{"id":570,"date":"2019-04-25T20:10:30","date_gmt":"2019-04-25T20:10:30","guid":{"rendered":"http:\/\/mitmgmtfaculty.mit.edu\/aschoar\/?page_id=570"},"modified":"2025-10-15T18:40:21","modified_gmt":"2025-10-15T18:40:21","slug":"working-papers","status":"publish","type":"page","link":"https:\/\/mitmgmtfaculty.mit.edu\/aschoar\/working-papers\/","title":{"rendered":"Working Papers"},"content":{"rendered":"<div id=\"pl-570\"  class=\"panel-layout\" ><div id=\"pg-570-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-570-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-570-0-0-0\" class=\"so-panel widget widget_mit-pf-research widget_mit_pf_research panel-first-child panel-last-child\" data-index=\"0\" ><div class=\"textwidget\"><ul>\n<li><a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents?PublicationDocumentID=9764\" target=\"_blank\" rel=\"noopener\">\"Anatomy of a Run: The Terra Luna Crash\"<\/a> with J. Liu and Igor Makarov, Revise and resubmit, <em>Journal of Financial Economics<\/em>, October 2025<\/li>\n<li><a href=\"https:\/\/mitsloan.mit.edu\/centers-initiatives\/cfi\/attitudes-to-debt-role-moral-values\" target=\"_blank\" rel=\"noopener\">\"Attitudes to Debt: The Role of Moral Values\"<\/a> with F. Paine, D. Thesmar, NBER Working Paper No. w34092, August 2025<\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4981308\" target=\"_blank\" rel=\"noopener\">\"Financial Advice and Investor Beliefs: Experimental Evidence on Active vs. Passive Strategies\"<\/a> with Y. Sun, SSRN Working Paper, October 2024<\/li>\n<li><a href=\"https:\/\/www.nber.org\/papers\/w31515\" target=\"_blank\" rel=\"noopener\">\"Working from Home, Worker Sorting and Development\"<\/a> D. Atkin and Sumit Shinde, NBER Working Paper 31515, December 2023<\/li>\n<li>\u201c<a href=\"https:\/\/mitsloan.mit.edu\/sites\/default\/files\/2022-06\/Bitcoin-blockchain%20-%20AER.pdf\" target=\"_blank\" rel=\"noopener\">Blockchain Analysis of the Bitcoin Market<\/a>\u201d with I. Makarov, April 2022.<\/li>\n<li>\u201c<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=7639\">Transferring Information Between Marketing Campaigns to Improve Targeting Policies<\/a>\u201d with M. Ibragimov, J. A. Parker, D. Simester, and A. Timoshenko, November 2020.<\/li>\n<li>\u201c<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=7533\" target=\"_blank\" rel=\"noopener\">The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Marke<\/a>t\u201d with M. Adelino and W. B. McCartney, <a href=\"https:\/\/www.nber.org\/papers\/w27499\">NBER Working Paper 27499<\/a>, July 2020.<\/li>\n<li>\"<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents?PublicationDocumentID=7655\" target=\"_blank\" rel=\"noopener\">Dynamic Marketing Policies: Constructing Markov States for Reinforcement Learning<\/a>.\" with Yuting Zhu, Duncan Simester, Jonathan A. Parker, and Antoinette Schoar, MIT Sloan Working Paper 6227-20. Cambridge, MA: MIT Sloan School of Management, May 2020.<\/li>\n<li>\u201c<a href=\"https:\/\/www.nber.org\/papers\/w25090.pdf\">Perception of House Price Risk and Homeownership<\/a>,\u201d with M. Adelino and F. Severino, <a href=\"https:\/\/www.nber.org\/papers\/w25090\">NBER Working Paper 25090<\/a>, September 2018.<\/li>\n<li style=\"text-align: left\">\u201c<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=3943\">Do Credit Card Companies Screen for Behavioral Biases?<\/a>,\u201d joint with Hong Ru,\u00a0<a href=\"https:\/\/www.nber.org\/papers\/w22360\" target=\"_blank\" rel=\"noopener noreferrer\">NBER Working Paper No. 22360<\/a>, issued June 2016. Revised July 2016. <a href=\"https:\/\/voxeu.org\/content\/fintech-and-consumer-finance?utm_source=dlvr.it&amp;amp;utm_medium=twitter\">Vox EU<\/a>. <a href=\"https:\/\/sites.duke.edu\/thefinregblog\/2020\/04\/22\/credit-card-offers-target-less-educated-consumers-with-more-shrouded-and-back-loaded-fees\/\">The FinReg Blog<\/a>. <a href=\"https:\/\/www.cbsnews.com\/news\/why-credit-card-agreements-are-so-hard-to-understand\/\">CBS News<\/a>.<\/li>\n<li>\u201c<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=3935\">The Incentive Effect of Scores: Randomized Evidence from Credit Committees<\/a>,\u201d with D. Paravisini, <a href=\"https:\/\/www.nber.org\/papers\/w19303\">NBER Working Paper 19303<\/a>, July 2015.<\/li>\n<li>\"<a href=\"https:\/\/www.nber.org\/system\/files\/working_papers\/w20848\/revisions\/w20848.rev0.pdf\" target=\"_blank\" rel=\"noopener\">Changes In Buyer Composition And The Expansion Of Credit During The Boom<\/a>,\" with Manuel Adelino and Felipe Severino, <a href=\"http:\/\/www.nber.org\/papers\/w20848\" target=\"_blank\" rel=\"noopener\">NBER Working Paper 20848<\/a>, January 2015<\/li>\n<li>\u201c<a href=\"https:\/\/www.newyorkfed.org\/medialibrary\/media\/research\/staff_reports\/sr620.pdf\">Trading partners in the interbank lending market<\/a>,\u201d with G. Afonso and A. Kovner, <strong>Federal Reserve Bank of New York<\/strong>, 2014.