We study the effect of official statement textual complexity on municipal borrowing costs (yield) through the clientele channel. Theoretically, complexity reduces signal quality for unsophisticated investors, potentially increasing yield. We provide causal evidence of an economically significant...

The Securities and Exchange Commission's investigative process remains opaque and challenging to study due to limited observability. Leveraging de-identified smartphone geolocation data, we provide new insights into the SEC's monitoring practices by tracking SEC-associated devices that visit...

Leveraging the unique context of New York City taxi rides, we estimate that passengers are 25 to 30 percentage points more likely to tip a suggested amount when presented an integer tip suggestion. Moreover, we find this behavioral response to integer suggestion varies by tip menu placement,...

Leveraging the unique context of New York City taxi rides, we estimate that passengers are 25 to 30 percentage points more likely to tip a suggested amount when presented an integer tip suggestion. Moreover, we nd this behavioral response to integer suggestion varies by tip menu placement, fare...

We study the effect of official statement textual complexity on municipal borrowing costs (yield) through the clientele channel. Theoretically, complexity reduces signal quality for unsophisticated investors, potentially increasing yield. We provide causal evidence of an economically significant...

This paper studies the sources of suboptimal allocations observed in credit card repayments using a diagnostic laboratory experiment. Using a series of treatments, we present two main findings. First, suboptimal allocations persist in extremely simple choice environments. Particularly, neither...

Leveraging the unique context of New York City taxi rides, we estimate that passengers are 25 to 30 percentage points more likely to tip a suggested amount when presented an integer tip suggestion. By combining our empirical results with a behavioral model, we find that our results are...

The Securities and Exchange Commission's investigative process remains opaque and challenging to study due to limited observability. Leveraging de-identified smartphone geolocation data, we provide new insights into the SEC's monitoring practices by tracking SEC-associated devices that visit...