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W e find that experienced poker players typically change their style of play after winning or losing a big pot—most notably, playing less cautiously after a big loss, evidently hoping for lucky cards that will erase their loss. This finding is consistent with Kahneman and Tversky's (Kahneman, D., A. Tversky. 1979. Prospect theory: An analysis of decision(More)
Because they engage in maturity transformation, a steepening of the yield curve should, all else equal, boost bank profitability. We reexamine this conventional wisdom by estimating the reaction of bank intraday stock returns to exogenous fluctuations in interest rates induced by monetary policy announcements. We construct a new measure of the mismatch(More)
We study the impact of an innovative program in the Indian state of Bihar that aimed to reduce the gender gap in secondary school enrollment by providing girls who continued to secondary school with a bicycle that would improve access to school. Using data from a large representative household survey, we employ a triple difference approach (using boys and(More)
This project greatly benefited from financial and logistical support from the International Growth Center (IGC) for the research as well as its dissemination. We also thank the Department of Education, Government of Bihar for support with the data collection. We are especially grateful to Andrew Foster for his suggestions on this paper. We further thank and(More)
for helpful comments. Robert Kurtzman and Michael Levere provided outstanding research assistance. All errors and omissions are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Short sections of text, not to exceed two paragraphs, may be quoted without explicit(More)
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