Can financial innovations be offered in the presence of information frictions without
increasing credit risk? We address this question through a randomized experiment with 799 …

Lending marketplaces aimed at directly connecting retail lenders and borrowers retreat from
auctions and, instead, set prices and allocate credit on their own, despite evidence that retail …

Using detailed account‐level data, this paper explores how financial sophistication affects
consumers' spending responses to changes in income. I document that, controlling for …

Neither theory nor existing empirical evidence support the notion that wealth taxation
reduces saving. Theoretically, the effect is ambiguous due to opposing income and …

In 2005, Prosper launched the first peer-to-peer lending website in the US, allowing for
consumers to apply for and receive loans entirely online. To understand the effect of this …

We first provide evidence of investor inattention to a very simple and well-known capital
gains tax exemption in the Brazilian stock market. We then show that inattentive investors …

This dissertation consists of three chapters. In the first, I document advantageous selection in
loan amount in the largest peer-to-peer (P2P) lender in the United States. By exploiting a …

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 …

Using data from the largest online lender in the United States, we document advantageous
selection in loan amount. Exploiting a natural experiment within the platform, we show that …

Heuristics have a ubiquitous influence on decision-making. Despite a large strand of
literature on various heuristics, scant research addresses the concurrent applications of …