Understanding the dynamics of high dimensional non-normal dependency structure is a challenging task. This research aims at attacking this problem by building up a hidden Markov model (HMM) for Hierarchical Archimedean Copulae (HAC), where the HAC represent a wide class of models for high...

This paper provides an overview of the U.S. health care reform debate and legislation, with a focus on health insurance. Following a synopsis of the main problems that confront U.S. health care and insurance, it outlines the health care reform bills in the U.S. House and Senate, including the...

This study seeks to contribute to the understanding of the underlying factors that can explain the high levels of financial exclusion that persist in Mexico, with focus on the role of financial literacy. Our analysis is based on the 2018 National Survey of Financial Inclusion in Mexico (ENIF)....

“Buy Now Pay Later” (BNPL) is a largely unregulated FinTech innovation that provides consumers with easy access to credit for specific retail purchases. The BNPL market is projected to reach $1 trillion by 2025, but we know little about the effects of BNPL on consumers’ financial health....

Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed preference approach, where...

We estimate the causal effect of 334 different types of health shocks on a set of economic and health outcomes: medical expenses, mortality, disability, labor market participation, labor earnings, and the need for nursing home care. To this end, we examine detailed data on 6.9 million people...

We study how past experiences with privacy shocks affect individuals’ likelihood to take precautionary behavior when faced with a new privacy shock in the context of credit markets. We focus on experiences with identity theft and data breaches, two kinds of privacy shocks that either directly...

The existing literature has documented “reaching for yield”—the phenomenon of investing more in risky assets when interest rates are lower—among institutional investors. Using detailed transaction data from a large brokerage firm, we provide direct field evidence that reach for yield is...

Employees often supply labor to firms first and then get paid later. This paper shows that such implicit labor trade credits or short-term borrowing are important for both firms and employees. Using state payday frequency reforms between the 1860s and the 1930s, I find that firms decreased in...

This paper studies how past experiences with privacy shocks affect individuals’ take-up of precautionary behavior when faced with a new privacy shock in the context of credit markets. We focus on experiences with identity theft and data breaches, two kinds of privacy shocks that either...