We show retail investors are highly responsive to changes in trading commission fees. Using a triple-difference research design around the removal of fees for retail investors on the international retail broker platform, eToro, we show investors responded by trading approximately 30% more...

By leveraging machine-learning algorithms and using nontraditional digital data derived primarily from borrowers’ mobile devices, digital lenders have vastly expanded access to credit in developing economies for millions of individuals without a prior credit history. At the same time,...