Ali Kakhbod, PhD, UC Berkeley
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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
​
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- 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.

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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 ​



Last Update: 2022