Working papers
Finfluencers
(with Seyed Kazempour, Dmitry Livdan and Norman Schürhoff)
Keywords: Social media, Mixture modeling, Retail traders, Homophily, Belief bias
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
Banking on the Edge: Liquidity Constraints and Illiquid Asset Risk
(with Josh Bosshardt and Farzad Saidi)
Keywords: Liquidity regulation, Bank risk taking, Insurance sector, LCR, NSFR
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
Heterogeneous Learning in Product Markets
(with Giacomo Lanzani and Hao Xing)
Keywords: Product markets, Learning, Asset pricing, Trading volume, Market power
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
The Bank Liquidity Channel of Financial (In)stability
(with Josh Bosshardt and Farzad Saidi)
Keywords: Banking, Complexity, GFC, Quantitative easing
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
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, (Lead article and Editor’s Choice article)
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
When does introducing verifiable communication choices improve welfare?
Journal of Economic Behavior and Organization (JEBO)
vol 210 (with Uliana Loginova)
Keywords: Corporate governance, Communication technologies, Welfare, Board of directors
- 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
Finfluencers
(with Seyed Kazempour, Dmitry Livdan and Norman Schürhoff)
Keywords: Social media, Mixture modeling, Retail traders, Homophily, Belief bias
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
Banking on the Edge: Liquidity Constraints and Illiquid Asset Risk
(with Josh Bosshardt and Farzad Saidi)
Keywords: Liquidity regulation, Bank risk taking, Insurance sector, LCR, NSFR
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
Heterogeneous Learning in Product Markets
(with Giacomo Lanzani and Hao Xing)
Keywords: Product markets, Learning, Asset pricing, Trading volume, Market power
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
The Bank Liquidity Channel of Financial (In)stability
(with Josh Bosshardt and Farzad Saidi)
Keywords: Banking, Complexity, GFC, Quantitative easing
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
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, (Lead article and Editor’s Choice article)
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
When does introducing verifiable communication choices improve welfare?
Journal of Economic Behavior and Organization (JEBO)
vol 210 (with Uliana Loginova)
Keywords: Corporate governance, Communication technologies, Welfare, Board of directors
- 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 in 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 in 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