Despite the ubiquity of credit cards, it was not until the mid-1990s that a large share of lower-income Americans gained access to these useful financial products, which enable cost-saving consumer purchases, small business financing, and economic inclusion. High credit card debt, of course, can...

Mortgages constitute a large, complex, and controversial market in the United States, shaped largely by federal policy-making. Since 2010, the role of non-banks – a term commonly used to define firms un-associated with a depository institution – in the overall mortgage market has grown...

For decades, money market funds (MMFs) were thought to be safe, low-risk investments. The financial crisis of 2007?2009 cast MMFs in a new, less favorable light, which prompted calls for reform. Our paper offers a reform alternative that builds on MMF boards of directors and their...

We use hand-collected data from acquisition press releases to investigate how acquisition experience affects the career outcomes of non-CEO senior managers. To address the non-random nature of gaining experience, we separately use manager and firm-year fixed effects, as well as an instrumental...

This working paper focuses on the plight of community banks in the United States. It begins by examining different definitions of what constitutes a community bank, and goes on to review what makes these institutions unique and distinguishes them from larger regional or national peers. Our...

We examine the relation between corporate social responsibility (CSR) and firm value using the takeover market as an experimental setting. Firms with extreme CSR policies experience a greater likelihood of takeover and lower wealth gains in takeovers relative to firms with moderate policies. Our...

The study presents the results of model simulations showing the macroeconomic effects of the implementation of key climate change mitigation policies in Chile, aimed to reduce CO2eq emissions in accordance with Chilean latest NDC and a target of zero net CO2eq emissions by 2050. By using a...

Today, some hedge funds attack public companies for the sole purpose of inducing a short-lived panic which they can exploit for profit. This sort of market manipulation harms average investors who entrust financial markets with their retirement savings. While short selling serves a critical...