Bankers on the board are expected to act as a fund-raiser and to help lowering financial costs, but they can impose conflicts of interest between shareholders and creditors. We empirically analyse the impact of banker-directors on corporate leverage and investment, using Korean firm data during...

We consider Korea and Japan in East Asia as the representative country of each of the two groups: high- versus low-depreciation economies during the 2008 global financial crisis. Although the two countries have geographical and industrial similarities, their exchange rate change during the...

With a notion that the eurozone does not have a fiscal federalist system, we analyze the effectiveness of fiscal policy at the country level of the eurozone and the state level of the US. Our empirical analysis shows that, not like the case of the US, the role of fiscal policy for counteracting...

This paper demonstrates that group-affiliated firms have financial attributes that are different from those of stand-alone firms and suggests that these differences are consistent with ex-post consequences of receiving equity investment (EI) in business groups. Therefore, intra-group EI serves...