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Default and Renegotiation : A Dynamic Model of Debt
Hart, Oliver - 1997
We analyze the role of debt in persuading an entrepreneur to pay out cash flows, rather than to divert them. In the first part of the paper we study the optimal debt contract -- specifically, the trade-off between the size of the loan and the repayment -- under the assumption that some debt...
Persistent link: https://www.econbiz.de/10012472921
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Cash Holdings and Credit Risk
Acharya, Viral V. - 2011
, suggesting that precautionary savings are central to understanding the effects of cash on credit risk …Intuition suggests that firms with higher cash holdings are safer and should have lower credit spreads. Yet empirically …, the correlation between cash and spreads is robustly positive and higher for lower credit ratings. This puzzling finding …
Persistent link: https://www.econbiz.de/10012461663
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Is Digital Credit Filling a Hole or Digging a Hole? Evidence from Malawi
Brailovskaya, Valentina; Dupas, Pascaline; Robinson, … - National Bureau of Economic Research - 2021
Digital credit has expanded rapidly in Africa, mostly in the form of short-term, high-interest loans offered via mobile …, increasing overall default risk …
Persistent link: https://www.econbiz.de/10012794601
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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/10012459693
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Trust and Saving in Financial Institutions
Galiani, Sebastian - 2020
the use of bank accounts for transactions. The increase in savings is close to double the savings of the treatment over … the 10 month period prior to the intervention, 7 times the savings of the control group over the same period, and a 1 ….6 percentage point increase in the savings rate out of the cash transfer depostis …
Persistent link: https://www.econbiz.de/10012479333
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How Much to Save? Decision Costs and Retirement Plan Participation
Goldin, Jacob - 2020
Deciding how much to save for retirement can be complicated. Drawing on a field experiment conducted with the Department of Defense, we study whether such complexity depresses participation in an employer-sponsored retirement saving plan. We find that simplifying one dimension of the enrollment...
Persistent link: https://www.econbiz.de/10012481430
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How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors
Hastings, Justine S. - 2011
Two competing explanations for why consumers have trouble with financial decisions are gaining momentum. One is that people are financially illiterate since they lack understanding of simple economic concepts and cannot carry out computations such as computing compound interest, which could...
Persistent link: https://www.econbiz.de/10012461918
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Financial Literacy, Schooling, and Wealth Accumulation
Behrman, Jere R. - 2010
Financial literacy and schooling attainment have been linked to household wealth accumulation. Yet prior findings may be biased due to noisy measures of financial literacy and schooling, as well as unobserved factors such as ability, intelligence, and motivation that could enhance financial...
Persistent link: https://www.econbiz.de/10012462205
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What Does Financial Literacy Training Teach Us?
Carlin, Bruce Ian - 2010
This paper uses a quasi natural experiment to explore how financial education changes savings, investment, and consumer …
Persistent link: https://www.econbiz.de/10012462386
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Household Saving Behavior : The Role of Financial Literacy, Information, and Financial Education Programs
Lusardi, Annamaria - 2008
Individuals are increasingly in charge of their own financial security after retirement. But how well-equipped are individuals to make saving decisions; do they possess adequate financial literacy, are they informed about the most important components of saving plans, do they even plan for...
Persistent link: https://www.econbiz.de/10012464823