Haku
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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, ...
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 ...
The real value of China’s stock market
(19.01.2018)
BOFIT Discussion Papers 2/2018
BOFIT Discussion Papers 2/2018
This paper shows that, counter to common perception, stock prices in China are strongly linked to firm fundamentals. Since the reforms of the early 2000s, stock prices are as informative about future profits as they are ...
Does lending relationship help or alleviate the transmission of liquidity shocks? Evidence from a liquidity crunch in China
(08.05.2018)
BOFIT Discussion Papers 13/2018
BOFIT Discussion Papers 13/2018
We examine China’s June 2013 liquidity crunch as a negative shock to banks and analyze the wealth effects on exchange-listed firms. Our findings suggest that liquidity shocks to financial institutions negatively impact ...