This paper proposes a simple framework (a) to quantify the importance of the finance shock to non-financial firms in 45 countries by exploring cross-firm heterogeneity in dependence on external finance for working capital and investment, and (b) to study whether and how the type of financial...

Using a unique hand collected sample of professional connections between finance ministers and the directors and top executives of the three largest credit rating agencies for 38 European sovereigns between January 2000 and November 2017, we show that professional connections result in higher...

The boom of microfinance and its high profits in emerging countries has raised interest in this sector of investors in developed countries. The question to be addressed is how venture capital will help this MFI scale its business and profits? Can developed country investors, facing a lack of...

This paper studies whether the volume and composition of capital flows affect the degree of credit crunch during the 2007-2009 crisis. Using data on 3823 firms in 24 emerging countries, we find that, on average, the decline in stock prices was more severe for firms that are intrinsically more...

Green bonds are financial instruments that deliver both returns and environmentally positive outcomes. They can be a key part of strategies to incorporate climate action into financial decision-making and help developing countries meet their Paris Agreement and Sustainable Development Goal...

We investigate the asymmetric nonlinear link between foreign direct investment, oil prices, and CO2 emissions for the Gulf Cooperation Council nations, using foreign direct investment and oil price data. As foreign direct investment is positively associated with carbon emissions in the long run...

Using content analysis we evaluate the determinants of corporate risk disclosure in a sample of 424 publicly traded firms in the Gulf Cooperation Council countries. We hypothesize that corporate risk disclosure will be lower in Islamic financial institutions when compared to conventional...

The main argument of this paper is, namely, the need for greater emphasis on disclosure requirements and measures – particularly within the securities markets. This argument is justified on the basis of lessons which have been drawn from the recent Financial Crises, one of which is the...

Mortgage-backed securities (MBS) are debt obligations whose cash flows are backed by the principal and interest payments of pools of mortgage loans, most commonly on residential property (Riddiough, 2001). Lenders establish underwriting guidelines, evaluate prospective homeowners’ credit, and...