All Outputs (5)

The Co-Holding Puzzle: New Evidence from Transaction-Level Data (2023)
Journal Article
Gathergood, J., & Olafsson, A. (2023). The Co-Holding Puzzle: New Evidence from Transaction-Level Data. Review of Financial Studies,

Why do individuals pay debt interest when they could use their savings to pay down the debt? We explore why individuals "co-hold" debt and savings using detailed and highly disaggregated daily-level data on household finances. We find that co-holding... Read More about The Co-Holding Puzzle: New Evidence from Transaction-Level Data.

Does Homeownership Reduce Crime? A Radical Housing Reform from the UK (2023)
Journal Article
Disney, R., Gathergood, J., Machin, S., & Sandi, M. (2023). Does Homeownership Reduce Crime? A Radical Housing Reform from the UK. Economic Journal, 133(655), 2640–2675. https://doi.org/10.1093/ej/uead040

‘Right to Buy’, a large-scale natural experiment whereby incumbent tenants in public housing could buy properties at heavily subsidised prices, increased the United Kingdom homeownership rate by over 10 percentage points between its 1980 introduction... Read More about Does Homeownership Reduce Crime? A Radical Housing Reform from the UK.

Work-from-home and the risk of securities misconduct (2023)
Journal Article
Cumming, D., Firth, C., Gathergood, J., & Stewart, N. (2023). Work-from-home and the risk of securities misconduct. European Financial Management, Article 12426. https://doi.org/10.1111/eufm.12426

In the wake of the global pandemic, a challenge for CEOs and boards is to set a stakeholder-acceptable organizational balance between remote and traditional office working. However, the risks of work-from-home are not yet fully understood. We describ... Read More about Work-from-home and the risk of securities misconduct.

Naïve Buying Diversification and Narrow Framing by Individual Investors (2023)
Journal Article
Gathergood, J., Hirshleifer, D., Leake, D., Sakaguchi, H., & Stewart, N. (2023). Naïve Buying Diversification and Narrow Framing by Individual Investors. Journal of Finance, 78(3), 1705-1741. https://doi.org/10.1111/jofi.13222

We provide the first tests to distinguish whether individual investors equally balance their overall portfolios (naïve portfolio diversification, NPD) or, in contrast, equally balance the values of same-day purchases of multiple assets (naïve buying... Read More about Naïve Buying Diversification and Narrow Framing by Individual Investors.

Buy now, pay later (BNPL) …on your credit card (2023)
Journal Article
Guttman-Kenney, B., Firth, C., & Gathergood, J. (2023). Buy now, pay later (BNPL) …on your credit card. Journal of Behavioral and Experimental Finance, 37, Article 100788. https://doi.org/10.1016/j.jbef.2023.100788

We provide the first economic research on ‘buy now, pay later’ (BNPL): an unregulated FinTech credit product enabling consumers to defer payments into interest-free instalments. We study BNPL using UK credit card transaction data. We document consume... Read More about Buy now, pay later (BNPL) …on your credit card.