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Financing nascent industry : Leverage, politics, and performance in Imperial Russia
(08.03.2020)
BOFIT Discussion Papers 7/2020
BOFIT Discussion Papers 7/2020
This paper explores the dynamics of corporate finance during the early stages of industrial growth by examining a newly constructed panel database of Imperial Russian industrial corporations’ balance sheets. We document ...
The misallocation in the Chinese land market
(21.10.2020)
BOFIT Discussion Papers 23/2020
BOFIT Discussion Papers 23/2020
This paper proposes a spatial equilibrium model to quantify welfare losses from land market distortions in China. In the model, heterogeneous firms in a variety of sectors choose their locations across regions with costly ...
Does bilateral investment treaty arbitration have any value for multinational corporations?
(22.04.2020)
BOFIT Discussion Papers 10/2020
BOFIT Discussion Papers 10/2020
Using event study methodology, we investigate whether bilateral investment protection treaties afford protection to foreign investors. Examining arbitral decisions for firms from six countries shows that firms that received ...
Growing up under Mao and Deng : On the ideological determinants of corporate policies
(27.08.2020)
BOFIT Discussion Papers 20/2020
BOFIT Discussion Papers 20/2020
Economic activities have always been organized around certain ideologies, yet little is known about how ideology shapes corporate behavior and how it is different from other political forces. We investigate the impact of ...
How do individual politicians affect privatization? Evidence from China
(01.09.2020)
BOFIT Discussion Papers 21/2020
BOFIT Discussion Papers 21/2020
This paper investigates how politicians’ patronage connections affect privatizations in China. The connections to top political leaders (i.e., Central Committee of the Communist Party of China) make local politicians engage ...
The births, lives, and deaths of corporations in late Imperial Russia
(14.12.2020)
BOFIT Discussion Papers 26/2020
BOFIT Discussion Papers 26/2020
Enterprise creation, destruction, and evolution support the transition to modern economic growth, yet these processes are poorly understood in industrializing contexts. We investigate Imperial Russia’s industrial development ...
Managerial and financial barriers to the net-zero transition
(17.05.2021)
BOFIT Discussion Papers 6/2021
BOFIT Discussion Papers 6/2021
We use data on 11,233 firms across 22 emerging markets to analyze how credit constraints and low-quality firm management inhibit corporate investment in green technologies. For identification we exploit quasi-exogenous ...
City commercial banks and credit allocation : Firm-level evidence
(09.03.2021)
BOFIT Discussion Papers 4/2021
BOFIT Discussion Papers 4/2021
This paper investigates how government-led banking liberalization affects credit allocation by banks using as a quasi-natural experiment the establishment of city commercial banks (CCBs) in China. Based on more than three ...
Who cares about sanctions? Observations from annual reports of European firms
(20.04.2021)
BOFIT Discussion Papers 5/2021
BOFIT Discussion Papers 5/2021
This paper uses textual analysis to examine how European corporations assess sanctions in their annual reports. Using observations from a panel of almost 11,500 corporate annual reports from 2014–2017, we document significant ...
Banks vs. markets : Are banks more effective in facilitating sustainability?
(27.04.2022)
BOFIT Discussion Papers 5/2022
BOFIT Discussion Papers 5/2022
Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms from 2007 to 2020, we study how firm-level ...