A data set of 560 credit files from Thai commercial banks is compiled. The loans granted between 1992 and 1996 follow a pattern known from mature markets as a similar set of variables explains much of the variance in interest rate spread. A second finding is the expected higher importance of...

We offer a new test of the ex ante theory of collateral. Theory states that lenders rely less on collateral if they have better information about borrowers. We test this by contrasting the use of collateral between formal and - better informed - informal lenders in a developing financial market....

This paper uses the framework of long-term financial system development to describe and assess the reform process in Thailand after 1997. The present financial reforms are well in line with the pattern of financial development found in the academic literature. A detailed analysis of capital...

The ex ante theory of collateral states that better informed lenders, such as informal lenders, rely less on collateral. We test this by contrasting the use of collateral between formal and informal lenders in the same market. Indeed, formal lenders rely more often on collateral, controlling for...

This research uses macro factors to explain four standard U.S. stock market risk premia, i.e. the market excess return (RM-RF), size (SMB), value (HML), and momentum (WML). We find in-sample predictive power of macro factors, in particular at a one-year horizon. Differentiating between bull and...

This research studies the stylized fact of a "gender gap" in that women tend to have lower financial literacy than men. Our data which samples middle-class people from Bangkok does not show a gender gap. This result is not explained by men's low financial literacy, nor by women's high income and...

In Germany and many other countries, financial advisors are required by law to assess their clients' risk preferences in order to help them make informed and appropriate investment decisions. Most institutions that provide financial advice-banks, for instance-carry out this assessment using just...