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Economics and Politics of Alternative Institutional Reforms
Caselli, Francesco; Gennaioli, Nicola - National Bureau of Economic Research (NBER) - 2007
constraints on entry, but in addition it facilitates transfers of control of incumbent firms, from untalented to talented managers … deregulation, as it preserves incumbents' rents, while at the same time allowing the less efficient among them to transfer control … supporting future deregulations. Generally speaking, our model suggests that "Coasian" reforms improving the scope of private …
Persistent link: https://www.econbiz.de/10005050260
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How much do firms pay as bribes and what benefits do they get? Evidence from corruption cases worldwide
Cheung, Yan Leung; Rau, P. Raghavendra; Stouraitis, Aris - National Bureau of Economic Research (NBER) - 2012
We analyze a hand-collected sample of 166 prominent bribery cases, involving 107 publicly listed firms from 20 stock markets that have been reported to have bribed government officials in 52 countries worldwide during 1971-2007. We focus on the initial date of award of the contract for which the...
Persistent link: https://www.econbiz.de/10011227954
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Understanding the Accrual Anomaly
Zhang, Lu; Wu, Jin Ginger; Zhang, X. Frank - National Bureau of Economic Research (NBER) - 2007
Interpreting accruals as working capital investment, we hypothesize that firms rationally adjust their investment to respond to discount rate changes. Consistent with the optimal investment hypothesis, we document that (i) the predictive power of accruals for future stock returns increases with...
Persistent link: https://www.econbiz.de/10005828684
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Missallocation and Financial Frictions: Some Direct Evidence From the Dispersion in Borrowing Costs
Gilchrist, Simon; Zakrajsek, Egon; Sim, Jae W. - National Bureau of Economic Research (NBER) - 2012
Financial frictions distort the allocation of resources among productive units--all else equal, firms whose financing choices are affected by such frictions face higher borrowing costs than firms with ready access to capital markets. As a result, input choices may differ systematically across...
Persistent link: https://www.econbiz.de/10010969203
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Self-Selection into Credit Markets: Evidence from Agriculture in Mali
Karlan, Dean; Udry, Christopher; Beaman, Lori; … - National Bureau of Economic Research (NBER) - 2014
We partnered with a micro‐lender in Mali to randomize credit offers at the village level. Then, in no- loan control …
Persistent link: https://www.econbiz.de/10010969288
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Agricultural Decisions after Relaxing Credit and Risk Constraints
Karlan, Dean; Udry, Christopher; Osei, Robert Darko; … - National Bureau of Economic Research (NBER) - 2012
. Binding credit market constraints and incomplete insurance can reduce investment in activities with high expected profits. We …
Persistent link: https://www.econbiz.de/10010969291
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Financial Development in 205 Economies, 1960 to 2010
Demirguc-Kunt, Asli; Levine, Ross; Čihák, Martin; … - National Bureau of Economic Research (NBER) - 2013
This paper describes our construction of the Global Financial Development Database and uses the data to compare financial systems around the world. The database provides information on financial systems in 205 economies over the period from 1960 to 2010 and includes measures of (1) size of...
Persistent link: https://www.econbiz.de/10010969344
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Quantifying Productivity Gains from Foreign Investment
Kalemli-Ozcan, Sebnem; Sorensen, Bent E.; Volosovych, Vadym - National Bureau of Economic Research (NBER) - 2013
We quantify the causal effect of foreign investment on total factor productivity (TFP) using a new global firm-level database. Our identification strategy relies on exploiting the difference in the amount of foreign investment by financial and industrial investors and simultaneously controlling...
Persistent link: https://www.econbiz.de/10010969373
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Seasonal Credit Constraints and Agricultural Labor Supply: Evidence from Zambia
Fink, Günther; Jack, B. Kelsey; Masiye, Felix - National Bureau of Economic Research (NBER) - 2014
Small-scale farming remains the primary source of income for a majority of the population in developing countries. While most farmers primarily work on their own fields, off-farm labor is common among small-scale farmers. A growing literature suggests that off-farm labor is not the result of...
Persistent link: https://www.econbiz.de/10010969399
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Estimating the Impact of Microcredit on Those Who Take It Up: Evidence from a Randomized Experiment in Morocco
Crépon, Bruno; Duflo, Esther; Devoto, Florencia; … - National Bureau of Economic Research (NBER) - 2014
none in control villages. Among households identified as more likely to borrow based on ex-ante characteristics …
Persistent link: https://www.econbiz.de/10010950654