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P2P Lending versus Banks: Cream Skimming or Bottom Fishing?
(2018-04-18)
We derive three testable predictions from a bank-P2P lender model of competition: (i) P2P lending grows when some banks are faced with exogenously higher regulatory costs, (ii) P2P loans are riskier than bank loans; and ...
The Geography of Alternative Work
(2018-04-27)
The increase in alternative working arrangements has sparked a debate over the positive impact of increased flexibility against the negative impact of decreased financial security. We study the prevalence and determinants ...
Client Involvement in Expert Advice: Antibiotics in Finance?
(2018-07-23)
We use minutes from 17,000 financial advisory sessions and corresponding client portfolio data to study how client involvement affects advisor recommendations and portfolio outcomes. We find that advisors confronted with ...
Financial Literacy and Socialist Education: Lessons from the German Reunification
(2018-07-01)
A growing body of literature shows the importance of financial literacy in households' financial decisions. However, fewer studies focus on understanding the determinants of financial literacy. Our paper fills this gap by ...