This paper examines the relation between the investment horizon of banks and their CEO compensation, and its consequences for risk and performance. We find that banks with short-term investment intensity pay more cash bonus, exhibit higher risk and perform more poorly than banks with longer-term...

This paper examines the relation between the investment horizon of banks and their CEO compensation, and its consequences for risk and performance. We find that banks with short-term investment intensity pay more cash bonus, exhibit higher risk and perform more poorly than banks with longer-term...

We use a unique, comprehensive transactions-level dataset on Russian exports to evaluate the impact of international sanctions—focusing on crude oil and oil products. Relying on data through the first quarter of 2023, we find that the sanctions coalition’s strategy to keep Russian oil on the...

Using a unique set of data that contains 236 million banking transactions of 1.7 million Russian firms over the 2003 to 2004 period, I examine the use of quot;spacemenquot;, short-lived special purpose entities created for cash flow diversion purposes. I first estimate diversion in Russia to be...

Modern autocracies today hold elections but employ a number of tactics to control election outcomes. In response to unfairness of elections, opposition may organize negative campaign to persuade the electorate to vote against a regime candidate. The goal of this paper is to measure the...

This paper studies the effect of the number of cases of COVID-19 on stock returns from over 3,500 publicly listed firms headquartered across 167 regions in 10 European countries. We instrument the number of cases per million inhabitant in each region with its population, density, and the soccer...