Using administrative account level data, we study the largest financial inclusion program in India that led to 255 million new bank account openings. About 77% of these accounts maintain a positive balance. While the initial usage remains quite infrequent, it gradually converges to that of...

How do changes to stock price informativeness affect the mix of long-term and short-term pay? We answer this question using two exogenous shocks to price informativeness: the reduction in analyst coverage due to closure of brokerage houses and mutual-fund flow driven price pressure. Using the...

We document a political cycle in the investment decisions of state-owned enterprises (SOEs) by using the constitutionally mandated election schedule in India as a source of exogenous variation in politicians' incentive to cater to voters. Using a project-level investment database, we find that...

We examine how global institutional funds respond to news-based economic policy uncertainty (EPU) in the investment destination and home country. We document a number of novel findings. First, on an average there exists a negative flow-EPU relationship for global funds. Second, we document a...

Does the ability to generate verifiable digital financial histories, with customers having data-sharing rights, improve credit access? We answer this using India's launch of an Open-Banking based public digital payment infrastructure (UPI). Using rarely available data on the universe of consumer...

Using hand collected data on division manager (DM) pay contracts, we document that DM pay is related to the performance of both her division and the other divisions in the firm. There is substantial heterogeneity in DM pay-for-performance. DM pay for her division's performance is lower in...