The capital structure of lending institutions has become an increasingly prominent issue in the world finance. Contemporaneously, microfinance (MFIs) have risen to forefront as invaluable development process. Since constraints hindered expansion programs and organizations had various degrees sustainability, question how best finance these is a key issue. This paper explores changes could improve MFI efficiency financial sustainability. I find causal evidence supporting assertion that...

Abstract Theory indicates that frictions (e. g., information and transaction costs) could account for the lower than expected stock market participation rates. This paper examines hypothesis there has been a fundamental change in links this to reduction of these by advent Internet. Using panel data on household rates over past decade, results show computer/Internet using households raised substantially more non-computer households. The increased probability was equivalent having $27,000...

Close to 30% of the US population experiences at least one mental or substance abuse disorder each year. Given prevalence health issues, this paper analyzes role and cognitive functioning in household portfolio choice decisions. Generally, we find that households affected by issues decrease investments risky instruments. Various can reduce probability holding assets up 19%. Moreover, single women diagnosed with psychological disorders increase safe assets. We also are associated an financial...

Purpose The purpose of this paper is to investigate whether the gender composition a fund management team influences investment decision-making behavior. Specifically, we focus on how portfolio choice affected by risk aversion and loss aversion.

This paper finds households with children and elderly dependents, the “Sandwich Generation,” significantly reduce both college savings stockholding. Having any dependents decreases probability of stockholding by twice as much poor personal health. Hence, these results have critical implications they demonstrate importance magnitude links between pension system, financial aid, wealth accumulation. Elderly limiting parental funds for offspring education can decrease long-term earnings...

Numerous behavioural factors have been identified as having an impact on household stockholding decisions. Given there is both theoretical and empirical evidence to support the premise that offspring gender can influence specific types of parental preferences, I test theory has effect investment decision-making. find does stock market participation. Specifically, only female significantly increase probability stockholding. large effects wealth levels family affect intergenerational...

The questionable ability of the U.S. pension system to provide for growing elderly population combined with rising number people affected by depression and other mental health issues magnifies need understand how these household characteristics affect retirement. Mental problems have a large significant negative effect on retirement savings. Specifically, psychological distress is associated decreasing probability holding accounts as much 24 percentage points savings share financial assets...

We investigate the trends and drivers of racial diversity on U.S. corporate boards. document that boards are persistently racially homogenous, but this is changing. About 10% directors average board during our sample non-white, however, new director appointments minorities increased from 12% in 2013 to over 40% 2021. Smaller, value firms less likely appoint minority through 2019 with homogenous also to. In 2020, trend sharply reverses such by 2021 actually seek directors. This reversal...

Microcredit demand is frequently assumed to be inelastic, yet understanding the price elasticity of for microcredit highly relevant in designing appropriate microfinance institution ( MFI ) financial products and policy. This article extracts loan schedules elasticities borrowers Dominican Republic using a unique survey instrument. We analyse intensive margin find that client are not homogeneous correlated with certain borrower characteristics. Overall results suggest these...

Microfinance Institutions (MFIs) have risen to the forefront as invaluable institutions in development process. Nevertheless, capital constraints hindered expansion of microfinance programs such that demand for financial services still far exceeds currently available supply. Moreover, it is observed organizations had various degrees sustainability. Thus, question how best fund these a key issue. Recognizing potential process, this paper examines existing sources funding MFIs by geographic...

Traditional economic theories assume that individuals are endowed with certain risk preferences unaltered by experiences. However, recent evidence indicates macroeconomic shocks do have an effect on individual's willingness to take financial risks. In the context of investment decisions, we examine empirically whether affected other types traumatic life Using a unique proprietary data set, investigate personal experiences—such as combat experiences veterans—have long‐term effects risk‐taking...

ABSTRACT Previous literature concerning immigrant financial market participation has typically treated the population as a homogeneous collective. However, in United States is incredibly diverse, particularly regards to country of origin. Using panel data, we test hypothesis that differing information costs generate differences U.S. asset rates. We find significant variations (by origin) rates holding stock, mutual funds, Savings Bonds, and other fixed income securities do exist. Our results...

We analyze how children with mental disabilities influence parental portfolio allocation. find that risky asset holding decreases among households special needs children. However, conditional on participating in financial markets, invest a larger portion of their wealth assets. As is key component building, these findings have important implications for both policy and household inequality.

This paper analyzes the role of mental health in self-employment decisions. We find evidence a relationship between psychological distress and for men that depends on type severity distress. Specifically, there is suggestive causal link from moderate to an unincorporated business as main job men. Additionally, we long term illness can significantly increase probability both women. Our results suggest individual difficulty wage-and-salary employment likely mechanism this connection.

We find an economically and statistically significant effect of race-based police violence on home ownership retirement savings. Using restricted-use Panel Study Income Dynamics data, we show that Black individuals exposed to the fatality a person caused by or involving subsequently experience decreased homeownership, equity, defined contribution pension participation relative non-Black in same zip code. Our findings suggest affects not only those immediately involved but also entire racial...

Historically, corporate bankruptcy reorganization has generated varying results with respect to subsequent firm performance. Some firms reorganize effectively and emerge as more efficient productive enterprises. However, other inefficient companies strive survive by utilizing the rehabilitative process of Chapter 11; though liquidation might be a suitable course action. This study investigates which characteristics performance 11 are linked successful emergence upon reorganization. We find...

This paper analyzes the 529 College Savings Plan market using a plan level panel data set covering years 2002–2006. The results show evidence of limited competition and positive relationship between state tax benefits fees. A $100 increase in potential taxable income benefit from investing is associated with 3–6 basis point investment management fees for direct‐sold Plans. suggests that government policies designed to make college more affordable could enable firms charge excess . ( JEL G11,...

Recent estimates indicate approximately 8.4 million US households are unbanked with an additional 24.2 classified as underbanked. We focus on intersectionality, specifically the intersection of race and gender, to better understand probability being underbanked in US. Additionally, we look at drivers this financial exclusion. find Black women significantly more likely than men or any other group be Further, limited wealth is frequently cited by main reason why they do not engage banking system.

Abstract We provide an informed discussion about challenges, opportunities and the future of research practice in field financial planning over next 10 years. As editors Financial Planning Review , using a mix‐methods approach survey subject‐matter expert views, we outline what believe are some key themes planning. also present overview challenges facing researchers who working to build, inform, expand body literature. Further, discuss planning‐related topics that would benefit most from...