Using a novel measure of stock-level trade imitation, we uncover "smart" copycats: fund managers that use their own information when beneficial, and otherwise imitate other managers' better trades. Contrary to previous research, we find that these partial imitation strategies lead to...

Based on a new dataset obtained from survey data, we study household debt default behavior in Chile. Previous research in this area suggests financial and personal variables that can help estimate individual and group probabilities of default. We study mortgage and consumer default separately,...

This study examines how depositors choose among different banks and over time in Colombia, focusing on whether they discipline bank behavior. By controlling for a more comprehensive set of risk/return factors, the study improves upon conventional market discipline tests. Panel data estimations...

We introduce a novel methodology to identify copycat behavior in mutual funds. We find that imitation is pervasive in the mutual fund industry. While most copycats underperform, a small number are 'smart imitators'. We find that funds at the high and low ends of the Copycat Score range...

We look at the relationship between religion and innovation at the country level. Innovation is captured by the Global Innovation Index and certain innovation outputs. Religiosity is measured across 141 countries in terms of religious belonging, belief, and intolerance. In addition, we look at...

After building up foreign currency denominated (FC) liabilities over several years, Colombian firms might be vulnerable to a shift in external conditions. We undertake three empirical exercises to better understand these vulnerabilities. First, we identify the determinants of FC borrowing....