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Keyword: financial market;
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Bruno Biais and Thomas Mariotti
We study how securities and trading mechanisms can be designed to optimally mitigate the adverse impact of market imperfections on liquidity. Asset owners seek to obtain liquidity by selling their claims on future cash-f...Read more...
Katharina Pistor and Chenggang Xu
This paper studies the design of law-making and law enforcement institutions based on the premise that law is inherently incomplete. Under incomplete law, law enforcement by courts may suffer from deterrence failure, def...Read more...