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Top 10% Institutions and Economists in the Field of Microfinance, as of September 2023

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This page is part of a larger set of rankings for research items, serials, authors and institutions made available on this site. A FAQ is available.

  • Only authors registered with the RePEc Author Service are considered.
  • Only works listed on RePEc and claimed as theirs by registered authors are counted.
  • A series of rankings by different criteria are aggregated. The average rank score is determined by taking a harmonic mean of the ranks in each criterion. For a list of criteria, see the general ranking page.
  • Authors with multiple affiliations are attributed to each institution according to the weights ("shares") they have set to each in their profile, or by default according to a formula described here.
  • Authors affiliated with subentities of institutions listed in EDIRC are also counted in the latter.
  • Only institutions listed in EDIRC are counted.
  • Subentities of ranked institutions do not increment the rank count and have their rank listed in parentheses.
  • The scores of institutions in each field are determined by a weighted sum of all scores of authors affiliated with the respective institutions, where the authors have provided weights ("shares") if they have multiple affiliations. The weights are determined, for each author, by the proportion of all working papers announced in NEP that have also been announced in this NEP report.
  • To be classified, an author needs to have five or more working papers announced in the NEP report for this field. For authors whose first paper is less that 10 years old, having 25% of the papers in the NEP report is sufficient.
  • There are no such restrictions for institutions, it is thus possible that more institutions than authors are classified.
  • Please note that rankings can depend on the number of registered authors in the respective institutions. Register at the RePEc Author Service to be counted.
  • There are 8763 institutions with 67128 registered authors evaluated for all the rankings.

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The rankings

Top 10% institutions in the field of Microfinance

For Microfinance, these are 258 authors affiliated with 1576 institutions.
All authors classified in this field.

RankInstitutionScoreAuthorsAuthor shares
1World Bank Group

Washington, District of Columbia (USA)

1.3360815.08
2Graduate School of Business, Stanford University

Stanford, California (USA)

2.84402.08
---Economics Research, World Bank Group

Washington, District of Columbia (USA)

3.091513.78
3African Governance and Development Institute (AGDI)

Yaoundé, Cameroun

5.6271.03
4National Bureau of Economic Research (NBER)

Cambridge, Massachusetts (USA)

7.014720.94
5London School of Economics (LSE)

London, United Kingdom

8.693382.11
6Booth School of Business, University of Chicago

Chicago, Illinois (USA)

9.18651.91
7Economics Department, Massachusetts Institute of Technology (MIT)

Cambridge, Massachusetts (USA)

9.21630.39
8Kellogg Graduate School of Management, Northwestern University

Evanston, Illinois (USA)

9.65530.59
9Hoover Institution on War Revolution & Peace, Stanford University

Stanford, California (USA)

11.41150.13
10Department of Economics, Boston University

Boston, Massachusetts (USA)

11.6690.95
11Robert Schuman Centre for Advanced Studies (RSCAS), European University Institute

Firenze, Italy

11.93260.28
12International Monetary Fund (IMF)

Washington, District of Columbia (USA)

12.055073.97
13Economics Department, Dartmouth College

Hanover, New Hampshire (USA)

12.59431.71
14International Food Policy Research Institute (IFPRI)

Washington, District of Columbia (USA)

14.061843.75
15Wagner Graduate School of Public Service, New York University (NYU)

New York City, New York (USA)

17.55110.68
16Department of Economics, Northwestern University

Evanston, Illinois (USA)

19.57421.21
---Economics Department, London School of Economics (LSE)

London, United Kingdom

20.02520.75
17Economics Department, Brown University

Providence, Rhode Island (USA)

21.95610.81
18Sloan School of Management, Massachusetts Institute of Technology (MIT)

Cambridge, Massachusetts (USA)

22.99520.34
19Harvard Business School, Harvard University

Cambridge, Massachusetts (USA)

23.65411.6
20Department of Economics, New York University (NYU)

New York City, New York (USA)

23.8570.42
21Department of Economics, Harvard University

Cambridge, Massachusetts (USA)

24.81740.49
22Department of Economics, Stanford University

Stanford, California (USA)

25.35620.63
23Department of International Development (Queen Elizabeth House), Oxford University

Oxford, United Kingdom

27.91240.93
24Department of Economics, Oxford University

Oxford, United Kingdom

30.281822.1
25Charles H. Dyson School of Applied Economics and Management, College of Agriculture and Life Sciences, Cornell University

