Purpose: The purpose of this paper is to develop a framework that identifies financial literacy concepts that board members in NFP’s should read, understand and apply their minds to effectively perform their duties.Design: We address this through qualitative and quantitative methods with group...

Mobile payments (m-payments) increase the accessibility of large segments of society to financial services while before the traditional banking system excluded these for lack of proof of identity and because of unsafe environments. This constitutes a key driver of new growth strategies of the...

I provide evidence that adverse shocks to the wealth of business owners during the Financial Crisis had large effects on their firms' financing, employment, and investment. I use individual-level portfolio data from Norway to exploit the dispersion in stock returns during 2008–09 as a source...

This paper examines the effect of broadband Internet on household stock market participation. By exploiting the expansion of broadband in the U.S. from 1999 to 2008, we find that the availability of broadband in a household’s zip code significantly increases the likelihood of stockholding and...

We survey clients of a German online bank to study retail investors' beliefs about the autocorrelation of annual returns of the aggregate stock market, and the role of these beliefs in financial decisions. A majority of our respondents believe in mean reversion of aggregate returns, and these...

We study the role of captive finance in the car loan market when manufacturers' liquidity demand increases. Using a new multi-country dataset on securitized car loans, we show that captive lending enables a liquidity constrained integrated manufacturer to increase the cash collected from car...

We propose debt-wealth constraints to separate all households into constrained and unconstrained groups. A constrained household is subject to debt payment dues with limited wealth. However, an unconstrained family has cash reserves. Since cash reserves can absorb investment losses, only...

Economic theory suggests that the presence of undiversifiable background risks influences household portfolio choices. Households face significant location-specific background risks due to sea level rise (SLR). Using detailed local variation in SLR exposure and disaggregated geographic...

Although budgeting is widely considered a common method of managing household finances, surprisingly little is known about the budgeting process. Using a nationally-representative survey (N=3,826) of US adults, we examine budgeting behaviors and beliefs, including who budgets and why, how...

The main aim of this chapter is review cutting-edge research on the relationship between financial education and financial inclusion. To achieve this, we carry out a novel comprehensive review of the related literature. The relation between these two concepts has been studied mainly using...