How do crises affect Central clearing Counterparties (CCPs)? We focus on CCPs that clear and guarantee a large and safe segment of the repo market during the Eurozone sovereign debt crisis. We start by developing a simple framework to infer CCP stress, which can be measured through the...

Using the 2008-09 Global financial crisis and the 2012 Euro area sovereign debt crisis as natural experiments, we investigate the effects of contractions in credit supply on R&D spending in a large sample of European firms. Our identification strategy exploits differences in financial...

We estimate partial- and total-fuel substitution elasticities between electricity, gas and oil, using firm-level data. We find that, based on the partial elasticity measure, electricity is the least-responsive fuel to changes in its own price and in the price of other fuels. The total elasticity...

The design of sports leagues has significant financial implications for the organisers and member teams and for the relative success or failure of the individual clubs. Using the Pro 14 rugby league as an example we show how the structure of the league has influenced the success of the league...

Paris Saint-Germain, one of France's top soccer clubs, was bought by Qatar Sports Investments (QSI) in 2011. Since then the club's expenditure has risen precipitously as have its victories. In this paper we ask whether this represents value for money. We find in fact, that the efficiency of PSG...

Many informal firms in developing countries would not be viable if they were to comply with the minimum wage law. This means the authorities have an incentive to turn a blind eye to nonenforcement in a substantial share of firms. We also survey enforcement mechanisms for the minimum wage across...

We analyse winning strategies in the Australian Women's Big Bash Cricket League (WBBL). Our objective is two- fold. First such analysis has potential implications for fan interest, team selection and recruitment. While several studies have analysed winning strategies in men's cricket we are...

This paper examines whether former foreign MNE workers help domestic startup firms succeed. I find evidence consistent with the idea that, as founding workers, former MNE workers positively contribute to startup outcomes. However, this appears conditional on survival. Using an event study...

The study confronts the joint effects of foreign ownership and its involvement in global value chains (GVC) on the productivity performance of firms from a catching-up country (Poland) and a leader economy (Germany). Domestic owned firms are less productive than foreign ones, which is...

We examine changes in the corporate tax rate across the U.S. and their implications on the pricing and quantity of loans. We find an asymmetric effect on the cost of credit: loan spreads decrease by approximately 5.9 basis points in response to a one percentage tax cut, but they are insensitive...