Ithaca, New York (USA)

30.51400.69
26Economics Department, Yale University

New Haven, Connecticut (USA)

31.51590.27
27Business School, Imperial College

London, United Kingdom

33.2460.21
---Institute for Economic Development, Department of Economics, Boston University

Boston, Massachusetts (USA)

37.4530.25
28Guanghua School of Management, Peking University

Beijing, China

37.72381.03
29Monash Business School, Monash University

Melbourne, Australia

40.961902.1
30Department of Economics, Boston College

Chestnut Hill, Massachusetts (USA)

41.5620.41
31Department of Economics, University of Toronto

Toronto, Canada

42.32761.05
32Department of Economics, University of California-Berkeley

Berkeley, California (USA)

42.76610.14
---Research Department, International Monetary Fund (IMF)

Washington, District of Columbia (USA)

44.03550.43
33Centre for European Research in Microfinance (CERMi)

Bruxelles/Brussel, Belgium

45.05276.24
---Finance Unit, Harvard Business School, Harvard University

Cambridge, Massachusetts (USA)

46.1690.5
34Department of Economics, University of Chicago

Chicago, Illinois (USA)

46.65780.16
35Kelley School of Business, Indiana University

Bloomington, Indiana (USA)

48.01230.42
---Department of Finance, Kelley School of Business, Indiana University

Bloomington, Indiana (USA)

48.0150.42
36Solvay Brussels School of Economics and Management, Université Libre de Bruxelles

Bruxelles, Belgium

48.521755.64
37Economics Department, University of California-Santa Cruz (UCSC)

Santa Cruz, California (USA)

49.75340.54
38Saïd Business School, Oxford University

Oxford, United Kingdom

51.77280.38
39Graduate School of Business, Columbia University

New York City, New York (USA)

52550.18
40Innovations for Poverty Action (IPA)

New Haven, Connecticut (USA)

52.2670.14
41Harvard Kennedy School, Harvard University

Cambridge, Massachusetts (USA)

54.41830.29
42European Central Bank

Frankfurt am Main, Germany

54.652590.33
43Handelshøyskolen, Universitetet i Agder

Kristiansand, Norway

56.43101.25
44Department of Agricultural and Resource Economics, University of California-Berkeley

Berkeley, California (USA)

56.57280.74
45Department of Economics, University College London (UCL)

London, United Kingdom

58.47700.69
---Department of Economics, Monash Business School, Monash University

Melbourne, Australia

58.66770.81
46Department of Economics, School of Arts and Sciences, Columbia University

New York City, New York (USA)

58.91550.11
47Department of Economics, University of Hawaii-Manoa

Manoa, Hawaii (USA)

60.68240.34
---Economic Growth Center, Economics Department, Yale University

New Haven, Connecticut (USA)

60.7580.19
---Institutt for økonomi, Handelshøyskolen, Universitetet i Agder

Kristiansand, Norway

61.9291
48Walter A. Haas School of Business, University of California-Berkeley

Berkeley, California (USA)

65.02520.75
49College of Business, Florida Atlantic University

Boca Raton, Florida (USA)

65.15191.91
50Bank for International Settlements (BIS)

Basel, Switzerland

65.84970.19
51Faculteit Economie en Bedrijfskunde, Rijksuniversiteit Groningen

Groningen, Netherlands

66.74811.13
52Faculté des Sciences Économiques, Sociales et de Gestion (FSESG), Université de Namur

Namur, Belgium

67.27360.94
53Department of Economics, University of California-Los Angeles (UCLA)

Los Angeles, California (USA)

68.45550.21
---Strategy and Business Economics Division, Sauder School of Business, University of British Columbia

Vancouver, Canada

70.37170.24
54Università Commerciale Luigi Bocconi

Milano, Italy

71.721650.92
55School of Economics, University of Bristol

Bristol, United Kingdom

72.18591.24
56Stern School of Business, New York University (NYU)

New York City, New York (USA)

75.28530.26
57Department of Economics, University of Southern California

Los Angeles, California (USA)

75.29700.53
58Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University

Shanghai, China

77.27330.61
---Centre de Recherche en Économie de Développement (CRED), Faculté des Sciences Économiques, Sociales et de Gestion (FSESG), Université de Namur

