Does combating corruption reduce clientelism? We examine the impact of a prominent anti-corruption program on clientelism using a novel representative survey of rural Brazilians. Randomized audits reduce politicians' provision of campaign handouts, decrease citizens' demands for private goods,...

Purpose – Recently, trade openness has expanded in the world level as well as high trade dependent countries like Korea. In turn, a rise of trade openness is expected to affect on the tourism industry. This study investigates the causal relationship between trade openness, outbound tourism...

This study examines the effect of common analysts covering both suppliers and their major customers on suppliers' investment efficiency. Using a sample of A-share listed firms in China from 2007 to 2018, we find that suppliers with common analyst coverage exhibit higher investment efficiency....

This study examines the effect of common institutional ownership on corporate pension funding. We posit that a common owner’s incentive to maximize shareholder value may come at the cost of employee welfare. Consistent with this prediction, we find robust evidence that firms with common...