While it is clear that some countries are bank oriented and others rely more on equity financing, there is little research on the degree to which the national architecture for financial intermediation is determined by legal, cultural, and other national characteristics. Using panel analysis of...

Estimates of ex-ante equity premia are important in planning investments in pension funds, life insurance pools, and for other long-term financial obligations or goals. However, while global cross-border investment positions and flows have been rising, there is little research on non-US ex-ante...

National pension systems are an important part of financial intermediation and worker welfare in most countries, but how and why do they differ internationally? Controlling for important political, economic and social institutions, we document that international differences in pension...

In spite of rising interest, there is little prior research on the degree to which national differences in access to finance are determined by national culture. Using World Economic Forum survey data for over eighty countries, this paper examines the determinants of (1) access to equity...

Microfinance institutions’ (MFIs) preference for women borrowers varies internationally and the MFI focus on women borrowers is generally attributed to two reasons: women borrowers are more trustworthy and have greater social impact. However, the role of social trust with regard to this gender...

Given the importance of financial intermediation and the rise of globalization, there is little prior research on how national preferences for financial intermediation (markets versus institutions) are determined by cultural, legal, and other national characteristics. Using panel analysis for...

There is little research on international equity premia estimates. Using improved and consistent methodologies covering a recent 8-year period, this paper estimates annual equity premia for sixteen emerging markets and finds that they are generally low even compared to risk-free rates. In...

While there is some discussion of national preferences for banking versus financial markets, there is little research on how national financing preferences are determined by legal, cultural, and other national characteristics. Using panel analysis on data for a recent eight-year period for...