Namur, Belgium

77.74140.44
59Vancouver School of Economics, University of British Columbia

Vancouver, Canada

77.97620.39
60Department of Agricultural and Resource Economics, University of California-Davis

Davis, California (USA)

80.99260.41
61SKEMA Business School

Lille, France

81.13430.05
---Finance Department, Robert H. Smith School of Business, University of Maryland

College Park, Maryland (USA)

81.2390.16
62Robert H. Smith School of Business, University of Maryland

College Park, Maryland (USA)

81.23150.16
---Centre for the Study of African Economies (CSAE), Department of Economics, Oxford University

Oxford, United Kingdom

82.49291
63School of Economics, University of Nottingham

Nottingham, United Kingdom

83.851230.43
64School of Economics and Management, Universiteit van Tilburg

Tilburg, Netherlands

84.321420.6
65Department of Economics and Statistics, University of Peradeniya

Peradeniya, Sri Lanka

86.5550.9
66Louvain Institute of Data Analysis and Modelling in Economics and Statistics (LIDAM), Université Catholique de Louvain

Louvain-la-Neuve, Belgium

87.291311.25
67Department of Economics, University of Pennsylvania

Philadelphia, Pennsylvania (USA)

88.05480.11
68Institute for Fiscal Studies (IFS)

London, United Kingdom

88.92760.31
69Inter-American Development Bank

Washington, District of Columbia (USA)

89.171631.71
70Centre for Economic Policy Research (CEPR)

London, United Kingdom

90.743640.2
71Banco de la Republica de Colombia

Bogotá, Colombia

91.391252.07
72Department of Economics, Princeton University

Princeton, New Jersey (USA)

92.17530.08
73Department of Economics, University of Nigeria Nsukka

Nsukka, Nigeria

94.35131.5
74Economics Department, University of Michigan

Ann Arbor, Michigan (USA)

95.58590.12
75Institute for International Economic Studies (IIES), Stockholms Universitet

Stockholm, Sweden

98.8270.78
76Federal Reserve Bank of Minneapolis

Minneapolis, Minnesota (USA)

98.85340.13
77Freeman Spogli Institute for International Studies, Stanford University

Stanford, California (USA)

101.2980.1
78Toulouse School of Economics (TSE)

Toulouse, France

101.91540.41
79Banca d'Italia

Roma, Italy

103.853060.91
---International Bank for Reconstruction & Development (IBRD), World Bank Group

Washington, District of Columbia (USA)

104.271103.37
---Centre Emile Bernheim, Solvay Brussels School of Economics and Management, Université Libre de Bruxelles

Bruxelles, Belgium

104.49724.43
80Wirtschaftswissenschaftliche Fakutält, Universität Zürich

Zürich, Switzerland

105.321700.42
81School of Economics, University of Kent

Canterbury, United Kingdom

107.21533.75
82Federal Reserve Board (Board of Governors of the Federal Reserve System)

Washington, District of Columbia (USA)

107.612131.22
83Anderson Graduate School of Management, University of California-Los Angeles (UCLA)

Los Angeles, California (USA)

107.97340.13
84Bank of England

London, United Kingdom

109.462100.57
85School of Economics, University of Queensland

Brisbane, Australia

111.69940.48
---Finance and Economics Department, Graduate School of Business, Columbia University

New York City, New York (USA)

112.73260.1
86College of Management and Technology, Arab Academy for Science & Technlogy and Maritime Transport

Alexandria, Egypt

115.6721
87Centro Studi di Economia e Finanza (CSEF)

Napoli, Italy

115.75630.15
88Istituto Einaudi per l'Economia e la Finanza (EIEF)

Roma, Italy

116.72310.07
89Institute of Labor Economics (IZA)

Bonn, Germany

116.749720.42
90Paris School of Economics

Paris, France

117.042240.28
91Faculty of Economics, Kobe University

Kobe, Japan

117.85360.3
92DIW Berlin (Deutsches Institut für Wirtschaftsforschung)

Berlin, Germany

119.191390.63
93Faculty of Business and Law, Curtin University

Perth, Australia

119.81450.37
---Institut de Recherche Économique et Sociale (IRES), Louvain Institute of Data Analysis and Modelling in Economics and Statistics (LIDAM), Université Catholique de Louvain

