• Publications
  • Influence
Peer Pressure: Social Interaction and the Disposition Effect
Social interaction contributes to some traders’ disposition effect. New data from an investment-specific social network linked to individual-level trading records builds evidence of this connection.Expand
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Law and Finance Matter: Lessons from Externally Imposed Courts
This paper provides novel evidence on the real and financial market effects of legal institutions. Our analysis exploits persistent and externally imposed differences in court enforcement that aroseExpand
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Friends Do Let Friends Buy Stocks Actively
This research provides empirical evidence that social interaction is more prevalent among active rather than passive investors. While previous empirical work, spearheaded by Hong et al. (2004), showsExpand
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Facebook Finance: How Social Interaction Propagates Active Investing
This paper shows how active investing strategies propagate through social connections in a network of retail traders, using a new database of social activity linked to individual-level tradingExpand
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YOLO: Mortality Beliefs and Household Finance Puzzles
Subjective mortality beliefs a ect pre- and post-retirement consumption and savings decisions, as well as portfolio allocation. New survey evidence shows that individuals overestimate their mortalityExpand
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Growing Up Without Finance
Early-life exposure to local financial institutions increases household financial inclusion and leads to long-term improvements in consumer credit outcomes. We identify the effect of local financialExpand
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Personal Wealth and Self-Employment
We examine how wealth windfalls affect self-employment decisions using data on cash payments from claims on Texas shale drilling to people throughout the United States. Individuals who receive largeExpand
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Politicizing Consumer Credit∗
Using proprietary data on individual Americans’ credit histories, we find that access to consumer credit decreases by 4.5% 8% when the borrower’s home-state U.S. Senator ascends to chair a powerfulExpand
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Mortality Beliefs and Household Finance Puzzles
Subjective mortality beliefs influence individual discount rates, affecting savings rates preand post-retirement. New survey evidence indicates that the salience of cohort-specific causes-ofdeathExpand
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Shale Shocked: Cash Windfalls and Household Debt Repayment
How do persistent cash flow shocks affect debt repayment across the distribution of households? Using individual data on natural gas shale royalty payments matched with credit bureau data for 215,639Expand