This paper develops a partial equilibrium model to account for stylized facts about the behavior of oligarchs, politically and economically strong conglomerates in transition and developing countries. The model predicts that oligarchs are more likely than other owners to invest in productivity...

This paper provides the first rigorous econometric estimates on the pay-performance relations for executives of Korean firms with and without Chaebol affiliation. To do so, we have assembled for the first time panel data (that provide information not only on executive compensation and firm...

This study examines the impact of 1997 Asian and 2008 Global financial crises on the capital structure of Korean listed companies. Using a data set covering 1,159 Korean listed non-financial firms from 10 industrial sectors over period 1985-2015, the pattern of firms' capital structure before...

It has been argued that Asia's remarkable economic achievements of the past 50 years build on institutional arrangements very different from the West, notably the central role of business groups (BGs). As Asian economies move from extensive to intensive growth, we enquire whether the business...

This paper contributes to the literature on competition and corruption, by drawing on records from Calciopoli, a judicial inquiry carried out in 2006 on corruption in the Italian soccer league. Unlike previous studies, we can estimate the determinants of match rigging and use this information in...

This paper systematically analyzes media attention devoted to terrorist attacks worldwide between 1998 and 2012. Several aspects are related to predicting media attention. First, suicide missions receive significantly more coverage, which could explain their increased popularity among terrorist...

Do media slant news in favor of the banks they borrow from? We study how lending connections affect news coverage of banks earnings reports and of the Eurozone sovereign debt crisis on major newspapers from several European countries. We find that newspapers cover announcements by their lenders...

What motivates kidnapping decisions by rebel groups? This paper studies news coverage of a proposed prisoner exchange program (the Acuerdo Humanitario; AH) in connection with FARC (Revolutionary Armed Forces of Colombia) kidnappings in the early 2000s. We propose that AH News nourished the...

We study the role of media reporting of alleged adverse effects of influenza vaccination on adults' (aged 50 or more) decisions to vaccinate against the flu. We exploit the diffusion of news linking suspected deaths to the vaccine, during the 2014 vaccination campaign in Italy. Using daily...

Asymmetric information between voters and legislative representatives poses a major challenge to the functioning of representative democracy. We examine whether representatives are more likely to serve long-term campaign donors instead of constituents during times of low media attention to...