This paper studies how future tense marking affects the terms of bank loans. We predict that languages grammatically mark affect speakers’ intertemporal preferences and thereby reduce perception risks associated with loan issuance. test this hypothesis on a sample 977 loans from 17 European countries. observe use language is lower spreads collateral in contracts. The results corroborate Chen (A...

We estimate the causal effects of immigrant networks on individuals’ remittance sending behavior for migrants from many different countries residing in Spain. Our methodology addresses typical issues that arise when estimating network effects: reverse causality, common unobserved factors, and self-selection. In particular, we instrument the size of networks by predicting the number of migrants ...