We study the impact of the Community Reinvestment Act (CRA) on access to consumer credit since 1999 using an individual-level panel and three distinct identification strategies: a regression discontinuity design centered on a CRA-eligibility cutoff; a comparison of neighboring census blocks; and...

This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally constructed and as such occupy an essentially hybrid place between state and market, public and private. At the same time, financial markets exhibit dynamics that frequently put...

Expressive crime contrasts with instrumental crime in that delinquents do not seek material benefits. Law breakers are motivated by the desire to ‘make a statement’, possibly against majority attitudes in the society. Fighting expressive crime is complicated by this fact in that increasing...