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Access to Financial Services: Measurement, Impact, and Policies

Thorsten Beck, Asli Demirgüç-Kunt and Patrick Honohan.

in The World Bank Research Observer

February 2009; p ublished online February 2009 .

Journal Article. Subjects: Microeconomics; Financial Institutions and Services; Banking; Economic Development. 9503 words.

In many developing countries less than half the population has access to formal financial services, and in most of Africa less than one in five households has access. Lack of access to...

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Adam Smith on markets, competition and violations of natural liberty

Heinz D. Kurz.

in Cambridge Journal of Economics

March 2016; p ublished online March 2015 .

Journal Article. Subjects: History of Economic Thought (to 1925); History of Economic Thought (1925 onwards); Information, Knowledge, and Uncertainy; Market Structure and Pricing; Economics; Financial Regulation. 12976 words.

According to Adam Smith, markets and trade are, in principle, good things—provided there is competition and a regulatory framework that prevents ruthless selfishness, greed and rapacity...

Advances in Pricing Strategies and Tactics

Praveen K. Kopalle and Robert Hansen.

in The Oxford Handbook of Managerial Economics

July 2013; p ublished online October 2013 .

Article. Subjects: Economics; Financial Institutions and Services; Microeconomics. 15152 words.

There has been much interest in pricing strategies and tactics both in the research and practice domains. This chapter examines the recent literature on pricing with a focus on blending an...

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The adverse selection problem in imperfectly competitive financial markets

Ville Mälkönen and Timo Vesala.

in Oxford Economic Papers

October 2013; p ublished online November 2012 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Banking; Market Structure, Firm Strategy, and Market Performance; Market Structure and Pricing. 5695 words.

We show that two horizontally differentiated banks can implement separating equilibria in markets for bank loans by using non-linear price schedules. The optimal strategies of the banks...

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Agricultural Decisions after Relaxing Credit and Risk Constraints

Dean Karlan, Robert Osei, Isaac Osei-Akoto and Christopher Udry.

in The Quarterly Journal of Economics

May 2014; p ublished online February 2014 .

Journal Article. Subjects: Economic Development; Design of Experiments; Production and Organizations; Agricultural Economics; Intertemporal Choice and Growth; Insurance. 19024 words.

The investment decisions of small-scale farmers in developing countries are conditioned by their financial environment. Binding credit market constraints and incomplete insurance can limit...

Ambiguity and Nonparticipation: The Role of Regulation

David Easley and Maureen O’Hara.

in The Review of Financial Studies

May 2009; p ublished online January 2009 .

Journal Article. Subjects: Economics; Financial Institutions and Services; Information, Knowledge, and Uncertainy. 12529 words.

We investigate the implications of ambiguity aversion for performance and regulation of markets. In our model, agents’ decision making may incorporate both risk and ambiguity, and we...

The Attractions and Perils of Flexible Mortgage Lending

Mark J. Garmaise.

in The Review of Financial Studies

October 2013; p ublished online August 2013 .

Journal Article. Subjects: Banking; Household Behaviour and Family Economics. 15803 words.

A mortgage program that offered borrowers greater flexibility in the timing of repayments increased a bank's volume by over 35%. Loans in the program exhibited superior performance. Despite...

Bank Credit Cycles

G. B. Gorton and Ping He.

in The Review of Economic Studies

October 2008; p ublished online October 2008 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Prices, Business Fluctuations, and Cycles; Banking. 16461 words.

A bank determines whether potential borrowers are creditworthy, that is, whether they meet the bank's credit or lending standards. In making this determination, each bank is in competition...

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Banking: A New Monetarist Approach

Chao Gu, Fabrizio Mattesini, Cyril Monnet and Randall Wright.

in The Review of Economic Studies

April 2013; p ublished online January 2013 .

Journal Article. Subjects: Microeconomics; Banking; Money and Interest Rates; Macroeconomics and Monetary Economics. 14097 words.

We develop a model where: (i) banks take deposits and make investments; (ii) their liabilities facilitate third-party transactions. Other models have (i) or (ii), not both, although we...

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Behavioral Economics and Strategic Decision Making

Massimo Garbuio, Dan Lovallo and Elif Ketenciouglu.

in The Oxford Handbook of Managerial Economics

July 2013; p ublished online October 2013 .

Article. Subjects: Economics; Financial Institutions and Services; Microeconomics. 10420 words.

