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Financial Literacy and High-Cost Borrowing in the United States
Lusardi, Annamaria - 2013
In this paper, we examine high-cost methods of borrowing in the United States, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own shops, and offer a portrait of borrowers who use these methods. Considering a representative sample of more than 26,000...
Persistent link: https://www.econbiz.de/10013083084
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Misfortune and Mistake : The Financial Conditions and Decision-Making Ability of High-Cost Loan Borrowers
Carvalho, Leandro - 2020
The appropriateness of many high-cost loan regulations depends on whether demand is driven by financial conditions (“misfortunes”) or imperfect decisions (“mistakes”). Bank records from Iceland show borrowers are especially illiquid just before getting a loan, but that some spend the...
Persistent link: https://www.econbiz.de/10012844027
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Corporate Misreporting and Bank Loan Contracting
Graham, John R. - 2008
This paper is the first to study the effect of financial restatement on bank loan contracting. Compared with loans initiated before restatement, loans initiated after restatement have significantly higher spreads, shorter maturities, higher likelihood of being secured, and more covenant...
Persistent link: https://www.econbiz.de/10012773124
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Borrowing Trouble? Student Loans, the Cost of Borrowing, and Implications for the Effectiveness of Need-Based Grant Aid
Marx, Benjamin - 2015
We use regression discontinuity and regression kink designs to estimate the impact of need-based grant aid on the borrowing and educational attainment of students enrolled in a large public university system. Pell Grant aid substantially reduces borrowing: among students who would borrow in the...
Persistent link: https://www.econbiz.de/10013030137
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What Does Financial Literacy Training Teach Us?
Carlin, Bruce I. - 2010
This paper uses a quasi natural experiment to explore how financial education changes savings, investment, and consumer behavior. We use data from a Junior Achievement Finance Park to measure the effect of a financial literacy program on students who are assigned fictitious life situations and...
Persistent link: https://www.econbiz.de/10013139151
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The Economic Importance of Financial Literacy : Theory and Evidence
Lusardi, Annamaria - 2013
In this paper, we undertake an assessment of the rapidly growing body of research on financial literacy. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for...
Persistent link: https://www.econbiz.de/10013083409
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The Market for Financial Adviser Misconduct
Egan, Mark - 2016
We construct a novel database containing the universe of financial advisers in the United States from 2005 to 2015, representing approximately 10% of employment of the finance and insurance sector. We provide the first large-scale study that documents the economy-wide extent of misconduct among...
Persistent link: https://www.econbiz.de/10012997876
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Financial Literacy and Retirement Planning in the United States
Lusardi, Annamaria - 2011
We examine financial literacy in the United States using the new National Financial Capability Study, wherein we demonstrate that financial literacy is particularly low among the young, women, and the less-educated. Moreover, Hispanics and African-Americans score the least well on financial...
Persistent link: https://www.econbiz.de/10013124228
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Getting to the Top of Mind : How Reminders Increase Saving
Karlan, Dean S. - 2010
We develop and test a simple model of limited attention in intertemporal choice. The model posits that individuals fully attend to consumption in all periods but fail to attend to some future lumpy expenditure opportunities. This asymmetry generates some predictions that overlap with models of...
Persistent link: https://www.econbiz.de/10013139968
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Credit Building or Credit Crumbling? A Credit Builder Loan's Effects on Consumer Behavior, Credit Scores and Their Predictive Power
Burke, Jeremy - 2019
How does the large market for credit score improvement products affect consumers and market efficiency? For consumers …, we use a randomized encouragement design on a standard credit builder loan (CBL) and find null average effects on scores … credit activity. CBLs induce delinquency on pre-existing loan obligations, suggesting that even a seemingly modest additional …
Persistent link: https://www.econbiz.de/10012865281