This paper investigates spatial dependence of FDI knowledge spillovers in manufacturing and services using spatial panel techniques applied to the 2006-2014 Bureau Van Dijk's Amadeus firm-level dataset for Croatia and Slovenia. The paper finds diverse results across the two sectors. The distance...

Business owners of privately held firms have multiple opportunities to decide how much taxable income to take out from their firm and how much to retain within the firm. However, undistributed profits within firms, i.e. retained earnings, are typically invisible in income data, distorting our...

This paper analyzes price collusion in a repeated game with two submarkets; a standard and a premium quality segment. Within this setting, we study four types of price-fixing agreement: (i) a segment-wide cartel in the premium submarket only, (ii) a segment-wide cartel in the standard submarket...

We propose a theory of how market power affects wage inequality. We ask how goods and labor market power jointly affect the level of wages, the Skill Premium, and wage inequality. We then use detailed microdata from the US Census between 1997 and 2016 to estimate the parameters of labor supply,...

We study the relationship between the risk of default and Environmental, Social and Governance (ESG) factors using Supervised Machine Learning (SML) techniques on a crosssection of European listed companies. Our proxy for credit risk is the z-score originally proposed by Altman (1968). We...

Mass privatization offers a particularly suitable framework to study the change in ownership concentration as the extent of change is unusual for a stable market economy. Focusing on two different mass privatization schemes in two transition economies, Poland and the Czech Republic, we find that...

The British Industrial Revolution triggered a reversal in the social order whereby the landed elite was replaced by industrial capitalists rising from the middle classesas the economically dominant group. Many observers have linked this transformation to the contrast in values between a...

Government-driven credit played an important role in countervailing the private credit crunch in Brazil during the recent financial crisis. However, government credit concessions continued to expand after the economy recovered. This paper investigates some important features of this expansion...

Contributing to a social cause can be an important driver for workers in the public and non-profit sector as well as in firms that engage in Corporate Social Responsibility activities. This paper compares the effectiveness of social incentives - that take the form of a donation received by a...

This paper presents and comparatively analyzes three case studies of productive development agencies (PDAs) in Brazil: Embrapa, Finep, and ABC Foundation. Following a discussion of the main hypotheses and the methodology employed, the paper describes each case, the related counterfactual and an...