Household Finance eJournal最新文献_第6页

The Stock Market and Household Financial Behavior 股票市场与家庭金融行为

Household Finance eJournal Pub Date : 2021-01-21 DOI: 10.2139/ssrn.3797054

Diana Farrell, George Eckerd

{"title":"The Stock Market and Household Financial Behavior","authors":"Diana Farrell, George Eckerd","doi":"10.2139/ssrn.3797054","DOIUrl":"https://doi.org/10.2139/ssrn.3797054","url":null,"abstract":"In this JPMorgan Chase Institute report, we document a high-frequency relationship between stock market returns and patterns observed in consumer spending and investing behavior. The analysis draws from a core sample of approximately 12 million active Chase credit card users since 2012, and we seek to explain how the distribution of monthly credit card spending changes responds to stock market returns. The right tail of this distribution—characterized by spending increases double or triple a person’s typical level— is over two times more sensitive to the market than the center of the distribution. The relationship is more pronounced for male investors than non-investors and women. Applying the same econometric framework for stock market returns to changes in checking account-based spending and changes in labor income does not yield a statistically discernible relationship in our sample. Meanwhile, individuals’ transfers to investment accounts display a notable correlation with lagged stock returns, consistent with “returns chasing.” Such transfers roughly doubled around the onset of the COVID national emergency, alongside sharp declines in spending. Our findings imply that policies seeking to exert control over business cycles via the stock market may be successful over short time horizons. However, since stock market gains are associated with spending “splurges” on credit cards and flows into investment brokerage accounts, stimulus aimed at supporting asset prices can come with costs in the form of households’ financial vulnerability. If gains in stock prices are not followed by an improving labor market, households that over-extend themselves in terms of spending or equity market exposure would face risks.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129254584","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Has Financial Inclusion Made the Financial Sector Riskier? 金融普惠是否增加了金融业的风险?

Household Finance eJournal Pub Date : 2021-01-18 DOI: 10.2139/ssrn.3768963

Peterson K. Ozili

{"title":"Has Financial Inclusion Made the Financial Sector Riskier?","authors":"Peterson K. Ozili","doi":"10.2139/ssrn.3768963","DOIUrl":"https://doi.org/10.2139/ssrn.3768963","url":null,"abstract":"\u0000Purpose\u0000This paper aims to examine whether high levels of financial inclusion is associated with greater financial risk.\u0000\u0000\u0000Design/methodology/approach\u0000The study uses regression methodology to estimate the effect of financial inclusion on financial risk.\u0000\u0000\u0000Findings\u0000The findings reveal that higher account ownership is associated with greater financial risk through high non-performing loans and high-cost inefficiency in the financial sector of developed countries, advanced countries and transition economies. Increased use of debit cards, credit cards and digital finance products reduced risk in the financial sector of advanced countries and developed countries but not for transition economies and developing countries. The findings also show that the combined use of digital finance products with increased formal account ownership improves financial sector efficiency in developing countries while the combined use of credit cards with increased formal account ownership reduces insolvency risk and improves financial sector efficiency in developing countries.\u0000\u0000\u0000Research limitations/implications\u0000The paper offers several implications for policy and financial regulation. It suggests policies that would reduce the financial risk that financial inclusion poses to the financial sector.\u0000\u0000\u0000Originality/value\u0000The recent interest in financial inclusion and the unintended consequences of policy-driven financial inclusion in some parts of the world is raising concern about the risks that financial inclusion may introduce to the formal financial sector. Little is known about the risks that financial inclusion may pose to the financial sector.\u0000","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121288346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 18

Contextualizing Elasticities for Policymaking: Capital Gains and Revenue-Maximizing Tax Rates 政策制定的背景弹性:资本利得和收入最大化税率

Household Finance eJournal Pub Date : 2021-01-15 DOI: 10.2139/ssrn.3767121

T. Dowd, Z. Richards

引用次数: 1

Big Data and Artificial Intelligence for Financial Inclusion: Benefits and Issues 金融普惠的大数据和人工智能:利益和问题

