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's internal investment decision process remains mostly a black box. Using manually collected data, we document significant … discretions over budget execution to improve investment efficiency as well as firm performance. Managers' career concerns … corporate internal investment decision process and sheds lights on how accounting quality affects capital budget execution …
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This paper evaluates the budgetary origins of fiscal-military prowess, taking early modern Europe as a laboratory. We first review evidence that states adopting credible budgets accrued substantial advantages in raising taxes and loans. Since victory in war during the early modern period was...
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This paper develops a multi-country post-Kaleckian model that incorporates the role of the government. One key novelty of the model is that it integrates cross-country effects of changes in both income distribution and fiscal policy. The model is used to estimate econometric-ally the effects of...
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