Social capital is a key factor affecting the functioning of financial markets (Guiso, Sapienza and Zingales, 2004). However, the estimation of the effect of social capital on credit markets is notoriously difficult. In this paper we exploit the recent Lehman Brothers crisis and a rich dataset to...

Social scientists, in particular sociologists, claim that the distinction between universalistic and particularistic values is relevant to explaining the social behaviour of individuals (and societies). This paper provides preliminary empirical evidence that supports the claim. It first defines...