Louvain-la-Neuve, Belgium

120.31541.21
94Department of Economics, University of Texas-Austin

Austin, Texas (USA)

120.82530.36
---Department of Management, London School of Economics (LSE)

London, United Kingdom

120.88120.24
95Federal Reserve Bank of New York

New York City, New York (USA)

122.54900.2
96School of Management, Yale University

New Haven, Connecticut (USA)

123.82380.39
97Department of Economics, Tufts University

Medford, Massachusetts (USA)

124.12300.54
98London Business School (LBS)

London, United Kingdom

124.98310.18
---Department of Finance, Kellogg Graduate School of Management, Northwestern University

Evanston, Illinois (USA)

125.27180.14
---Nottingham Centre for Research on Globalisation and Economic Policy, School of Economics, University of Nottingham

Nottingham, United Kingdom

127.47250.14
99Department of Economics, University of Warwick

Coventry, United Kingdom

129.18940.24
---Department of Economics, College of Business, Florida Atlantic University

Boca Raton, Florida (USA)

131.16120.91
100Department of Economics, Washington University in St. Louis

St. Louis, Missouri (USA)

131.55320.15
---Research and Statistics Group, Federal Reserve Bank of New York

New York City, New York (USA)

135.47640.15
101Delhi School of Economics, University of Delhi

Delhi, India

135.95341.41
102Center for Social Development, Washington University in St. Louis

St. Louis, Missouri (USA)

138.2321
---CentER Graduate School for Economics and Business, School of Economics and Management, Universiteit van Tilburg

Tilburg, Netherlands

140.63970.44
---Department of Economics, Delhi School of Economics, University of Delhi

Delhi, India

144.55271.36
103School of International and Public Affairs (SIPA), Columbia University

New York City, New York (USA)

146.72320.05
---European Centre for Advanced Research in Economics and Statistics (ECARES), Solvay Brussels School of Economics and Management, Université Libre de Bruxelles

Bruxelles, Belgium

146.85670.19
104Department of Economics, Rice University

Houston, Texas (USA)

148.27210.32
---Institut für Volkswirtschaftslehre, Wirtschaftswissenschaftliche Fakutält, Universität Zürich

Zürich, Switzerland

148.5960.27
105Rady School of Management, University of California-San Diego (UCSD)

La Jolla, California (USA)

148.69130.2
---Department of Economics, Lerner College of Business and Economics, University of Delaware

Newark, Delaware (USA)

148.74390.37
106Lerner College of Business and Economics, University of Delaware

Newark, Delaware (USA)

148.74450.37
---Center for Analytic Research and Economics in the Social Sciences (CARESS), Department of Economics, University of Pennsylvania

Philadelphia, Pennsylvania (USA)

149.1510.05
107Department of Economics, Trinity College Dublin

Dublin, Ireland

150.28680.33
108HEC Paris (École des Hautes Études Commerciales)

Jouy-en-Josas, France

152.07370.4
109École d'Économie d'Aix-Marseille, Aix-Marseille Université

Aix-en-Provence/Marseille, France

152.341251.32
110School of Management, Politecnico di Milano

Milano, Italy

153.02211.11
---Finance Area, Fuqua School of Business, Duke University

Durham, North Carolina (USA)

153.6190.06
111Fuqua School of Business, Duke University

Durham, North Carolina (USA)

153.61200.06
112Abdul Latif Jameel Poverty Action Lab (J-PAL), Massachusetts Institute of Technology (MIT)

Cambridge, Massachusetts (USA)

154.46240.13
113Institut de Recherche pour le Développement (IRD)

Paris, France

154.97160.85
114Nationalekonomiska institutionen, Stockholms Universitet

Stockholm, Sweden

155.22340.74
115Graduate School of Business, Nazarbayev University

Nur-Sultan, Kazakhstan

156.730.11
116Norges Handelshøyskole (NHH)

Bergen, Norway

158.221170.53
117Department of Economics, Tulane University

New Orleans, Louisiana (USA)

159.24340.6
118Grupo de Análisis para el Desarrollo (GRADE)

Lima, Peru

159.52251.19
119Sauder School of Business, University of British Columbia

Vancouver, Canada

161.03250.12
120Department of Economics, University of Cape Coast

Cape Coast, Ghana

161.52112.49
121McCombs School of Business, University of Texas-Austin

Austin, Texas (USA)

