Price manipulation in financial markets is a prohibited activity, but identifying it is a problem in thinly traded securities markets. One service that clients expect of a portfolio manager is to provide up-to-date valuations. Actions to obtain these valuations are regarded as proper by the...

Microborrowers may take usurious loans to repay a loan taken from a micro nance institution because of having neglected the time inconsistency of optimal plans or having discounted future payoffs too strongly from the ex-post perspective. Microfinance programs should strive at preventing such...

Die Diskussion über den Kreditwucher und dessen Zu- oder Unzulässigkeit beschäftigt seit Jahrhunderten Philosophen, Theologen, Moralisten und sogar Dichter. Die rechtliche Handhabung stellte für die Gesetzgeber aller Zeiten eine Herausforderung dar. Neu und äußerst Besorgnis erregend dabei...

We define predatory lending as a welfare-reducing provision of credit. Using a textbook model, we show that lenders profit if they can tempt households into “debt traps,” that is, overborrowing and delinquency. We then test whether payday lending fits our definition of predatory. We find...