This paper exploits an administrative regulation in Singapore that allows individuals to withdraw between 10 to 30 percent of their pension savings at age 55. We find a large and highly significant increase in individuals' bank account balances within the first month of turning 55, which...

Using individual-level credit card data from a Singapore financial institution, this paper investigates the effectiveness of a consumer financial regulation aiming to reduce household unsecured debt accumulation. A threat of suspending all existing unsecured credit induces the credit card...

Using multiple sources of individual-level administrative data from the multicultural city-state of Singapore, we study the life outcomes of large birth cohorts created by the Chinese superstitious practice of zodiac birth timing, where parents prefer to give birth in the year of the Dragon....

Using transaction-level credit card spending from a large US financial institution, we show that disaggregated sales provide accurate and persistent signals of customer demand relevant to a firm's stock pricing. After controlling for earnings and sales surprises, one inter-quintile increase in...

Using a large, representative sample of credit and debit card transactions in Singapore, this paper studies the consumption response of individuals whose same-building neighbors experienced personal bankruptcy. The unique bankruptcy rules in Singapore suggest liquidity shocks drive personal...