Evidence from the 2022 Ukraine war suggests that, for diversification purposes, gold and bitcoin are complements rather than substitutes during crises. Precisely, this paper shows that (i) gold is a diversifier for European stocks and oil and a hedge for US stocks and T-bills, while Bitcoin is a...

Our test procedure for discrimination in lending combines denial rates and recovery rates and is applicable to simple and intersectional discrimination regardless of the profit orientation of the lender. Using a European microcredit dataset, the tests reveal that the positive—and socially...

This paper proposes a principal-agent model of labour market discrimination. In this model, the firm manager is a taste-based discriminator and has to make unobservable hiring decisions that determine the shareholder’s profits, because workers differ in skill. The model shows that...