Consumers are in general less informed than producers about the quality of agricultural goods. To reduce the information gap, consumers can rely on standards (labels, certifications, geographic indications) that insure quality and origin of the goods. However, these standards do not always fully...

Many conservation programs offer financialcompensation to farmers in exchange for socially desiredservices, such as soil conservation or biodiversity protection.Realization of the conservation objective at minimum costrequires payments to just cover the extra costs incurred byeach individual...

This study explores, theoretically and empirically, one of the important issues of the geography of finance, namely the location of high-level financial services. Specifically, we will try to explain why foreign financial services are spatially concentrated in a particular city so as to form a...

The average investor reaction is neutral to primary offerings by firms with managerial incentives closely tied to the shareholder value. Investors react negatively (1) when there are insufficient managerial ownership stakes to deter misuse of SEO proceeds and (2) when there are negative signals...

Investors in a market frequently update their diverse perceptions of the values of risky assets, thus invalidating the classic capital asset pricing model's (CAPM) assumption of complete agreement among investors. To accommodate information asymmetry and belief updating, we have developed an...

This paper investigates the relationship between credit market competition and the availability of bank credit for firms of unobserved credit quality when firms pledge collateral to secure the loans. Loan data from the Spanish Credit Register shows that the average credit quality of borrowers...

Poco se sabe todavía sobre los factores que determinan el uso de garantías personales en comparación con las garantías reales en el marco de los préstamos bancarios a empresas, así como sobre su posterior impacto en la toma de decisiones de las empresas. Este trabajo analiza 477.209...

En este trabajo se desarrolla un modelo del impacto del riesgo climático en la oferta crediticia y se evalúan sus predicciones según datos granulares sobre incendios forestales y préstamos corporativos en España. Los hallazgos revelan una disminución significativa del crédito de las...

This paper examines host governments' motivation for restricting ownership shares of multinational firms(MNFs) in foreign direct investment (FDI) projects. An MNF with a productivity advantage is willing to invest in a host country. The host government wants to capture the MNF's surplus yet...