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 …

Trustees of pensions, charities, and personal trusts invest tens of trillions of dollars of other
people's money subject to a sacred trust known in the law as fiduciary duty. Recently, these …

This lecture considers the case for consumer financial regulation in an environment where
many households lack the knowledge to manage their financial affairs effectively. The …

Behavioral Law and Economics has created a dilemma for policymakers. On the one hand,
research from the field suggests a wide range of unconventional policy instruments (" …

Large privately held startups valued at $1 billion or more (" unicorns') are grappling with how
to deal with employees' expectations caused by the illiquidity of the shares of stock acquired …

Retirement investing in the United States has changed dramatically. The classic pension
plan, also known as a defined benefit plan, in which an employer paid a retired employee a …

In recent years, a controversy has erupted over the distinction between employees and
independent contractors. Commentators have argued that in the modern gig economy, many …

The design of default rules-provisions that govern unless actively negated-is one of the
central techniques of lawmaking. Because of its centrality, the question of how to design …

Canonical theories of law and economics predict that issuing firms in initial public offerings
(IPOs) demand-and that competitive markets produce-a transaction structure that maximizes …

According to an ancient legend, the ruler Shirham was full of joy when presented with the
game of Chess. To show his gratitude, he offered the inventor, Sissa Ibn Dahir, whatever he …