The tenure decision upon whether to buy or to rent accommodation has long-term consequences for households' financial wellbeing that influence macroeconomic development and stability when the cumulative effects of individual decisions are aggregated across populations. The author explains how...

We investigate how savings goals relate to wealth allocation and how this relationship is moderated by financial advice and numerical ability. Using panel data from a large household survey we find that as the number and the time horizon of savings goals increases, portfolios shift from safe...

We study the impact of financial constraints on cross-market arbitrage. We find that financially constrained firms are more likely to conduct debt-financed share repurchases. Such repurchases tend to reduce investments and increase financial distress risks, especially when financially...