This paper uses a unique natural experiment in Chinese villages to investigate whether access to telecommunications- in particular, landline phones-increases the likelihood of outmigration. By using regional and time variations in the installation of landline phones, the...

This study examines the spillover effects of home country institutional and cultural characteristics on the subsidiaries operating in France while they are in the process of making capital structure choices and debt maturity choices. We document that while subsidiaries financing choices are...

We examine IPO underpricing, valuation, and wealth allocation in relation to investor sentiment, information asymmetry, and underwriter reputation. We find that underpricing is significantly higher for overvalued IPOs than for undervalued IPOs, and is positively correlated to investor sentiment....