We investigate the “creative destruction” through the role of typhoon occurrence on existing firms’ innovation and firm creation for the universe of Chinese firms by utilizing novel administrative data. We find that typhoon occurrence during a firm’s early life reduces both patent...

Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...

Using a novel way to identify relationship and transaction banks, we study how banks' lending techniques affect funding to SMEs over the business cycle. For 21 countries we link the lending techniques that banks use in the direct vicinity of firms to these firms' credit constraints at two...