As digital technologies rapidly transform global economies, the digital financial inclusion index (DFII) has emerged as a critical driver of economic growth, particularly in developing regions. In the context of China, where regional economic disparities persist, the expansion of digital...

This study investigates the relationship between stock markets and economic growth in twelve Asian countries from 1980 to 2004. In this study, we utilize the Johansen cointegration and Granger causality tests using quarterly data. Results from cointegration test suggest that there is long run...

This paper features a meta-analysis of the effects of financial development and liberalization on macroeconomic growth in Asia. A meta-synthesis of 748 estimates extracted from 75 previous studies indicates that the growthenhancing effect of finance reaches an economically meaningful scale in...

We find that business cycles drive productive economic churn. During recessions, firms with high previous abnormal investment scale back while firms with low abnormal investment scale up. These findings are consistent with an improvement in investment efficiency over the business cycle. Our...

This paper surveys the literature to document the main stylized facts, risks, and policy challenges related to the expansion of global nonfinancial corporate debt after the 2008–09 global financial crisis. Nonfinancial corporate debt steadily increased after the crisis, especially in emerging...

We propose a unified explanation for two seemingly disparate empirical findings: the negative abnormal returns of distressed stocks, and of small growth stocks. Based on a counterintuitive result relating option prices to jump risk (Merton 76), we show via an investment valuation model that...

We propose a unified explanation for two seemingly disparate empirical findings: the negative abnormal returns of distressed stocks, and of small growth stocks. Based on a counterintuitive result relating option prices to jump risk (Merton (1976)), we show via an investment valuation model that...

This paper aims at providing an overview of the theoretical considerations and a review of the empirical literature on the relationship between finance and growth. Section I describes the role of financial development in economic growth at the macro level, both theoretically and empirically....

The field of academic finance has grown and evolved in the 47 years since the Journalof Financial Economics (JFE) began publishing papers. This paper examines detailed dataon the 3,003 papers written by 3,358 different authors published in the JFE over the period1974–2020. Advances in...

Complete Lists of Authors, Institutions, and Papers and the Citations They Have Received in the Social Science Citation Index.The paper "The Remarkable Growth in Financial Economics, 1974-2020" is available here: https://ssrn.com/abstract=3722311