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- Publications
- Influence
Large Shareholders, Monitoring, and the Value of the Firm
- Mike Burkart, Denis Gromb, F. Panunzi
- Economics
- 1 August 1997
We propose that dispersed outside ownership and the resulting managerial discretion come with costs but also with benefits. Even when tight control by shareholders is ex post efficient, it… Expand
Equilibrium and Welfare in Markets with Financially Constrained Arbitrageurs
- Denis Gromb, Dimitri Vayanos
- Economics
- 1 November 2001
We propose a multiperiod model in which competitive arbitrageurs exploit discrepancies between the prices of two identical risky assets traded in segmented markets. Arbitrageurs need to collateralize… Expand
Why Higher Takeover Premia Protect Minority Shareholders
- Mike Burkart, Denis Gromb, F. Panunzi
- Business, Economics
- Journal of Political Economy
- 1 February 1998
Posttakeover moral hazard by the acquirer and free‐riding by the target shareholders lead the former to acquire as few sharcs as necessary to gain control. As moral hazard is most severe under such… Expand
Limits of Arbitrage: The State of the Theory
- Denis Gromb, Dimitri Vayanos
- Business
- 1 March 2010
We survey theoretical developments in the literature on the limits of arbitrage. This literature investigates how costs faced by arbitrageurs can prevent them from eliminating mispricings and… Expand
Agency Conflicts in Public and Negotiated Transfers of Corporate Control
- Mike Burkart, Denis Gromb, F. Panunzi
- Economics
- 1 April 2000
We analyze control transfers in firms with a dominant minority blockholder and otherwise dispersed owners, and show that the transaction mode is important. Negotiated block trades preserve a low… Expand
Collusion and the organization of delegated expertise
- Denis Gromb, D. Martimort
- Business, Computer Science
- J. Econ. Theory
- 1 November 2007
TLDR
Entrepreneurship in Equilibrium
- Denis Gromb, David S. Scharfstein
- Business
- 1 June 2002
This paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms (intrapreneurship). Intrapreneurship allows established firms to use information on failed… Expand
Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking
- V. Acharya, Denis Gromb, Tanju Yorulmazer
- Business
- 23 October 2009
We study liquidity transfers between banks through the interbank borrowing and asset sale markets when (i) surplus banks providing liquidity have market power, (ii) there are frictions in the lending… Expand
The Dynamics of Financially Constrained Arbitrage
- Denis Gromb, Dimitri Vayanos
- Business, Economics
- 1 February 2015
We develop a model of financially constrained arbitrage, and use it to study the dynamics of arbitrage capital, liquidity, and asset prices. Arbitrageurs exploit price discrepancies between assets… Expand
A Model of Financial Market Liquidity Based on Intermediary Capital
- Denis Gromb, Dimitri Vayanos
- Economics
- 31 March 2010
We present a model of financial market liquidity provided by financially constrained intermediaries. We show that market liquidity increases with the level of intermediary capital. We also… Expand
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