This study examines the link between effective tax rates (ETR) and political connections in developing economies. The political connections explanation is informed by the observation that developing economies tend to be relationship-based rather than market-based capitalisms. Two proxies of...

This paper extends prior work on the links between political patronage and capital structure in developing economies. Three proxies of political patronage are developed and applied to a group of Malaysian firms over a 10-year period. We find a positive and significant link between leverage and...

State-owned enterprises (SOEs) are both the economic and political bases of the Chinese Communist Party (the Party) and the Chinese state. The overarching principle of SOE reform is to firmly implement the Party’s leadership and the modern enterprise system. This principle creates a political...

The first green bond was issued in the People's Republic of China (PRC) in 2015 and since then the PRC has become a significant player in the world's green bond market. In just three years, green bond issuance in the PRC has skyrocketed from almost none to the country becoming one of the largest...

We study the evolution of health investment over the life-cycle by calibrating a model of endogenous health accumulation. The model is able to produce the decline in labor supply with age as well as the hump-shaped consumption profile. In both cases, health and health investment play a crucial...