Mechanism

A Macro-Finance Model of Capital Reallocation and Misallocation

Financial constraints reshape intermediaries’ portfolio allocation and risk pricing, altering investment across sectors and the subsequent evolution of capital composition.

September 2026 · Yucheng Zhou (Job Market Paper)
Mechanism

A Macro-Finance Model of Capital Reallocation and Misallocation

Financial constraints reshape intermediaries’ portfolio allocation and risk pricing, altering investment across sectors and the subsequent evolution of capital composition.

August 2026 · Yucheng Zhou (Job Market Paper)