Haku
Viitteet 1-10 / 15
Russia's 1999–2000 election cycle and the politics-banking interface
(01.11.2017)
BOFIT Discussion Papers 17/2017
BOFIT Discussion Papers 17/2017
We investigate whether lending by the dominant Russian state bank, Sberbank, contributed to Vladimir Putin’s ascent to power during the presidential elections of March 2000. Our hypothesis is that Sberbank corporate loans ...
Firms and social policy preferences under weak institutions : Evidence from Russia
(23.02.2018)
BOFIT Discussion Papers 7/2018
BOFIT Discussion Papers 7/2018
When does business support the expansion of social policy in the developing world? Existing work on managers’ preferences has tended to concentrate on the developed world, where governments can credibly commit to policy, ...
Government credit and trade war
(23.04.2019)
BOFIT Discussion Papers 7/2019
BOFIT Discussion Papers 7/2019
By merging transaction-level trade data from China Customs and loan data from the China Development Bank (CDB), we analyze the effects of government credit on trade activities. We find that CDB credit mainly flows to SOEs ...
Crony banking and local growth in China
(12.05.2017)
BOFIT Discussion Papers 8/2017
BOFIT Discussion Papers 8/2017
The rise of city commercial banks (CCBs) in Chinese cities provides a unique opportunity to study the finance and growth nexus at the city level. Given the notorious inefficiency of China's “Big Four” state banks, policymakers ...
Natural resources and capital structure
(29.08.2016)
BOFIT Discussion Papers 10/2016
BOFIT Discussion Papers 10/2016
This paper examines the effect of natural resources on capital structure of the firm. Using an extensive dataset of listed firms in 70 countries, we show that firms operating in resource extraction industries have less ...
Should we care? : The economic effects of financial sanctions on the Russian economy
(29.07.2019)
BOFIT Discussion Papers 13/2019
BOFIT Discussion Papers 13/2019
We employ a Bayesian VAR model to estimate the economic effects on the Russian economy from Western financial sanctions imposed in 2014. Sanctions caused a decrease in the amount of out-standing Russian corporate external ...
Oil price collapse and firm leverage in resource-dependent countries
(26.04.2018)
BOFIT Discussion Papers 10/2018
BOFIT Discussion Papers 10/2018
This study examines the financial channel between oil price volatility and the resource curse using firm-level data. A collapse in oil prices adversely affects firm borrowing in resource-dependent countries. However, unlike ...
Permissible collateral and access to finance: Evidence from a quasi-natural experiment
(31.01.2018)
BOFIT Discussion Papers 3/2018
BOFIT Discussion Papers 3/2018
By allowing large classes of movable assets to be used as collateral, the Property Law reform trans-formed the secured transactions in China. Difference-in-differences tests show firms operating with ex-ante more movable ...
Is it worth issuing bonds in China? Evidence from stock market reactions
(15.12.2015)
BOFIT Discussion Papers 33/2015
BOFIT Discussion Papers 33/2015
There has been a considerable expansion of corporate bond markets in China in the recent years. The objective of this study is to examine the stock market reaction following bond issuance by Chinese companies. In addition ...
Bureaucrats as successor CEOs
(28.09.2016)
BOFIT Discussion Papers 13/2016
BOFIT Discussion Papers 13/2016
Chinese companies sometimes appoint a government official (bureaucrat) as CEO on the expectation of benefiting from the political connections of the new hire. Based on a sample of 2,454 CEO transitions our empirical findings ...