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Moral and Social Constraints to Strategic Default on Mortgages
In: NBER Working Paper No. w15145
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Il macigno `questione morale'
In: MicroMega: per una sinistra illuminista, Heft 1, S. 53-66
ISSN: 0394-7378, 2499-0884
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Working paper
Procrastination and Impatience
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Working paper
Who Blows The Whistle on Corporate Fraud?
What external control mechanisms are most effective in detecting corporate fraud? To address this question we study in depth all reported cases of corporate fraud in companies with more than 750 million dollars in assets between 1996 and 2004. We find that fraud detection does not rely on one single mechanism, but on a wide range of, often improbable, actors. Only 6% of the frauds are revealed by the SEC and 14% by the auditors. More important monitors are media (14%), industry regulators (16%), and employees (19%). Before SOX, only 35% of the cases were discovered by actors with an explicit mandate. After SOX, the performance of mandated actors improved, but still account for only slightly more than 50% of the cases. We find that monetary incentives for detection in frauds against the government influence detection without increasing frivolous suits, suggesting gains from extending such incentives to corporate fraud more generally.
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Working paper
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The Role of Social Capital in Financial Development
In: American economic review, Band 94, Heft 3, S. 526-556
ISSN: 1944-7981
To identify the effect of social capital on financial development, we exploit social capital differences within Italy. In high-social-capital areas, households are more likely to use checks, invest less in cash and more in stock, have higher access to institutional credit, and make less use of informal credit. The effect of social capital is stronger where legal enforcement is weaker and among less educated people. These results are not driven by omitted environmental variables, since we show that the behavior of movers is still affected by the level of social capital of the province where they were born.
People's opium? Religion and economic attitudes
In: Journal of Monetary Economics, Band 50, Heft 1, S. 225-282
Private Benefits of Control: An International Comparison
In: NBER Working Paper No. w8711
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The Corporate Governance Role of the Media
In: NBER Working Paper No. w9309
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Competitiveness and the Gender Gap Among Young Business Professionals
In: IZA Discussion Paper No. 9446
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