An influential line of thinking in behavioral science, to which the two authors have long
subscribed, is that many of society's most pressing problems can be addressed cheaply and …

This paper describes the empirical universe of financial fraud as it has been documented in
the academic literature. Specifically, it describes the different forms of fraudulent behaviour …

Corporate governance is concerned with the resolution of collective action problems among
dispersed investors and the reconciliation of conflicts of interest between various corporate …

This paper studies the significant variation in the cross-section of standalone and systemic
risk of large banks during the recent financial crisis to identify bank specific factors that …

The collapse of AAA‐rated structured finance products in 2007 to 2008 has brought
renewed attention to conflicts of interest in credit rating agencies (CRAs). We model …

Referral programs have become a popular way to acquire customers. Yet there is no
evidence to date that customers acquired through such programs are more valuable than …

The low level of financial literacy across households suggests that they are at risk of making
suboptimal financial decisions. In this paper, we analyze the effect of investors' financial …

Using representative US investor data, we investigate whether automated financial advisors,
also referred to as robo-advisors, reduce investors' demand for human financial advice …

Do financial advisers undo or reinforce the behavioral biases and misconceptions of their
clients? We use an audit methodology where trained auditors meet with financial advisers …

Many identify inflated credit ratings as one contributor to the recent financial-market turmoil.
We develop an equilibrium model of the market for ratings and use it to examine possible …