Annual Conference

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Specialty Conference

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May 2021

We study the spending response of first-time borrowers to an overdraft facility and elicit their preferences, beliefs, and motives through a FinTech application. Users increase their spending permanently, lower their savings rate, and reallocate spending from non-discretionary to discretionary goods...
Keywords: Digital Footprint, Beliefs, Bank Credit, Household Finance, Behavioral finance
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Annual Conference

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Investment Finance

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May 2024

Frequent, yet uninformed, market timing recommendations by a financial advisory firm generate significant flows for Chilean pension funds. These flows give rise to substantial changes in the Chilean foreign exchange due to the funds’ high allocation to international equities. Hedging by local bank...
Keywords: exchange rates, CIP deviations, Pension Funds, market efficiency
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Annual Conference

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Labour Economics

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May 2024

Do people around us influence our personality? We study this question with a field experiment where we randomly assign university students to study groups. We find personality spillovers along three dimensions: students become more conscientious when assigned to conscientious peers, more open-minded...
Keywords: personality, spillovers, field experiment, peer effects
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Annual Conference

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Corporate Finance

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May 2016

We investigate how firms react to their product-market peers’ commitment to and adoption of corporate social responsibility (CSR) using a regression discontinuity design approach. Relying on the passage or failure of CSR proposals by a narrow margin of votes during shareholder meetings, we find th...
Keywords: corporate social responsibility, peer effects, product markets, shareholder proposal, regression discontinuity
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Payment timeliness in trade credit transactions is a key metric suppliers use to monitor their buyers. However, firms are not required to disclose payment timeliness information. In theory, late payments could be either a positive or negative indicator of future performance. We find that late paymen...
Keywords: trade credit, non-bank lending, customer–supplier relationships, stock returns, private information, supply chain
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