Most people rely on fast thinking to make decisions. Fast thinking focuses on the most prominent information available, potentially ignoring critical factors in favor of less relevant, but salient details (Kahneman 2011). The primary obstacle to studying fast thinking is identifying and...

Using data from a major online peer-to-peer lending platform, we document that, due to time pressure, investors appear to focus on interest rates and only partially account for credit ratings in their decisions. The effect is stronger for mobile-based investors than for PC-based ones. Our...

Using two randomized field experiments, we examine how warning borrowers that their loan performance will be reported to a public credit registry affects their loan take-up and repayment decisions. We show that credit warnings increase loan take-up rates. Reducing incumbent lenders'...

We examine how entrepreneurs’ attention to detail affects their fundraising performance in crowdfunding campaigns as well as other important project outcomes that occur after fundraising campaigns. To test our theoretical model, we conduct two studies: an archival field study with 312,520...

We examine the economics of independent directors’ resignation decisions by taking advantage of a natural setting: The revised Securities Law of the People’s Republic of China, which took effect on March 1, 2020 (hereafter New Securities Law or NSL), and the first successful class-action...

We examine the consequences of an intrusive debt-collection tactic that targets delinquent borrowers’ social circles. Our identification strategy relies on the fact that some of the delinquent loans are not worked on due to collection agents’ excessive workload. We show that this tactic...