We construct a novel measure of partisan corporate speech using natural language processing techniques and use it to establish three stylized facts. First, the volume of partisan corporate speech has risen sharply between 2012 and 2022. Second, this increase has been disproportionately driven by...

We document that deposit flightiness varies significantly over time, peaking after Covid-19. Elevated deposit flightiness coincides with QE and low interest rates. We rationalize these trends based on heterogeneity in investors' convenience value. Investors in the banking system value the...

We examine the effect of low interest rates on bond portfolio and market allocations by all institutional investors and households across all bond types in Germany at the security-level for 2005-2016. We find that―in contrast to banks―non-banks tilt bond portfolios significantly towards...

Financial literacy has become a major area of research in recent years, both in the investment and retirement literature with respect to the increasing complexity of financial products and need to save for retirement. Studies generally find individuals are financially uninformed and lacking in...

A defined contribution pension plan allows consumption to be redistributed from the plan member's working life to retirement in a manner that is consistent with the member's personal preferences. The plan's optimal funding and investment strategies therefore depend on the desired profile of...

This paper reports the results of a behavioural finance experiment on the ability of Thai individuals to make informed investment decisions under a defined contribution self-management option. Using an asset allocation dataset from members of the Thai Government Pension Fund (TGPF) and a control...

This paper quantifies the impact of Robinhood traders on the US equity market. Within a structural model, we estimate retail and institutional demand curves and derive aggregate pricing implications via market clearing. The inelastic nature of institutional demand allows Robinhood traders to...

Financial literacy has become a major area of research in recent years, both in the investment and retirement literature with respect to the increasing complexity of financial products and need to save for retirement. Studies generally find individuals are financially uninformed and lacking in...

This study focus to check the influence of behavioral biases in investment decision making with moderating role of financial literacy in Pakistan. Theories in traditional finance consider that the individual investor is rational because he makes all decision on the bases of all available...

Seeking professional financial advice to assist with financial decision making is an important option for individuals faced with increased responsibility for their financial circumstances. We explore the role of two potential barriers/enablers to accessing advice. First, we explore the role of a...