Robert Marquez

Learn More
  • Markus Amann, Kevin Hicks, Caramel, Ramanathan Veerabhadran, Lagerek Christian, Images John Shutterstock +7 others
A complete elaboration of the topics covered in this summary can be found in the Integrated Assessment of Black Carbon and Tropospheric Ozone report and in the fully referenced underlying research, analyses and reports. This is a pre-publication version of the Summary for Decision Makers. Please do not cite page numbers from this version or quote from it.(More)
Private information obtained by lenders leads to borrower capture to the extent that such information cannot be communicated credibly to outsiders. We analyze how this capture affects the loan portfolio allocation of informed lenders. First, we show that banks charge higher interest rates and finance relatively less creditworthy borrowers in market segments(More)
Do low interest rate environments lead to greater bank risk-taking? We show that, when banks can adjust their capital structures, reductions in real interest rates lead to greater leverage and higher risk for any downward sloping loan demand function. However, if the capital structure is fixed, the effect depends on the degree of leverage: following a(More)
Previous studies have argued that entrepreneurs earn less and bear more risk than salaried workers with otherwise similar characteristics. In a simple model of entrepreneurship, I show that estimates of mean and variance of returns to entrepreneurship used by these previous studies are biased, as they fail to account for the option value of experimenting(More)
We propose a parsimonious model of over-the-counter trading with asymmetric information to rationalize the existence of intermediation chains that stand between buyers and sellers of assets. Trading an asset through several heterogeneously informed intermediaries can preserve the efficiency of trade by reallocating an information asymmetry over many(More)
This paper proposes a collateral view of financial innovation: Many innovations are partly motivated by alleviating collateral constraints for trading (speculation or hedging). We analyze a model of investors with disagreement. The trading need motivates them to introduce derivatives, which are endogenously determined in equilibrium. In the presence of a(More)
  • Lamont Black, Ph D Candidate, Greg Udell, Eric Leeper, Rich Rosen, Kim Huynh +2 others
  • 2006
This paper analyzes empirically the expected interest rates for insider (informed) vs. outsider (uninformed) lending. The analysis is based on a cross-section of small businesses that either borrow from an existing lender or borrow from a new lender. Existing lender rates proxy for insider rates and new lender rates proxy for outsider rates. The empirical(More)
When an inside lender has private information about a firm, there is an information asymmetry among lenders. The effect of this asymmetry on the relative rates for firms borrowing from an insider or outsider is not well established. In the Sharpe (1990) model, an inside lender with private information competes against an outside lender with public(More)
We analyze optimal financial contracts when the specificity of investments is en-dogenous. Specialization decreases the liquidation value of assets, but it also improves the project's long term productivity. While the first effect is known to make financing more difficult, we show that the second effect can ease financing constraints and increase financing(More)
Many acquisitions by private equity (PE) firms are conducted by " clubs, " where a number of PE firms join together to submit a single bid. We present a novel analysis of the economics of club bidding by private equity firms based on the notion that club formation may create value at the target firm by allowing the different dimensions of value creation of(More)