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We find that investor sentiment should affect a firm's employment policy in a world with moral hazard and noise traders …. Consistent with the model's predictions, we show that higher sentiment among US investors leads to: (1) higher employment growth … worldwide; (2) lower labor productivity, as the growth in employment is not matched by real value added growth; and (3) positive …
Persistent link: https://www.econbiz.de/10010503991
Recent literature finds that exporters are particularly vulnerable to financial market frictions.As a consequence, exports may be lower than their efficient levels. For this reason,many countries support exporters by underwriting export credit guarantees. The empiricalevidence on the effects of...
Persistent link: https://www.econbiz.de/10010312171
An all-inclusive financial system is one of the channels through which information and communication technology (ICT) affects economic growth. Digital financial inclusion is an evolving phenomenon that enhances the ease of access to and availability of formal financial services. Further,...
Persistent link: https://www.econbiz.de/10012500594
This paper examines the mainstream theories of "financial sustainability" and "financial development". It is suggested understanding "financial development" as the complex dynamic characteristics of the financial sector, which is formed under the influence of financial and economic policy...
Persistent link: https://www.econbiz.de/10012302049
The recent financial crisis has generated many distinct perspectives from various quarters. In this article, I review a diverse set of 21 books on the crisis, 11 written by academics, and 10 written by journalists and one former Treasury Secretary. No single narrative emerges from this broad and...
Persistent link: https://www.econbiz.de/10013113705
We investigate the impact of a large scale debt waiver program for small agricultural borrowers in India on the short term and long term consumption levels of the beneficiaries. We obtain consumption data from three national level surveys conducted before and after the waiver by a federal...
Persistent link: https://www.econbiz.de/10012972024
The governance of infrastructure institutions in the financial markets – namely exchanges, central counter-parties (CCPs), and central securities depositories (CSDs) – has become a matter of significant commercial, regulatory, legislative, and even political concern. Such institutions play a...
Persistent link: https://www.econbiz.de/10013148316
This is a Chapter contributing to the Research Handbook on Executive Compensation. In the quest for possible causes of the recent financial crisis, commentators often argue that bank executives had poor incentives. Critics claim, in particular, that executive compensation was not properly...
Persistent link: https://www.econbiz.de/10013127091
The Berle XIV: Developing a 21st Century Corporate Governance Model Conference asks whether there is a viable 21st Century Stakeholder Governance model. In our conference keynote article, [here], we argue that to answer that question yes requires restoring — to use Berle’s term — a...
Persistent link: https://www.econbiz.de/10014346726
The paper conducts a critical review on the issue of applicable law in cross-border securities transactions, focusing on the issue of interests in securities in cross-border exchanges. We present the European regulatory framewrok and the european efforts for the harmonisation of the applicable...
Persistent link: https://www.econbiz.de/10013142063