Household Finance eJournal Pub Date : 2021-01-14 DOI: 10.2139/ssrn.3766097

Peterson K. Ozili

引用次数: 3

FinTech Lending and Cashless Payments 金融科技贷款和无现金支付

Household Finance eJournal Pub Date : 2021-01-14 DOI: 10.2139/ssrn.3766250

Pulak Ghosh, B. Vallée, Yao Zeng

{"title":"FinTech Lending and Cashless Payments","authors":"Pulak Ghosh, B. Vallée, Yao Zeng","doi":"10.2139/ssrn.3766250","DOIUrl":"https://doi.org/10.2139/ssrn.3766250","url":null,"abstract":"This study provides a new perspective to understand the rise and future potential of FinTech lending by linking it to the informational role of cashless payments. We uncover both theoretically and empirically a synergy between FinTech lending and cashless payments. FinTech lenders screen borrowers more efficiently when borrowers use more cashless payments that produce transferrable and verifiable information. Because borrowers expect lenders to rely on such payment information to screen them, a strategic consideration for a borrower to stand out of other borrowers then pushes more borrowers to adopt cashless payments. Using novel loan-level data from a large Indian FinTech lender who focuses on small-business lending, we find that a larger use of verifiable cashless payments (relative to cash) predicts a higher chance of loan approval, a lower interest rate, and lower default conditional on the interest rate obtained. These relationships are more pronounced for higher-quality firms. The uncovered synergy provides a plausible explanation for the joint rise of FinTech lending and cashless payments, and suggests an alternative banking model without a balance sheet or traditional banking relationships. Our findings also provide new policy implications on data sharing and open banking.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126902632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 25

The Information Role of the Media in Earnings News 媒体在盈余新闻中的信息作用

Household Finance eJournal Pub Date : 2021-01-13 DOI: 10.2139/ssrn.3067387

Nicholas Guest

引用次数: 24

Who buys Bitcoin? The Cultural Determinants of Bitcoin Usage 谁会购买比特币?比特币使用的文化决定因素

Household Finance eJournal Pub Date : 2021-01-09 DOI: 10.2139/ssrn.3762923

Sean Foley, Bart Frijns, Alexandre Garel, Tai‐Yong Roh

引用次数: 0

Smart(Phone) Investing? A within Investor-Time Analysis of New Technologies and Trading Behavior 聪明的(电话)投资?新技术与交易行为的投资者时间内分析

Household Finance eJournal Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3765652

Ankit Kalda, Benjamin Loos, Alessandro Previtero, A. Hackethal

引用次数: 20

The Effect of Early Claiming Benefit Reduction on Retirement Rates 提前申索福利减少对退休比率的影响

Household Finance eJournal Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3786236

Damir Cosic, C. E. Steuerle

{"title":"The Effect of Early Claiming Benefit Reduction on Retirement Rates","authors":"Damir Cosic, C. E. Steuerle","doi":"10.2139/ssrn.3786236","DOIUrl":"https://doi.org/10.2139/ssrn.3786236","url":null,"abstract":"This paper examines the effect of the increase in the Social Security Full Retirement Age (FRA) and the associated decrease in benefits for early claimants on retirement rates at ages 62 to 65. It uses information on age, sex, and labor force participation from the monthly Current Population Survey from 1976 to 2019. Critical components of the analysis include a difference/in-difference framework, comparison of three measures of retirement status, estimation of nonparametric and parametric models, and a test of the assumptions underlying the difference-indifference approach. Although our model satisfied that test, the results do not guarantee that our specification is valid. The paper found that: • The increase in the FRA decreased the retirement rate at age 62 by about 5 percentage points (or 30 percent) for men and by about 2 percentage points (or about 20 percent) for women. The retirement rate at age 63 to 65 was not affected. • Estimates of the parametric model show that a 1 percent increase in the early claiming reduction decreases the retirement rate by between 0.7 and 0.9 percentage points for men and between 0.2 and 0.4 percentage points for women. The policy implications of the findings are: • Our findings can inform evaluations of policy proposals to further increase the Social Security FRA. • Our findings contribute to the understanding of the effects that the availability and generosity of pension benefits have on retirement decisions.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122143807","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Quantifying Soft Information, Mortgage Market Efficiency & Asset Pricing Implications 量化软信息，抵押贷款市场效率和资产定价的影响

Household Finance eJournal Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3755698

A. Bandyopadhyay

{"title":"Quantifying Soft Information, Mortgage Market Efficiency & Asset Pricing Implications","authors":"A. Bandyopadhyay","doi":"10.2139/ssrn.3755698","DOIUrl":"https://doi.org/10.2139/ssrn.3755698","url":null,"abstract":"I provide a novel framework for machine learning models to ingest quantified soft information during the life of a loan, using cutting-edge natural language processing techniques on salient unstructured text. This soft information, from servicer call transcripts, is not restricted to mere positive/negative sentiments and provides efficiency and alleviates the information asymmetry between the lender (and/or issuer) and the borrower. Proprietary servicer comments are hardly accessible and offer the soft in-formation for real-time delinquency status of the mortgages. I investigate whether the special servicer invoked by the investor can utilize the valuable comments from the master servicer. The time-varying soft information about the borrower’s financial condition, health of the loan and the property condition from these master servicer comments renders the predictive power and has asset pricing implications. Given this valuable information, the special servicer may choose to use this information, as I anecdotally see with several private equity investors. The well-known unresolved conflict of interest between the master and special servicers can be resolved, thereby reducing moral hazard and increasing efficiency and transparency.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128009634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3