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Government Connections and Financial Constraints: Evidence from a Large Representative Sample of Chinese Firms

Cull, Robert; Li, Wei; Sun, Bo; Xu, Lixin Colin - Federal Reserve Board (Board of Governors of the … - 2015

We examine the role of firms' government connections, defined by government intervention in CEO appointment and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. We demonstrate that government connections are associated with substantially...

Persistent link: https://www.econbiz.de/10011269077

An Industrial Organization Approach to International Portfolio Diversification: Evidence from the U.S. Mutual Fund Families

Shin, Chae Hee - Federal Reserve Board (Board of Governors of the … - 2014

Although the lack of international portfolio diversification has long interested the financial economics literature … introduce a microeconomic aspect of under-diversification by examining a new data on U.S.-based mutual fund families' global … diversification. I document the fund families' investments in global equity markets and explore features of supply and demand in the …

Persistent link: https://www.econbiz.de/10010937971

Two equivalence theorems for government finance

Yu, Dahai - Federal Reserve Board (Board of Governors of the … - 1998

This paper studies the effects of a path change in government debt composition and aggregate transfers on allocations and prices. It is shown that the effects are zero under some agent-specific transfer scheme even when markets are incomplete. If markets are complete, then the effects are zero...

Persistent link: https://www.econbiz.de/10005368245

Aging and strategic learning: the impact of spousal incentives on financial literacy

Hsu, Joanne W. - Federal Reserve Board (Board of Governors of the … - 2011

American women tend to be less financially literate than men, which is consistent with a household division of labor in which men manage finances. However, women also tend to outlive their husbands, so they will eventually need to take over this task. Using a new survey of older couples, I find...

Persistent link: https://www.econbiz.de/10009366960