Modern strategic decision theory focuses on those actions taken by senior executives (on behalf of the owners) that commit substantial resources, set precedents, and create waves of less...

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Behavioral Economics and the Food Consumer

David R. Just.

in The Oxford Handbook of the Economics of Food Consumption and Policy

September 2011; p ublished online November 2012 .

Article. Subjects: Economics; Microeconomics; Financial Institutions and Services. 9290 words.

Behavioral theory suggests a myriad other policy options that can have substantial impacts without restricting choices in any real sense. This article focuses on three general areas of...

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A behavioral model of simultaneous borrowing and saving

Karna Basu.

in Oxford Economic Papers

October 2016; p ublished online May 2016 .

Journal Article. Subjects: Intertemporal Choice and Growth; Banking; Economic Development. 3304 words.

Why do individuals borrow and save at the same time? This paper proposes a new explanation in settings where savings are not secure. A sophisticated hyperbolic discounter who foresees an...

‘Being in the market’: the UK house-price bubble and the intended structure of individual pension investment portfolios

Gordon L. Clark, Roberto Durán-Fernández and Kendra Strauss.

in Journal of Economic Geography

May 2010; p ublished online July 2009 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Financial Institutions and Services; Economics. 12142 words.

It is widely observed that being in the market gives financial traders access to knowledge and information not available to remote traders. A truism of the geography of finance, it is also...

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Borrowing High versus Borrowing Higher: Price Dispersion and Shopping Behavior in the U.S. Credit Card Market

Victor Stango and Jonathan Zinman.

in The Review of Financial Studies

April 2016; p ublished online November 2015 .

Journal Article. Subjects: Household Behaviour and Family Economics; Financial Institutions and Services. 12917 words.

We document substantial cross-individual dispersion in U.S. credit card borrowing costs, even after controlling for borrower risk and card characteristics. That remaining dispersion arises...

Business Creation and the Stock Market

Claudio Michelacci and Javier Suarez.

in The Review of Economic Studies

April 2004; p ublished online April 2004 .

Journal Article. Subjects: Intertemporal Choice and Growth; Investment Banking; Business and Management; Corporate Governance. 11594 words.

We claim that the stock market encourages business creation, innovation, and growth by allowing the recycling of “informed capital”. Due to incentive and information problems, start-ups...

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Capital Supply Uncertainty, Cash Holdings, and Investment

Julien Hugonnier, Semyon Malamud and Erwan Morellec.

in The Review of Financial Studies

February 2015; p ublished online December 2014 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Investment Banking; Corporate Governance. 32387 words.

We develop a dynamic model of investment, financing, and cash management decisions in which investment is lumpy and firms face capital supply uncertainty. We characterize optimal policies...

The Conditional Effects of Market Power on Bank Risk—Cross-Country Evidence

Jens Forssbæck and Choudhry Tanveer Shehzad.

in Review of Finance

August 2015; p ublished online October 2014 .

Journal Article. Subjects: Financial Regulation; Banking; International Finance; Market Structure and Pricing. 13603 words.

We investigate the relationship between market power and risk for a large panel of banks worldwide. Loan and deposit market power are measured separately at bank-year level, and the risk...

The Consequences of Entrepreneurial Finance: Evidence from Angel Financings

William R. Kerr, Josh Lerner and Antoinette Schoar.

in The Review of Financial Studies

January 2014; p ublished online October 2011 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Investment Banking; Entrepreneurship; Business and Management; Technological Change; Research and Development. 15205 words.

This article documents the fact that ventures funded by two successful angel groups experience superior outcomes to rejected ventures: They have improved survival, exits, employment,...

Consumer Bankruptcy, Bank Mergers, and Information

Jason Allen, H. Evren Damar and David Martinez-Miera.

in Review of Finance

July 2016; p ublished online August 2015 .

Journal Article. Subjects: Financial Institutions and Services; Market Structure and Pricing. 15455 words.

This article analyzes the relationship between consumer bankruptcy patterns and the destruction of soft information caused by mergers. Using a major Canadian bank merger as a source of...

Contagious Effects of a Political Intervention in Debt Contracts: Evidence Using Loan-Level Data

Prasanna L Tantri.

in The Review of Financial Studies

November 2018; p ublished online January 2018 .

Journal Article. Subjects: Household Behaviour and Family Economics; Financial Regulation; Banking. 17056 words.

Abstract

Using an unexpected government regulation that restricted the ability of microfinance institutions to recover loans in one Indian state, I examine...