Previous work has claimed that monopoly power facilitates the provision of credit, since monopolists are better able to enforce payment. Here, we argue that if relationship-specific investments are required by borrowers to establish creditworthiness, monopoly power may reduce credit provision...

Tax evasion, by its very nature, is difficult to observe. In this paper, we present a case study of tax evasion in China. The novel feature of our approach is that at a very disaggregated level of individual products, we can measure evasion relatively precisely, by comparing the values that...

We study the distortions to industrial organization caused by entry regulation. We take advantage of heterogeneity across industries in their natural barriers and growth opportunities to examine whether some industries are differentially affected by country-level entry regulation. In industries...

We empirically investigate the relationship between corruption and growth using a firm-level data set that is unique in scale, covering almost 88,000 firms across 141 economies in 2006-2020, with wideranging corruption experiences. The scale and detail of our data allow us to explore the...

This case was co-authored with Columbia Business School.In June 2007, the offices of Russian hedge fund Hermitage Capital were raided by Moscow police; in the months that followed, Hermitage founder Bill Browder found himself banned from Russia and fending off efforts to expropriate the fund's...

Die globale Armut ist allgegenwärtig: Die unheilvolle Allianz von Korruption und Gewalt stellt sich dem wirtschaftlichen Fortschritt gerade in Entwicklungsländern in den Weg. Die Rede ist von Warlords in Afrika, chinesischen Schmugglern und Diplomaten, die ihre Strafzettel nicht zahlen: Wenige...