AbstractThis article extends the rare disaster framework by introducing a model with a time‐varying disaster recovery feature. The model yields closed‐form pricing formulas

for stocks and dividend strips. Calibrated using international disaster data, it quantitatively captures both the unconditional and conditional term structures of [...]

Abstract It is a long-standing fact that households mostly consume and rarely reinvest dividends. Among representative brokerage clients of one of Germany’s largest banks,

we find the opposite: 80 percent reinvestments and 12 percent consumption. Of these reinvestments, the majority occurs with a delay after dividends are initially [...]

AbstractFinance theory suggests that the privileged information that traditional banks obtain about borrowers through monitoring creates opportunities for banks to impose informational

hold-up costs on such borrowers. Because a surge in borrower risk increases banks’ hold-up power, banks with information monopoly should be able to increase their [...]

AbstractThis article examines whether agency conflicts introduced by securitization affect servicers’ asset liquidation decisions. We find securitized loans are 25.4–28.5

percent less likely to be liquidated via short sales than portfolio loans. Securitized loan servicers’ bias against short sales does not represent an agency conflict [...]

AbstractWe explore the effects of a blockchain-based environmental monitoring technology on emissions. Our model of firm competition in the presence of regional regulators

reveals that blockchain adoption reduces industrial pollution but triggers business relocation, creating trade-offs between local emission reduction and economic [...]

AbstractIn four large online experiments, we study how investors assess the relationship between stock portfolios and the market. Participants select or are randomly assigned

a portfolio of stocks from a market index. They state portfolio return expectations conditional on different market outcomes, revealing implied beliefs about portfolio [...]

AbstractWe study the causal effects of precommitment framing, motivational deadlines, and semi-personalized information on military servicemembers’ retirement savings using

a randomized field experiment. Low-cost emails highlighting a motivational deadline or semi-personalized salary information increased participation by about 1 percentage [...]

AbstractThis article examines whether more bank presence in underserved areas can improve households’ health. Leveraging a 2005 Reserve Bank of India policy and a regression

discontinuity design, I demonstrate that 5 years post-policy, treatment districts have twenty-seven more bank branches than control districts. [...]

AbstractUsing a comprehensive dataset of privacy policies, firm characteristics, consumer tracking, and cybersecurity incidents, we document several stylized facts about the

heterogeneity of firms’ data extraction practices and the influence of privacy regulations. [...]

Risk-based approaches to regulatory governance are ubiquitous. One aspect of such approaches suggests regulators direct their attention towards companies that have already

violated regulations. However, such approaches have made little use of available data to explore these companies, especially compared to companies that do not transgress. [...]