Does state ownership hinder or help firms access credit? We use data on almost 4 million firms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and conventional firm-level determinants of leverage, we show...

Does state ownership hinder or help firms access credit? We use data on almost 4 million firms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and conventional firm-level determinants of leverage, we show...

This paper uses a novel dataset on investments considered by the European Bank for Reconstruction and Development to examine project selection and project design at a multilateral development bank which pursues a combination of financial and environmental, social or governance (ESG) objectives....

During the technological and military competition of the Cold War, the Soviet government created “science cities” – urban centres that hosted a high concentration of research and development facilities. But what has been the long-term effect of these cities? This paper finds that in...

During the technological and military competition of the Cold War, the Soviet government created “science cities” – urban centres that hosted a high concentration of research and development facilities. But what has been the long-term effect of these cities? This paper finds that in...