On Describing the Routing Capacity Regions of Networks
Mathematical Methods of Operations Research (MMOR)
vol 72 (with Sadegh M. S. Yazdi)
Keywords: Complexity theory, Probabilistic methods, Fourier–Motzkin elimination, Farkas lemma, Japanese theorem
Book Chapter: On the Routing Capacity Regions of Networks
iConcept press. (with Sadegh M. S. Yazdi)
Keywords: Discrete optimization, Farkas lemma, Japanese theorem, Complexity theory, Probabilistic methods, Network capacity
- Covid-19
Why did Firms Draw Down their Credit Lines during the COVID-19 Shutdown?
CEPR Covid Economics (Not peer-reviewed)
Issue 78 (with Josh Bosshardt)
Keywords: Credit lines, COVID-19, Liquidity, Investment
Last Update: 2022