We show that a contraction of mortgage supply after the Great Recession has increased housing rents. Our empirical strategy exploits heterogeneity in MSAs' exposure to regulatory shocks experienced by lenders over the 2010-2014 period. Tighter lending standards have increased demand for rental...

We show how securitization affects the size of the nonbank lending sector through a novel price-based channel. We identify the channel using a regulatory spillover shock to the cross-section of mortgage-backed security prices: the U.S. Liquidity Coverage Ratio. The shock increases secondary...

We examine the distributional effects of access to a novel financial technology: automated asset management. A 90% reduction in minimum account size requirements by a major U.S. robo advisor increases participation in both asset management and the stock market by households from the middle...

We study the value added of automated financial management (AFM) services along two dimensions: diversification and account size flexibility. First, using a company-specific experiment with matched AFM and traditional portfolios, we find AFM portfolios are significantly better diversified....

We document that mortgaged homebuyers pay an 11% premium relative to all-cash buyers in residential real estate transactions. This premium far exceeds the 3\% premium implied by a realistically calibrated model of rational home sellers with transaction frictions. We obtain similar results from...