Barney Hartman-Glaser

University of California, Los Angeles

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A Theory of Cash Flow-Based Financing with Distress Resolution
January 2022 - Working Paper29712
Author(s) - Barney Hartman-Glaser, Simon Mayer & Konstantin Milbradt
We develop a dynamic contracting theory of asset- and cash flow-based financing that demonstrates how firm, intermediary, and capital market characteristics jointly shape firms financing constraints. A firm with imperfect access to equity financing covers financing needs through costly sources: an...
The Insurance is the Lemon: Failing to Index Contracts
January 2019 - Working Paper25450
Author(s) - Barney Hartman-Glaser & Benjamin M. Hébert
We model the widespread failure of contracts to share risk using available indices. A borrower and lender can share risk by conditioning repayments on an index. The lender has private information about the ability of this index to measure the true state that the borrower would like to hedge. The...
Are Lemons Sold First? Dynamic Signaling in the Mortgage Market
January 2018 - Working Paper24180
Author(s) - Manuel Adelino, Kristopher Gerardi & Barney Hartman-Glaser
A central result in the theory of adverse selection in asset markets is that informed sellers can signal quality and obtain higher prices by delaying trade. This paper provides some of the first evidence of a signaling mechanism through trade delays using the residential mortgage market as a...
Capital Share Dynamics When Firms Insure Workers
September 2016 - Working Paper22651
Author(s) - Barney Hartman-Glaser, Hanno Lustig & Mindy Z. Xiaolan
Although the aggregate capital share of U.S. firms has increased, the firm-level capital share of a typical U.S. firm has decreased. This divergence is due to mega-firms that now produce a larger output share without a proportionate increase in labor compensation. We develop a model in which firms...
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