In this paper we investigate if financially sophisticated households, as measured by schooling and work experience, are less likely to make financial mistakes when buying and owning a home. Surprisingly, we find that financial sophistication does not have a uniform impact across households'...

Financial sophistication does not uniformly impact home ownership decisions. Sophisticated households are less likely to pay too high a mortgage rate and more likely to refinance when financially advantageous to do so but more likely to over pay for a house and less likely to default when...

We investigate the possibility that labor market discrimination affects economic outcomes in the complementary capital market. Previous research contains ample theoretical justification, and empirical evidence, that discrimination affects wages and employment in labor markets. However, the...