Microgiving, a new form of digital fundraising, operates by soliciting minuscule, recurring donations from large numbers of potential donors. We evaluate a charity subscription program operated by Alibaba, China's largest retail platform, which allows sellers to pledge a tiny portion of a...

Gendered-grammar languages like Spanish are spoken by 39% of the world's population. In a field experiment in partnership with a Spanish-speaking online platform for technology positions, ads randomly selected to use gender-neutral language receive a larger share of female applicants for...

This essay shows that government credit-allocation schemes generate incentive conflicts that undermine the quality of bank supervision and eventually produce banking crisis. For political reasons, most countries establish a regulatory culture that embraces three economically contradictory...

Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating financial institutions. Altruistic public-benefits theories treat rules as governmental instruments for increas- ing fairness and efficiency across society as a whole....

Consumer choices are increasingly mediated by algorithms, which use data on those past choices to infer consumer preferences and then curate future choice sets. Behavioral economics suggests one reason these algorithms so often fail: choices can systematically deviate from preferences. For...

The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the 52-week high, a highly salient but largely...

This paper examines the direct private equity investment strategies across sovereign wealth funds and their relationship to the funds' organizational structures. SWFs seem to engage in a form of trend chasing, since they are more likely to invest at home when domestic equity prices are higher,...

Climate change is making natural disasters more frequent, yet little is known about the capacity of firms to withstand such disasters and adapt to their increased frequency. We examine this issue using a the latest wave of the World Management Survey (WMS) that includes new questions on firms'...

We survey the economic literature, both theoretical and empirical, on the choice of intellectual property protection by firms. Our focus is on the tradeoffs between using patents and disclosing versus the use of secrecy, although we also look briefly at the use of other means of formal...

This paper uses micro-level data on mutual funds from different financial centers investing in equity and bonds to study how investors and managers behave and transmit shocks across countries. The paper finds that the volatility of mutual fund investments is driven quantitatively by both the...