Behavioral finance studies the application of psychology to finance, with a focus on
individual-level cognitive biases. I describe here the sources of judgment and decision …

This article reviews the literature on international comparative household finance. It presents
summary statistics on household balance sheets for 13 developed countries and uses these …

This paper assesses the potential impact of FinTech on the finance industry, focusing on
financial stability and access to services. I document first that financial services remain …

We study the introduction of a wealth-management robo-adviser that constructs portfolios
tailored to investors' holdings and preferences. Adopters are similar to non-adopters in terms …

We document the effects of the COVID− 19 pandemic on digital finance and fintech
adoption. Drawing on mobile application data from a globally representative sample, we find …

We document the economywide extent of misconduct among financial advisers and the
associated labor market consequences. Seven percent of advisers have misconduct …

We show that mutual fund investors rely on simple signals and likely do not engage in
sophisticated learning about managers' alpha as widely believed. Simplistic performance …

The US financial services industry grew from 4.9 percent of GDP in 1980 to 7.9 percent of
GDP in 2007. A sizeable portion of the growth can be explained by rising asset management …

A quantitative investigation of financial intermediation in the United States over the past 130
years yields the following results:(i) the finance industry's share of gross domestic product …

We study the importance of trust in the investment advisory industry by exploiting the
geographic dispersion of victims of the Madoff Ponzi scheme. Residents of communities that …