Annual Conference

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Household Finance, Senior Fellows/Fellows

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May 2023

We propose a revealed-preferences approach to assess the costs of cultural biases faced by discriminators by comparing peer-to-peer loans the same lenders make alone and after observing suggestions by an automated robo-advisor in India. Discrimination across religions and against low-caste borrowers...
Keywords: Trust, Social Capital, Discrimination, Cultural Norms, Subjective Expectations, Robo-Advising, FinTe
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Annual Conference

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Household Finance

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May 2023

Using Swedish administrative panel data, we document that workers facing higher left-tail income risk when equity markets perform poorly are less likely to participate in the stock market and, conditional on participation, have lower equity shares. In line with theory, the relationship between cycli...
Keywords: Household finance, Asset pricing, Disaster risk, Labor income risk, Portfolio choices
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Annual Conference

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Household Finance

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May 2023

We conduct a field experiment to investigate how payday loan contracts design affects loan outcomes. Using a FinTech lending platform in Indonesia, we randomly extend the loan term by one or two days to align the loan due date with borrowers’ salary payday after the loan has been approved. Differe...
Keywords: FinTech, Household Finance, Payday
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Annual Conference

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Household Finance

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May 2023

Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a mortgage during Chapter 13 bankruptcy until the Supreme Court disallowed this practice in 1993. We investigate the impact of mortgage cramdown on household distress exploiting the random assignment of cases to judge...
Keywords: Debt Relief, Principal Reduction, Debt Overhang, Foreclosures, Consumer Bankruptcy, Housing Policies
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Annual Conference

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Household Finance

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May 2023

While online learning has become more common including during the Covid-19 period, its effect on the education gap between rich and poor children is still unclear. Using school closures (compulsory online education) across 21 cities in Southern China during the Covid-19 pandemic as a natural experim...
Keywords: School closures, education gap, family wealth, mobile Apps, time allocation
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