Poor loan quality is often attributed to loan officers exercising poor judgment. A potential solution is to base loans on hard information alone. However, we find other consequences of bypassing discretion stemming from loan officer incentives and limits of hard information verifiability. Using...

Poor loan quality is often attributed to loan officers exercising poor judgment. A potential solution is to base loans on hard information alone. However, we find other consequences of bypassing discretion stemming from loan officer incentives and limits of hard information verifiability. Using...

During the First World War, the film industry of the major European countries experienced a lasting crisis, which necessitated significant restructuring and prompted appeals for state intervention to counterbalance the invasion of American films. As the extent of this crisis did not affect all...