Pandemic fraud facilitated by FinTech lenders exhibited significant geographic concentration, which makes it a unique setting to examine the effects of excess local stimulus cashflow on local purchases and prices. We first examine effects on a highly immovable local good — housing. At the...

In the distribution of the Paycheck Protection Program’s (PPP) $780 billion in funds, FinTech lenders began minimally but ramped up their market share to over 70% of originated loans by April 2021. We examine metrics related to potential misreporting including non-registered businesses,...

We introduce usage of a marital infidelity website as a new measure of personal ethics. Financial advisors who engage in professional misconduct and white-collar SEC defendants are twice as likely to use the infidelity website compared to control groups. Companies with CEOs and CFOs who use the...

Ten years after the financial crisis, the central question of what explains the rise and fall in house prices remains unresolved. We provide a unified framework to examine four excess credit supply variables and three speculation variables that have been proposed in the literature. Credit supply...

This paper examines whether employees involved in RMBS securitization experienced internal and external labor market consequences relative to similar non-RMBS employees in the same banks, and why. Senior RMBS bankers experienced similar levels of job retention, promotion, and external job market...

We survey a growing field studying aspects of finance that are potentially illegal, illicit, or immoral. Some of the literature is investigative in nature to uncover malfeasance that is recent and possibly ongoing. Other forensic finance research examines past events to generate a fuller...

Municipal bonds exhibit considerable retail pricing variation, even for same-size trades of the same bond on the same day, and even from the same dealer. Markups vary widely across dealers. Trading strongly clusters on eighth price increments, and clustered trades exhibit higher markups. Yields...