161.8120.04
---Department of Finance, McCombs School of Business, University of Texas-Austin

Austin, Texas (USA)

161.870.04
122Økonomisk Institut, Københavns Universitet

København, Denmark

165.99800.33
123European Xtramile Centre of African Studies (EXCAS)

Liège, Belgium

166.6420.05
124Economics Department, Williams College

Williamstown, Massachusetts (USA)

166.85320.52
125European Bank for Reconstruction and Development (EBRD)

London, United Kingdom

167.6130.79
126Federal Reserve Bank of Philadelphia

Philadelphia, Pennsylvania (USA)

169.01460.23
---Centre for Market and Public Organisation (CMPO), School of Economics, University of Bristol

Bristol, United Kingdom

169.35120.5
127Division of International Banking & Finance Studies, Texas A&M International University

Laredo, Texas (USA)

169.7630.19
128Economics Department, Georgetown University

Washington, District of Columbia (USA)

170.6490.31
---Research Department, Federal Reserve Bank of Minneapolis

Minneapolis, Minnesota (USA)

170.66190.08
129H. John Heinz III School of Public Policy and Management, Carnegie Mellon University

Pittsburgh, Pennsylvania (USA)

170.89220.22
130Fletcher School of Law and Diplomacy, Tufts University

Medford, Massachusetts (USA)

171.6520.12
131Kenan Flagler Business School, University of North Carolina-Chapel-Hill

Chapel Hill, North Carolina (USA)

174.11110.28
132Waikato Management School, University of Waikato

Hamilton, New Zealand

175.11420.51
---John E. Walker Department of Economics, College of Business and Behavioral Science, Clemson University

Clemson, South Carolina (USA)

176.35310.23
133College of Business and Behavioral Science, Clemson University

Clemson, South Carolina (USA)

176.35330.23
134Centre de Recherche en Économie et Statistique (CREST)

Palaiseau, France

176.65941.18
---Innocenzo Gasparini Institute for Economic Research (IGIER), Università Commerciale Luigi Bocconi

Milano, Italy

177.51490.19
135Sectie Economie, Wageningen Universiteit en Researchcentrum

Wageningen, Netherlands

177.62311.89
136Faculteit Economie en Bedrijfswetenschappen, KU Leuven

Leuven, Belgium

178.421462.04
---Department of Economics, Waikato Management School, University of Waikato

Hamilton, New Zealand

180.33340.51
137Economics, Westmont College

Santa Barbara, California (USA)

180.6510.32
---Research Department, Federal Reserve Bank of Philadelphia

Philadelphia, Pennsylvania (USA)

180.77290.21
---Economics Department, Stern School of Business, New York University (NYU)

New York City, New York (USA)

181.69200.16
138Institute of Social Studies (ISS)

Den Haag, Netherlands

186.16190.34
139Department of Agricultural, Environmental and Development Economics, Ohio State University

Columbus, Ohio (USA)

186.94250.51
140Handelshøyskolen, OsloMet- storbyuniversitetet

Oslo, Norway

188.07181.2
141Department of Economics, Texas A&M University

College Station, Texas (USA)

188.74340.26
142School of Business, Leicester University

Leicester, United Kingdom

190.43420.4
143Department of Economics, Hebrew University of Jerusalem

Jerusalem, Israel

193.07380.43
144International Economics Section, The Graduate Institute of International and Development Studies

Genève, Switzerland

193.51520.69
145Facultad de Economía y Empresa, Universidad de Zaragoza

Zaragoza, Spain

193.54831.43
146School of Business and Economics, Universidade Nova de Lisboa

Lisboa, Portugal

194.53590.28
---Center for Global Management, Anderson Graduate School of Management, University of California-Los Angeles (UCLA)

Los Angeles, California (USA)

194.8140.03
147Department of Economics, University of Notre Dame

South Bend, Indiana (USA)

196.18590.1
148Centre for Development Studies, University of Bath

Bath, United Kingdom

196.8331
149Stockholm School of Economics

Stockholm, Sweden

199.85630.4
150Socio-Technical Infrastructure for Electronic Transactions (STIET), University of Michigan

Ann Arbor, Michigan (USA)

201.6210.12
---Finance and Private Sector Research, World Bank Group

Washington, District of Columbia (USA)

