We examine the relation between venture capital (VC) investments and mergers and acquisitions (M&A) activity around the world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with the hypothesis that an active M&A market provides...

This study investigates the relationship between racial heterogeneity and Medicaid expenditures as a share of state public expenditures in the U.S. states from 1999 to 2010. Extant studies predict that increasing racial heterogeneity reduces the share of expenditure on “productive public...

Although political and legal institutions are essential to any nation's economic development, the forces that have shaped these institutions are poorly understood. Drawing on rich evidence about the development of the American states from the mid-nineteenth to the late twentieth century, this...