Davis, Haltiwanger, Handley, Lerner, Lipsius, and Miranda (2019) produce an extension to the Davis et al. collection without addressing the critical research design issues raised in Ayash and Rastad (2017) and Ayash and Rastad (2018). First and foremost, the authors misrepresent their sample as...

The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with macroeconomic and credit conditions, across private equity groups, and by type of buyout. We reach this conclusion by examining the most extensive database of U.S. buyouts ever...

This paper investigates the effects of going public on innovation by comparing the innovative activity of firms that went public with firms that withdrew their IPO filing and remained private. NASDAQ fluctuations during the book-building phase are used as an instrument for IPO completion. Using...

Infrastructure assets have undergone substantial privatization in recent decades. How do different types of owners target and manage these assets? And does the contract form--control rights (concession) vs. outright ownership (sale)--matter? We explore these questions in the context of global...

This paper examines how private equity buyouts affect export activity among target firms around the Brexit period. Using data on UK firms for 2012-2019 and difference-in-differences estimations for matched target versus non-target firms, we assess how the unprecedented Leave vote affects...

We consider an endogenous growth model with Blanchard-Yaari-type overlapping generations that is built around four sectors: final and intermediate goods production, an R&D sector and a health care sector. Health care serves to lower mortality and morbidity, the latter being related to...

Exploiting the implementation of the NOx Budget Trading Program (NBP), we show that a regional environmental regulation can have an unintended emission spillover effect from NBP-regulated power plants to manufacturing plants not regulated by the NBP via hikes in electricity prices. Our...

In the early stages of the global financial crisis and the COVID-19 crisis, bond issuance by non-financial and non-bank financial corporations in the developed economies hit record levels. However, the underlying reasons for this are different: during the global financial crisis, bond issuances...

Corporate governance reform has been one of the central issues in the "third arrow" of the Abe administration's economic revival program. The Japanese Stewardship Code was introduced in 2014, followed by the Corporate Governance Code in 2015. This study quantifies how the reform changed the...