<\/li>\n<li>\u201c<a href=\"http:\/\/users.nber.org\/~changt\/judges130103.pdf\">Judge specific differences in Chapter 11 and firm outcomes<\/a>,\u201d with T Chang, Revision Requested: Journal of Finance, 2013.<\/li>\n<li>\u201c<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=3941\">The Market for Financial Advice: An Audit Study<\/a>,\u201d with S. Mullainathan, and M. Noeth, <a href=\"https:\/\/www.nber.org\/papers\/w17929\">NBER Working Paper 17929<\/a>, March 2012. <a href=\"http:\/\/mitsloan-php.s3.amazonaws.com\/wp-faculty\/sites\/64\/2018\/07\/27021628\/DCD-Summer-20181.pdf\">Dimensional Fund Advisors, DC Dimensions, Summer 2018<\/a>. <a href=\"https:\/\/www.marketwatch.com\/story\/paying-for-financial-advice-gets-complicated-2017-04-05\">MarketWatch<\/a>. <a href=\"https:\/\/www.hilaryhendershott.com\/56-financial-advice-fiduciary-advisor\/\">Profit Boss Radio<\/a>. <a href=\"https:\/\/www.google.com\/url?sa=t&amp;amp;rct=j&amp;amp;q=&amp;amp;esrc=s&amp;amp;source=newssearch&amp;amp;cd=5&amp;amp;cad=rja&amp;amp;uact=8&amp;amp;ved=0ahUKEwjLlv7mn__VAhVn7oMKHeX7COkQqQIIMSgAMAQ&amp;amp;url=http%3A%2F%2Fwww.institutionalinvestor.com%2Farticle%2F3606160%2Finvestors-endowments-and-foundations%2Fretail-investors-often-get-biased-financial-advice-study-finds.html&amp;amp;usg=AFQjCNHtFpIlXY8ivJOL3lAtfi9Arq8IaA\">Institutional Investor<\/a>. <a href=\"https:\/\/blogs.wsj.com\/experts\/2016\/10\/27\/we-put-financial-advisers-to-the-test-and-they-failed\/\">Wall Street Journal<\/a>.<\/li>\n<li>\u201c<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=5588\">Are the Seeds of Bad Governance Sown in Good Times<\/a>,\u201d\u00a0with E. Washington, <a href=\"https:\/\/www.nber.org\/papers\/w17061\">NBER Working Paper 17061<\/a>, October 2012.<\/li>\n<li>\u201c<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=5823\">The Personal Side of Relationship Banking in India<\/a>,\u201d Innovations for Poverty Action, 2012.<\/li>\n<li>\u201c<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=2894\">Remembering to Pay? Reminders vs. Financial Incentives for Loan Payments<\/a>,\u201d with X. Cadena, <a href=\"https:\/\/www.nber.org\/papers\/w17020\">NBER Working Paper 17020<\/a>, May 2011.<\/li>\n<li>\u201c<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=2893\">Fighting Procrastination in the Workplace: An Experiment<\/a>,\u201d with X. Cadena, A. Cristea, and H. Delgado-Medrano, <a href=\"https:\/\/www.nber.org\/papers\/w16944\">NBER Working Paper 16944<\/a>, April 2011.<\/li>\n<li>\u201c<a href=\"https:\/\/www.nber.org\/papers\/w10348\">Transaction Structures in the Developing World<\/a>,\u201d with J. Lerner, <a href=\"https:\/\/www.nber.org\/papers\/w10348\">NBER Working Paper 10348<\/a>, March 2004.<\/li>\n<li>\u201c<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=7651\">Reputation, Contract Renegotiation and Price Rigidity<\/a>,\u201d with R Iyer, and A. Malenko, MIT.<\/li>\n<li>\u201c<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=5827\">Incomplete Contracts and Renegotiation: Evidence from a Field Audit<\/a>,\u201d with R. Iyer, MIT LFE Working Paper No. LFE-0713-10.<\/li>\n<li>\u201c<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=2896\" target=\"_blank\" rel=\"noopener\">The Importance of Holdup in Contracting: Evidence from a Field Experiment<\/a>,\u201d with R. Iyer, MIT.<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>&#8220;Anatomy of a Run: The Terra Luna Crash&#8221; with J. Liu and Igor Makarov, Revise and resubmit, Journal of Financial Economics, October 2025 &#8220;Attitudes to Debt: The Role of Moral Values&#8221; with F. Paine, D. Thesmar, NBER Working Paper No. w34092, August 2025 &#8220;Financial Advice and Investor Beliefs: Experimental Evidence on Active vs. Passive Strategies&#8221; [&hellip;]<\/p>\n","protected":false},"author":202,"featured_media":0,"parent":0,"menu_order":5,"comment_status":"closed","ping_status":"closed","template":"template-two-column.php","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"class_list":["post-570","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.0 (Yoast SEO v25.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Working Papers - Antoinette Schoar<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mitmgmtfaculty.mit.edu\/aschoar\/working-papers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Working Papers\" \/>\n<meta property=\"og:description\" content=\"&quot;Anatomy of a Run: The Terra Luna Crash&quot; with J. 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