2025
New WP cites
Sleep Disruption and Retail Investor Trading
NBER Working Paper 33477 (Feb 2025, rev. Oct 2026)
Later sunsets and clock changes cost retail traders 29–64 bps/month — sleep, not strategy, moves returns.
2024
≈50 cites
Buy Now, Pay Later: Impact of Installment Payments on Customer Purchases
Journal of Marketing 89(3) 13–35 · accepted manuscript (White Rose)
When a big US retailer switched on pay-in-4, purchase incidence rose ≈9pp and amounts ≈10% — the button lifts the whole checkout, not just the split purchases.
2023
≈100 cites
Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors
Journal of Finance 78(2) · NBER WP 29076
Professional sells underperform RANDOM selling by 80 bps/yr while their buys beat counterfactuals by 100+ bps — attention, not skill, explains the asymmetry.
2023
≈97 cites
Financial literacy and financial well-being: Evidence from the US
Journal of Financial Literacy and Wellbeing 1, 169–198
Fewer than 30% of Americans answer three basic finance questions correctly; literacy tracks +6.3pp financial resilience and −3.8pp over-indebtedness.
2023
≈90 cites
Buy Now, Pay Later (BNPL) ...On Your Credit Card
Journal of Behavioral and Experimental Finance 37, 100788
19.5% of UK credit cards carry BNPL instalments — 0% debt refinanced onto ≈20% APR balances, mostly by younger consumers and deprived areas.
2023
≈50 cites
The Rise of E-Wallets and Buy-Now-Pay-Later: Payment Competition, Credit Expansion, and Consumer Behavior
NBER Working Paper 31202
Inside a billion-user wallet, BNPL access lifts spending ≈5.6% yet default stays <1% — when instalments are the only credit in town, most users refuse to revolve.
2022
≈65 cites
Buy Now, Pay Later Credit: User Characteristics and Effects on Spending Patterns
NBER Working Paper 30508
BNPL access lifts spending +$130 on impact and ≈$60/week permanently — retail liquidity “sticks where it hits.”
2022
≈19 cites
Buy Now, Pay Later: Survey Evidence of Consumer Adoption and Attitudes
Federal Reserve Bank of Philadelphia, CFI Discussion Paper 22-02
Users call BNPL convenience, not credit (52.6%) — but heavy users hit payment trouble at 14.7%, and one missed instalment costs $7–10.
2021
≈230 cites
The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia
Future Business Journal 7:52
Behaviour (β=0.333) beats literacy (β=0.165) for financial well-being; stress drags it down (β=−0.256) — doing matters more than knowing.