We examine the business model of traditional commercial banks in the context of their co-existence with shadow banks … banks create safe claims with a combination of costly equity capital and fixed income assets that allows their depositors to … contrast, shadow banks create safe claims by giving their investors an early exit option that allows them to seize collateral …

biases, including conjunction and disjunction fallacies, but also for several anomalies related to demand for insurance. …

We assemble and analyze a new data set of homeowner insurance claims from 28 independently operated country … subsidiaries of a multinational insurance company. A fundamental feature of the data is that such claims are often disputed, and … lead to rejections or lower payments. We propose a new model of insurance, in which consumers can make invalid claims and …

We assemble and analyze a new data set of homeowner insurance claims from 28 independently operated country … subsidiaries of a multinational insurance company. A fundamental feature of the data is that such claims are often disputed, and … lead to rejections or lower payments. We propose a new model of insurance, in which consumers can make invalid claims and …

Government regulation is ubiquitous today in rich and middle-income countries--present in areas that range from … rather uncommon. In this book, Andrei Shleifer argues that the ubiquity of regulation can be explained not so much by the … alternative has taken throughout the world is regulation. The Failure of Judges and the Rise of Regulators gathers Shleifer …

We present new data on the regulation of entry of start-up firms in 85 countries. The data covers the number of … are extremely high in most countries. Countries with heavier regulation of entry have higher corruption and larger … have lighter regulation of entry. The evidence is inconsistent with public interest theories of regulation, but supports …