Bargaining and mortgage financing have been extensively studied in the literature. However, they have only been studied separately. This paper is the first to embed financing into a bargaining model, and our model yields several new insights. First, we show that financing creates new ground for...

This paper examines the relation between bank branch deregulation and corporate borrowers' stock price crash risk. Using a large sample of U.S. public firms over the period 1962-2001, we provide robust evidence that intrastate branch reform reduces firms' stock price crash risk. Our finding is...

Although there has been considerable recent interest in micro-credit programs, rigorous evidence on the impacts of forming self-help groups to mobilize savings and foster social empowerment at the local level is virtually non-existent, despite a large number of programs following this pattern....

Despite their potential importance and ease of modification, impacts of monitoring and loan recovery arrangements on micro-credit groups' repayment performance have rarely been studied. Data on 3,350 expired group loans in 300 Indian villages highlight that regular monitoring and audits, high...

Despite the popularity and unique nature of women's self-help groups in India, evidence of their economic impacts is scant. Based on two rounds of a 2,400 household panel, the authors use double differences, propensity score matching, and pipeline comparison to assess economic impacts of longer...

This paper examines the impact of a large supply-side education intervention in the Philippines, the Third Elementary Education Project, on students' national achievement test scores. It finds that the program significantly increased student test scores at grades 4 to 6. The estimation indicates...

This paper examines the long-term impacts of improved school quality at the elementary school stage on subsequent schooling investments and labor market outcomes using unique data from a recent survey that tracked students in the Philippines. The empirical results, which are based on a...