Most of the papers in corporate finance use the investment-cash flow sensitivity as a key metric to gauge financing constraints. However, it has been documented in the theoretical and empirical literature that this metric is not necessarily symptomatic of financing constraints. In this paper, we...

This article reviews Germany's corporate governance system and the effectiveness of recent reforms. Since the early 1990s far-reaching reforms have complemented the traditional stakeholder system with important elements of the shareholder system. Instead of taking a view on the superiority of...

This paper constructs a composite index of corporate governance quality, documents its evolution from 1994 through 2003 in selected emerging and developed economies, and assesses its impact on aggregate and corporate growth and productivity. Our investigation yields three main findings. First,...

Este trabalho utiliza, pela primeira vez, os microdados do Exame Nacional do Ensino Médio (Enem) para analisar o papel da escola no desempenho dos alunos no ensino médio das mil melhores escolas particulares e públicas do estado de São Paulo. O objetivo é verificar se o controle pelas...

This paper investigates how social interactions among friends shape fertility. We specifically examine whether and how friends’ fertility behaviour affects an individual’s transition to parenthood. By integrating insights from economic and sociological theories, we elaborate on the...

Whether and how the observability of a coworker’s effort influences an employer’s wage decisions and workers’ effort decisions is a central issue for labor organizations. We conduct an experiment using a three-person gift-exchange game to investigate this matter in the context of wage...

Researchers using directed network data to estimate peer effects must somehow handle unreciprocated nominations. To better understand how peer effects operate and how best to estimate their effects, this paper investigates how the reciprocation of friendship mediates peer effects. We begin by...

We produced a data set from a survey of a population of convicts in probation. We combined this new data set with an official data set from the Brazilian government to study labor market discrimination faced by ex-convicts. We were interested in estimating two potential effects of...

It has been widely documented that the poor spend a significant proportion of their income on gifts even at the expense of basic consumption. We test three competing explanations of this phenomenon—peer effect, status concern, and risk pooling—based on a census-type primary household survey...