We investigate whether the February 2012 amendments to the Check Law in Turkey that replaced imprisonment with administrative fines for issuing bad checks were a driver of the surge in bad checks since late 2011. As the change in the law was foreseen, we argue that check issuance behavior was...

We investigate how the forecasting performance of the Federal Reserve Greenbooks has changed relative to commercial forecasters between 1974 and 2009. To this end, we analyze time variation in the Greenbook coefficients in forecast encompassing regressions. Assuming that model coefficients...

Existing literature provides little guidance on whether various debt maturity theories are useful in understanding the debt maturity choices of firms that are privately-held, small, and/or outside the manufacturing industry in developing economies. This paper conducts a comparative test of the...

The last decade witnessed an unprecedented economic growth in Emerging Market Economies (EMEs). EMEs have also been the main drivers of growth in the recovery following the global financial crisis. Nevertheless, EMEs continue to face a number of institutional and structural challenges that may...

This paper develops a theory of the firm scope where not only research but also ordinary production employees can generate inventions. Separating research from production (“specialization”) solves the two-tier agency problem of inducing simultaneously research effort and managerial...

A major shortcoming of capital structure studies on developing economies is that they generally restrict their analyses to large public manufacturing firms. Consequently, we know little about the applicability of various capital structure theories to firms that are private, small, and/or outside...

Studies in family economics and anthropology suggest that grandmothers are a highly valuable source of childcare assistance. As such, availability of grandmothers affects the cost of having children, and hence fertility decisions of young parents. In this paper, we develop a simple model to...