This paper analyzes the bright and dark sides of the financial development process through the lenses of the four fundamental frictions to which agents are exposed-information asymmetry, enforcement, collective action, and collective cognition. Financial development is shaped by the efforts of...

The "conventional wisdom" in academic and policy circles argues that, while large and foreign banks are generally not interested in serving SMEs, small and niche banks have an advantage in doing so because they can overcome SME opaqueness through relationship lending. This paper shows that there...

Social science research has stressed the important role of religion in sustaining cooperation among non-kin. We contribute to this literature with a large-scale empirical study documenting the relationship between religion and cooperation. We analyze newly available, experimentally validated,...

Social science research has stressed the important role of religion in sustaining cooperation among non-kin. We contribute to this literature with a large-scale empirical study documenting the relationship between religion and cooperation. We analyze newly available, experimentally validated,...

Social science research has stressed the important role of religion in sustaining cooperation among non-kin. We contribute to this literature with a large-scale empirical study documenting the relationship between religion and cooperation. We analyze newly available, experimentally validated,...

Social science research has stressed the important role of religion in sustaining cooperation among non-kin. We contribute to this literature with a large-scale empirical study documenting the relationship between religion and cooperation. We analyze newly available, experimentally validated,...