We study the effect of property rights institutions in host countries, the institutions protecting investors from expropriation by host country agents, on the geographic structure and valuation of U.S. multinational corporations (MNCs). We provide firm-level evidence that better property rights...

Market integration and currency risk are two main factors that distinguish international investment and financing decisions. Hence, we investigate the impact of currency factor on the dynamics of market integration. We compare integration indices estimated from conditional international asset...

Contracting parties (e.g., the firm and its supplier) have cost-reducing incentives to make investments which support the unique transactions between them. However, to the extent that one party may renege on its contractual obligations, the other party incurring the cost of the...

Contracting parties, such as the firm and its supplier, have cost-reducing incentives to make investments which support the unique transactions between them. However, to the extent that one party may renege on its contractual obligations, the other party incurring the cost of the...

Using transaction-level trade data from China Customs and loan data from the China Development Bank (CDB), we analyze how government-subsidized credit in China affects its exports and the economic activities in the U.S. We find that CDB credit to strategic industries at the top of supply chains...

From its publication in The Times in 1933, John Maynard Keynes’s investment multiplier sparked much debate and controversy. Can an investment generate 3 or 4 times its value in income within one year? To date, no one has questioned the theoretical merits of this multiplier. Even the biggest...

Using a panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we show that restrictions on capital inflows produce a substantial and economically meaningful increase in corporate bond spreads. A number of heterogeneities suggest...

While previously a nascent theoretical construct, decentralizedautonomous organizations (DAO) have grown rapidly in recent years. DAOstypically emerge around the management of decentralized financial applications(DeFi) and thus benefit from the rapid growth of innovation in this sector....

The two Cambridge controversy have marked a milestone in economic thinking. By their demonstration neo-Ricardian and post-Keynesian seemed to have proven the impossibility of defining the notion of Capital and, moreover, of being able to aggregate heterogeneous Capital. It is not so.By reasoning...

Non-financial companies typically face a multitude of risks potentially leading to significant fluctuations in the firm's cash-flows. This paper presents a case study approach demonstrating the hedging strategy employed by an international air carrier managing its jet-fuel price exposure. We...