Complexity can create value. At the same time, understanding more complex goods requires more of an agent’s attention. We show that equilibrium complexity is generally ine?cient when agents face competing...

A maturity wall occurs in private credit funds when the fund reaches its maturity date, where it can no longer roll over its loans. Unlike banks, which are not bound...

We study a capital reallocation problem in which  investors can enter into a new market where they compete with each other in identifying the best deals. While ex ante investors are uncertain...