This paper discusses the lack of clarity of 40 online privacy statements from nine financial institutions that are covered by the Gramm-Leach-Bliley Act (GLBA), which states that policies must be “clear and conspicuous. ” The study is novel in that it uses two complimentary approaches to analyze

This paper examines whether nancial development facilitates economic growth by scrutinizing one rationale for such a relationship; that nancial development reduces the costs of external nance to rms. Speci cally, we ask whether industrial sectors that are relatively more in need of external nance

This paper evaluates (1) whether the exogenous component of financial intermediary development influences economic growth and (2) whether cross-country differences in legal and accounting systems (e.g., creditor rights, contract enforcement, and accounting standards) explain differences

rational investors. The model sheds light on a number of financial anomalies, including the excess volatility of asset prices, the mean reversion of stock returns, the underpricing of closed end mutual funds, and the Mehra-Prescott equity premium puzzle. 3“If the reader interjects that there must surely

Today’s smartphone operating systems fail to provide users with adequate control and visibility into how third-party applications use their private data. We present TaintDroid, an efficient, system-wide dynamic taint tracking and analysis system for the popular Android platform that can simultaneously track multiple sources of sensitive data. TaintDroid’s efficiency to perform real-time analysis stems from its novel system design that leverages the mobile platform’s virtualized system architecture. TaintDroid incurs only 14 % performance overhead on a CPU-bound micro-benchmark with little, if any, perceivable overhead when running thirdparty applications. We use TaintDroid to study the behavior of 30 popular third-party Android applications and find several instances of misuse of users ’ private information. We believe that TaintDroid is the first working prototype demonstrating that dynamic taint tracking and analysis provides informed use of third-party applications in existing smartphone operating systems.

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We study an incentive model of ®nancial intermediation in which ®rms as well as intermediaries are capital constrained. We analyze how the distribution of wealth across ®rms, intermediaries, and uninformed investors affects investment, interest rates, and the intensity of monitoring. We show that all forms of capital tightening (a credit crunch, a collateral squeeze, or a savings squeeze) hit poorly capitalized ®rms the hardest, but that interest rate effects and the intensity of monitoring will depend on relative changes in the various components of capital. The predictions of the model are broadly consistent with the lending patterns observed during the recent ®nancial crises. I.

Indicators of the development of the financial sector do not improve monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in 1980 and only recently have they surpassed their 1913 levels. This pattern cannot be explained

“Having looked at monetary policy from both sides now, I can testify that central banking in practice is as much art as science. Nonetheless, while practicing this dark art, I have always found the science quEite useful.” 2 Alan S. Blinder

This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent