From the late 1980s, many countries have reformed the institutional framework governing their central banks to increase operational independence. Collecting systematic biographical information, international press coverage, and independent expert opinions, we find that over the same period...

Crowdfunding is still a relatively new phenomenon, but it rapidly emerged as an integral part of the entrepreneurial finance landscape. In this paper, I provide an overview the crowdfunding phenomenon. I first describe the crowdfunding process, its actors and markets. Then I outline the dynamics...

We study how differences in democracy influence cross-border mergers and share price reactions to cross-border deal announcements. Using a sample of 104,425 cross-border deals announced between 1985 and 2018, we find that merger flows involve acquirers from more democratic countries than their...

This paper examines the incidence of special interests in the allocation of loans through the Paycheck Protection Program (PPP). We find that lobbying at the firm and industry levels helps obtain larger PPP loans during the pandemic. We also observe that PPP lending is more responsive to...

Since ancient times the practices and ethics of bankers and banking in general have undergone a great deal of criticism. While lending is motivated by profit, and while households are not explicitly coerced into borrowing money, the justice of a system which exploits workers and at the same time...

Using a sample of 101,834 cross-border deals announced between 1985 and 2018, we show that merger flows involve acquirers from more democratic countries than their targets. This result is primarily driven by a “pull” factor, that is, firms in countries with weaker democratic institutions...