作者：Kacperczyk, Marcin; Schnabl, Philipp
作者单位：New York University; National Bureau of Economic Research; New York University; Center for Economic & Policy Research (CEPR)
摘要：We examine the risk-taking behavior of money market funds during the financial crisis of 2007-2010. We find that (1) money market funds experienced an unprecedented expansion in their risk-taking opportunities; (2) funds had strong incentives to take on risk because fund inflows were highly responsive to fund yields; (3) funds sponsored by financial intermediaries with more money fund business took on more risk; and (4) funds suffered runs as a result of their risk taking. This evidence sugges...
作者：Kalai, Adam; Kalai, Ehud
摘要：For two-person complete-information strategic games with transferable utility, all major variable-threat bargaining and arbitration solutions coincide. This confluence of solutions by luminaries such as Nash, Harsanyi, Raiffa, and Selten, is more than mere coincidence. Staying in the class of two-person games with transferable unility, the article presents a more complete theory that expands their solution. Specifically, it presents: (1) a decomposition of a game into cooperative and competiti...
