Annual Conference

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Corporate Finance

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May 2018

The Relationship Dilemma: Organizational Culture and the Adoption of Credit Scoring Technology in Indian Banking

Prachi MISHRA, Nagpurnanand PRABHALA, Raghuram G. RAJAN
Credit bureaus and scoring were introduced in India in late 2007. We study the adoption of this technology in retail lending by private banks and state-owned public sector banks (PSBs). Both banks adopt scoring for new borrowers but PSBs significantly lag in adopting scoring for existing bank borrow...
Keywords: Credit Scoring Technology, Retail lending, Organizational culture
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

The Real Impact of FinTech: Evidence from Mobile Payment Technology

Sumit AGARWAL, Wenlan QIAN, Bernard YEUNG, Yuan REN, Hsin-Tien TSAI
We utilize the introduction of a mobile payment technology by the largest bank in Singapore in 2017 to study how mobile payment technology reshapes economic activities and stimulates business creation. After the introduction, business-to-consumer industries witnessed a higher growth rate of business...
Keywords: FinTech, Mobile payment, Cash, Credit card, Real effect, Small business, Business creation, Entrepreneurship, Consumption, banking, Digital economy, Transaction cost, Inclusive growth
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Annual Conference

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Investment Finance

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May 2018

The Promises and Pitfalls of Robo-advising

Nagpurnanand PRABHALA, Francesco DACUNTO, Alberto G. ROSSI
We study a robo-advising portfolio optimizer that constructs tailored strategies based on investors' holdings and preferences. Adopters are similar to non-adopters in terms of demographics, but have more assets under management, trade more, and have higher risk-adjusted performance. The robo-advisin...
Keywords: FinTech, portfolio choice, Behavioral finance, Individual Investors, Financial Literacy, Technology Adoption
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Annual Conference

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Household Finance

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May 2024

The price of leverage: learning from the effect of LTV constraints on job search and wages

Gazi KABAS, Kasper ROSZBACH
Does household leverage matter for workers’ job search, matching in the labor market, and wages? Theoretically, household leverage has been shown to have opposing effects on the labor market through, among others, a debt-overhang and a liquidity constraint channel. To test which channels dominate ...
Keywords: Household leverage, household debt, job displacement, job search, macroprudential policy, wages.
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Annual Conference

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Investment Finance

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May 2019

The Pollution Premium

Kai LI, Po-Hsuan HSU, Chi-Yang TSOU
This paper studies the implications of environmental pollution on the cross-section of stock returns. A long-short portfolio constructed from firms with high versus low toxic emission intensity within industry generates an average return of 5.52% per annum. To explain this pollution premium, we deve...
Keywords: Toxic emissions, Regime shift risk, uncertainty, Environmental regulation, Cross-section of stock returns
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