Though more than 100 countries have adopted gender quotas, the impacts of these reforms on women’s political leadership remain largely unknown. We exploit a quasi-experiment—a zipper quota imposed by the Swedish Social Democratic national party on municipal party groups—to examine...

Banking consolidation is a global trend, but in Taiwan, after the failure of the Second Financial Reform, it does not have a clear policy for bank mergers. This paper investigates whether mergers influence the cost efficiency of banks in Taiwan, and our results suggest that the government should...

In this paper, we found a strong positive post-rescue performance for acquiring firms. Furthermore, we observed even more dramatic recovery effects when we focused on accounting accrual components, such as the credit sale increases or reduction of PPE depreciation value. We found that investors...

We examine the impact of financial constraints on the relation between antitakeover protection and corporate innovation. On one hand, potential information asymmetry problems in financially constrained firms can exacerbate the entrenchment effect associated with increased antitakeover...

We develop a model of foreign direct investment (FDI) in which financially liquid foreign firms acquire liquidity-constrained target firms. Using a large dataset of emerging-market acquisitions, we find evidence supporting three central predictions of the model: (i) firms in external finance...

This paper investigates the determinants of the investment activity of Sovereign Wealth Funds (SWFs) at a macro level, with special emphasis on the possible reaction to a financial crisis in a potential target economy. The analysis relies upon a specially built proprietary database, which...

This paper investigates the relevance of banking- sector- specific and macroeconomic determinants of profitability of 21 banking sectors over the years 1995-2009. In the analysis we apply the Arellano and Bond GMM-estimator to aggregated data collected in a harmonized way by the OECD, to find...