Ali Kakhbod, PhD, UC Berkeley
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Working papers

The Credit Supply Channel of Monetary Policy Tightening and its Distributional Impacts 
NBER WP
(with Josh Bosshardt, Marco Di Maggio and Amir Kermani)
Keywords: corporate finance, Interest rate, Mortgage lending, house prices, Debt-to-income (DTI) 

Finfluencers
SSRN, CEPR WP

(with Seyed Kazempour, Dmitry Livdan and Norman Schürhoff)
Keywords: Big data, Mixture modeling, Retail traders, Belief bias

The Value of Intermediaries for GSE Loans 
NBER WP
Media: FHFA Insights
(with Josh Bosshardt and Amir Kermani)
Keywords: Intermediation, Underwriting risk, Overlays, Bank and Nonbanks 

​Monitoring and Pay for Long-run Performance
(with Kerry Back, Clint Hamilton and Hao Xing)
​Keywords: Agency problems, Monitoring, Moral hazard, Reward, Airline stops

Are Patents with Female Inventors Under-Cited? Evidence from Causal Text Estimation
NBER WP
(with 
Yael V. Hochberg, Peiyao Li and Kunal Sachdeva)

Keywords: Big data, Transformers, Causal inference, Gender, Patent, Innovation

Process Intangibles and Agency Conflicts
(with Hui Chen, Mazi Kazemi and Hao Xing)
Keywords: Agency problems, Compensation, firm dynamics, Process intangibles, Intangibles

​Banking on the Edge: Liquidity Constraints and Illiquid Asset Risk
(with Josh Bosshardt and Farzad Saidi)
Keywords: Intermediation, Liquidity regulation, Bank risk taking, Insurance sector, LCR, NSFR

Life after Default: Dealer Intermediation and Recovery in Defaulted Corporat​e Bonds
SSRN, CEPR WP 
(with Friedrich Baumann, Dmitry Livdan, Abdolreza Nazemi and Norman Schürhoff)
Keywords: Big data, Market microstructure, Corporate default, Recovery rate, Corporate bonds, OTC

Cash Policies and Firm Size
(with Max Reppen, Tarik Umar and Hao Xing)
Keywords: Corporate finance, Cash holding, Liquidity management, Financial flexibility, Costly financing 

​Heterogeneous Learning in Product Markets
(with Giacomo Lanzani and Hao Xing)
Keywords: Agency problems, Product markets, Learning, Asset pricing, Trading volume, Market power

Preparing for the Storm: Firm Policies and Time-varying Recession Risk 
(with Dmitry Livdan, Max Reppen and Tarik Umar)
Keywords: Corporate finance, Recession risk, Business cycle, Liquidity

Segmented Trading Markets: Competition, Fees, and Tax Policies
(with Kerry Back, Oguzhan Celebi and Max Reppen)

​Keywords: Market microstructure, Trading volume, Liquidity, Tax, Market segmentation

​The Bank Liquidity Channel of Financial (In)stability
(with Josh Bosshardt and Farzad Saidi)
​Keywords: Intermediation, Complexity, GFC, Quantitative easing

​Public vs. Private offers with informed and forward-looking dealers 
(with Fei Song)
​Keywords: Market microstructure, Municipal bond, Liquidity, Trading volume,  Disclosure, Welfare

​

Publications

- information frictions, intermediation, 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 finance, Advisory voting, Advisory board, Incentive, Trading

​Information Choice and Amplification of Financial Crises   
Review of Financial Studies (RFS) 

vol 30 
(with Toni Ahnert)
Keywords: Intermediation, Financial crises, Information panics, Costly information acquisition, Global games
​
Optimal Contracting in Networks
Journal of Economic Theory (JET)

vol 183 (with Ali Jadbabaie)
Keywords: Contract, Compensation, 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: Firm dynamics, 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: Market microstructure, Information design, Dynamic price discovery, Learning dynamics, Heterogenous risk aversion, 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

Competition in Electricity Markets with Renewable Energy Sources
Energy Journal (invited)  
​vol 38 ​(with Daron Acemoglu and Asu Ozdaglar)
​Keywords:  Merit order effect hypothesis, Forward contract, Renewable energy, Price volatility  
- A preliminary version of this paper was accepted for presentation in  52nd Annual Allerton Conference, UIUC (Allerton'14)

- agency problems, mechanism design, auctions
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​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: Agency problems, 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: Agency problems, 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:  Agency problems, Auction, Pay to bid auctions, Risk loving bidders, Entry and re-entry effect

​An Efficient Game Form for Unicast Service Provisioning
IEEE Transactions on Automatic Control (TAC) 
vol 57 (with Demos Teneketzis) 

Keywords: Agency problems, Mechanism design, Full Nash Implementation, Market mechanisms, Wallrasian equilibrium, Complex Networks

Power Allocation and Spectrum Sharing in Multiuser Multichannel Systems with Strategic Users 
IEEE Transactions on Automatic Control (TAC)  
vol 57 (with Demos Teneketzis)

Keywords: Agency problems, Mechanism design, 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: Agency problems, Mechanism design, 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

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
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Last Update: 2022