204.48100.57
151School of Economics, University of Manchester

Manchester, United Kingdom

204.9550.37
152Mitchell E. Daniels, Jr. School of Business, Purdue University

West Lafayette, Indiana (USA)

205.51340.21
153Department of Land Economy, University of Cambridge

Cambridge, United Kingdom

207.48300.1
154School of Public and Environmental Affairs, Indiana University

Bloomington, Indiana (USA)

209.1150.32
155CESifo

München, Germany

209.373190.15
---Institutt for samfunnsøkonomi, Norges Handelshøyskole (NHH)

Bergen, Norway

209.75390.29
---Finance Department, Stern School of Business, New York University (NYU)

New York City, New York (USA)

210.32170.05
156Department of Economics, University of Illinois at Urbana-Champaign

Urbana-Champaign, Illinois (USA)

212.04380.58
---Research Department, Inter-American Development Bank

Washington, District of Columbia (USA)

213.5120.8
157Asian Development Bank

Manila, Philippines

213.59490.64

The rankings

Top 10% authors in the field of Microfinance

For Microfinance, these are 258 authors affiliated with 1576 institutions.
All authors classified in this field.

RankAuthorScore
1Dean S. Karlan

Kellogg Graduate School of Management, Northwestern University, Evanston, Illinois (USA)

2.23
2Simplice A Asongu

African Governance and Development Institute (AGDI), Yaoundé, Cameroun

2.76
3Thorsten Beck

Robert Schuman Centre for Advanced Studies (RSCAS), European University Institute, Firenze, Italy

4.02
4Ross Levine

Hoover Institution on War Revolution & Peace, Stanford University, Stanford, California (USA)

4.04
5Jonathan Morduch

Wagner Graduate School of Public Service, New York University (NYU), New York City, New York (USA)

4.23
6Jonathan Zinman

Economics Department, Dartmouth College, Hanover, New Hampshire (USA)
Abdul Latif Jameel Poverty Action Lab (J-PAL), Massachusetts Institute of Technology (MIT), Cambridge, Massachusetts (USA)

5.77
7Asli Demirguc-Kunt

World Bank Group, Washington, District of Columbia (USA)

8.76
8Christopher Woodruff

Department of International Development (Queen Elizabeth House), Oxford University, Oxford, United Kingdom

8.92
9David McKenzie

Economics Research, World Bank Group, Washington, District of Columbia (USA)

8.94
10Allen N. Berger

11.3
11Charles M. C. Lee

Graduate School of Business, Stanford University, Stanford, California (USA)

13.18
12Xavier Gine

Economics Research, World Bank Group, Washington, District of Columbia (USA)

13.36
13Shahidur Rahman Khandker

International Food Policy Research Institute (IFPRI), Washington, District of Columbia (USA)

14.34
14Dilip Mookherjee

Institute for Economic Development, Department of Economics, Boston University, Boston, Massachusetts (USA)

15.64
15Christopher R. Udry

Department of Economics, Northwestern University, Evanston, Illinois (USA)

15.83
16Esther Duflo

Economics Department, Massachusetts Institute of Technology (MIT), Cambridge, Massachusetts (USA)

17.07
17Sendhil Mullainathan

Booth School of Business, University of Chicago, Chicago, Illinois (USA)

17.8
18Robert Cull

Economics Research, World Bank Group, Washington, District of Columbia (USA)

17.96
19Roy Mersland

Institutt for økonomi, Handelshøyskolen, Universitetet i Agder, Kristiansand, Norway

18.01
20Robert M. Townsend

Department of Economics, University of Chicago, Chicago, Illinois (USA)
Economics Department, Massachusetts Institute of Technology (MIT), Cambridge, Massachusetts (USA)

19.79
21Franklin Allen

Business School, Imperial College, London, United Kingdom

19.99
22Abhijit Vinayak Banerjee

Economics Department, Massachusetts Institute of Technology (MIT), Cambridge, Massachusetts (USA)

20.11
23Inessa Love

Department of Economics, University of Hawaii-Manoa, Manoa, Hawaii (USA)

25.79
24Beatriz Armendariz de Aghion

Department of Economics, Harvard University, Cambridge, Massachusetts (USA)
Department of Economics, University College London (UCL), London, United Kingdom

27.19
25Gregory Udell

Department of Finance, Kelley School of Business, Indiana University, Bloomington, Indiana (USA)

27.21

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