We estimate the elasticity of exports to credit using matched customs and firm-level bank credit data from Peru. To account for non-credit determinants of exports, we compare changes in exports of the same product and to the same destination by firms borrowing from banks differentially affected...

In this paper we estimate the elasticity of exports to credit shocks. As a source of variation, we exploit the disproportionate reduction in credit supply by banks with high share of foreign liabilities during the 2008 financial crisis. Using matched customs and firm-level bank credit data from...

We estimate the elasticity of exports to credit using matched customs and firm-level bank credit data from Peru. To account for non-credit determinants of exports, we compare changes in exports of the same product and to the same destination by firms borrowing from banks differentially affected...

We estimate risk aversion from the actual financial decisions of 2,168 investors in Lending Club (LC), a person-to-person lending platform. We develop a methodology that allows us to estimate risk aversion parameters from each portfolio choice. Since the same individual makes repeated...

We propose a model that can account for both the dynamics of the firm's exports and debt stock along its life cycle, and the short-term responses of large and small exporters to credit shocks. In our model, the demand for external credit results from two different motives: i) to finance fixed...

We estimate risk aversion from the actual financial decisions of a sample of 2,168 U.S. investors participating in Lending Club, a person-to-person lending platform. We find a large degree of heterogeneity in the relative risk aversion (RRA) parameter, with an average of 2.85, and a median of...

We present a simple model of an entrepreneur going public in an environment with poor legal protection of outside shareholders. The model incorporates elements of Beckeracirc;not;quot;s (1968) acirc;not;Scrime and punishmentacirc;not;? framework into a corporate finance environment of Jensen and...

Estimating the value of top managerial talent is a central topic of research that hasattracted widespread attention from academics and practitioners. Yet, studying the impact of managers on firm performance is difficult because of endogeneity and omitted variablesconcerns. We test for the impact...

We develop an equilibrium model to understand how the efficiency of capital allocation depends on outside investor protection and the external financing needs of firms. We show that when capital allocation is constrained by poor investor protection, an increase in firms' external financing needs...