3 papers
q-fin.CP2026
The Financing of Debt Relief: Intermediary Liquidity and the Value of Borrower Information
Arka P. Bandyopadhyay
I study how intermediary liquidity affects mortgage resolution using 1.9 million Ginnie Mae buyout options from 2019 to 2022. When funding markets froze in 2020, nonbank issuers re…
econ.GN2026
Shared Models, Selective Trading, and Order Flow
Victoria Ruojie Li, Arka Prava Bandyopadhyay
We study whether model diversity survives selection into trading. In synthetic markets with a fixed mixture of three language-model families, news presentation changes their repres…
q-fin.CP2026
Disentangling Liquidity-Constrained from Strategic Default: A Deep Learning Approach
Arka P. Bandyopadhyay
I use a deep neural network (DNN) on a proprietary panel of commercial mortgages spanning 1998--2021 to separate liquidity-constrained default from strategic default -- two competi…