Personal bankruptcies have continued to rise even after passage of a comprehensive reform designed to curb strategic use of bankruptcy. We formalize a distinction between strategic filing and adverse events filing by testing whether consumers manipulate their debt and filing decision or not....

A partial test for strategic behavior in bankruptcy filing may be formulated by testing whether consumers manipulate their debt and filing decision jointly, or not: that is, testing for endogeneity of financial benefit and the bankruptcy filing decision. Using joint maximum likelihood estimation...

We study wealth management products (WMPs) issued by banks and find higher prices online than offline. The explanation is: banks must charge lower prices at physical branches to compensate customers for traveling costs. The online-offline price gaps decrease with the share of online-banking...