Showing 1 - 10 of 20,084
We examine the impact of country-level political rights on the cost of debt for corporate bonds issued by firms incorporated in 39 countries. Similar to, but separate from, the relation for creditor rights, greater political rights are associated with lower yield spreads. A one standard...
Persistent link: https://www.econbiz.de/10012753700
In this paper we bring new empirical evidence that political uncertainty is associated with higher corporate debt financing costs. Controlling for all bond and firm characteristics that could affect a firm's cost of debt financing, the uncertainty associated with the outcome of U.S. presidential...
Persistent link: https://www.econbiz.de/10011208766
-driven) income shocks on democracy. Our results indicate that countries with greater net oil exports over GDP see improvements in … capita GDP growth due to a positive oil price shock increases the Polity democracy score by around 0.2 percentage points on …
Persistent link: https://www.econbiz.de/10010849615
democracy in interwar Germany by analyzing Nazi party entry rates in a cross-section of towns and cities. Before the Nazi Party … in Weimar Germany aided the rise of the Nazi movement that ultimately destroyed Germany’s first democracy. …
Persistent link: https://www.econbiz.de/10010851499
We show that drought-induced changes in the intensity of riots lead to moves towards democracy in sub-Saharan Africa …
Persistent link: https://www.econbiz.de/10010877823
of national income per capita and democracy may not be positively correlated. The model is also useful for understanding …
Persistent link: https://www.econbiz.de/10010883470
One of the key goals of political economy is to understand how institutional arrangements shape policy outcomes. This paper studies a comparatively neglected aspect of this - the forces that shape heterogeneous performance of autocracies. The paper develops a simple theoretical model of...
Persistent link: https://www.econbiz.de/10010884658
1960 to 2010 and dynamic panel data analysis, we find a significant and negative relationship between income and democracy … exogenous and endogenous democracy. The former explains whether external factors, such as the end of the Cold War, as well as … Cold War has a significant influence on the democratisation process probably because of the pro-democracy policies …
Persistent link: https://www.econbiz.de/10010885332
democracy in interwar Germany by analyzing Nazi party entry rates in a cross-section of towns and cities. Before the Nazi Party … in Weimar Germany aided the rise of the Nazi movement that ultimately destroyed Germany's first democracy. …
Persistent link: https://www.econbiz.de/10010933545
to the event of becoming a democracy.  We find that democratization leads to a more market-based financial system … change on financial structure we estimate a separate model and find that democracy matters.  We also find that countries with … estimation, alternative measures of democracy and financial structure, and across different samples. …
Persistent link: https://www.econbiz.de/10011004286