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Unshrouding Effects on Demand for a Costly Add-on: Evidence from Bank Overdrafts in Turkey
Alan, Sule; Cemalcilar, Mehmet; Karlan, Dean S.; … - C.E.P.R. Discussion Papers - 2015
Models of shrouding predict that firms lack incentives to compete on add-on prices. Working with a large Turkish bank to test SMS direct marketing promotions to 108,000 existing checking account holders, we find that messages promoting a large discount on the overdraft interest rate reduce...
Persistent link: https://www.econbiz.de/10011168904
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You Can Pick Your Friends, But You Need to Watch Them: Loan Screening and Enforcement in a Referrals Field Experiment
Bryan, Gharad; Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2012
We examine a randomized trial that allows separate identification of peer screening and enforcement of credit contracts. A South African microlender offered half its clients a bonus for referring a friend who repaid a loan. For the remaining clients, the bonus was conditional on loan approval....
Persistent link: https://www.econbiz.de/10011083275
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Subprime Consumer Credit Demand: Evidence from a Lender's Pricing Experiment
Alan, Sule; Lóránth, Gyöngyi - C.E.P.R. Discussion Papers - 2012
Using a unique panel data set from a UK credit card company, we analyze the interest rate sensitivity of subprime credit card borrowers. In addition to all individual transactions and loan terms, we also have access to details of a randomized interest rate experiment conducted by the lender on...
Persistent link: https://www.econbiz.de/10011083560
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Corporate Scandals and Household Stock Market Participation
Giannetti, Mariassunta; Wang, Tracey Yue - C.E.P.R. Discussion Papers - 2014
We show that after the revelation of corporate fraud in a state, the equity holdings of households in that state decrease significantly both in the extensive and the intensive margins. Using an exogenous shock to fraud detection and exogenous variation in households’ lifetime experiences of...
Persistent link: https://www.econbiz.de/10011084666
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To Charge or Not to Charge: Evidence from a Health Products Experiment in Uganda
Fischer, Greg; Karlan, Dean S.; McConnell, Margaret; … - C.E.P.R. Discussion Papers - 2014
model combining the learning aspect of experience goods with reference-dependent preferences, we setup a field experiment in … Northern Uganda in which three health products differing in their scope for learning were initially offered either for free or … for sale at market prices. In line with prior studies, when the product has potential for positive learning, we do not …
Persistent link: https://www.econbiz.de/10011083717
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Financial Intermediation with Contingent Contracts and Macroeconomic Risks
Gersbach, Hans - C.E.P.R. Discussion Papers - 2004
We examine financial intermediation when banks can offer deposit or loan contracts contingent on macroeconomic shocks. We show that the risk allocation is efficient provided there is no workout of banking crises. In this case, banks will shift part of the risk to depositors. In contrast, under a...
Persistent link: https://www.econbiz.de/10005124431
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Private Insurance Against Systemic Crises?
Gersbach, Hans - C.E.P.R. Discussion Papers - 2009
Insurance contracts contingent on macroeconomic shocks or on average bank capital could be a way of insuring against systemic crises. With insurance, banks are recapitalized when negative events would otherwise cause a write down of capital or even bank insolvency. In a simple model we...
Persistent link: https://www.econbiz.de/10005034755
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Shareholders and Stakeholders: Human Capital and Industry Equilibrium
Ippolito, Roberto; Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 1997
Producing high technology output and supplying sophisticated services often involves costly investment in industry-specific skills. But the threat of poaching means that it is the individual ‘stakeholder’, not the firm, who must bear the cost. We investigate various mechanisms for funding...
Persistent link: https://www.econbiz.de/10005504300
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Venture Capital Contracts and Market Structure
Inderst, Roman; Mueller, Holger M - C.E.P.R. Discussion Papers - 2002
We examine the relation between optimal venture capital contracts and the supply and demand for venture capital. Both the composition and type of financial claims held by the venture capitalist and entrepreneur depend on the market structure. Moreover, different market structures involve...
Persistent link: https://www.econbiz.de/10005114479
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Do Risk Premia Protect from Banking Crises?
Gersbach, Hans; Wenzelburger, Jan - C.E.P.R. Discussion Papers - 2005
This paper studies the question to what extent premia for macroeconomic risks in banking are sufficient to avoid banking crises. We investigate a competitive banking system embedded in an overlapping generation model subject to repeated macroeconomic shocks. We show that even if banks fully...
Persistent link: https://www.econbiz.de/10005789004