“...Why don't VCs eliminate excess demand for follow-on funds by raising fees? We propose a model of learning that leads to informational holdup. Current investors...”

“...We evaluate the effect of the Federal Reserve's purchase of long-term Treasuries and other long-term bonds (QE1 in 2008-09 and QE2 in 2010-11) on interest...”

“...We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting microlevel household...”

“...We develop a principal-agent model in an entrepreneurial setting and test the model's predictions using unique data on entrepreneurial effort and wealth in...”

“...We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the...”

“...This paper discusses the current state of the behavioral finance literature. I argue that more direct evidence about investors' actions and expectations would...”