Haku
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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 ...
The effect of the China Connect
(03.02.2020)
BOFIT Discussion Papers 1/2020
BOFIT Discussion Papers 1/2020
We document the effect on Chinese firms of the Shanghai (Shenzhen)-Hong Kong Stock Connect. The Connect was an important capital account liberalization introduced in the mid-2010s. It created a channel for cross-border ...
Corporate investment and the exchange rate : The financial channel
(27.02.2020)
BOFIT Discussion Papers 6/2020
BOFIT Discussion Papers 6/2020
Using firm-level data for 18 major global economies, we find that the exchange rate affects corporate investment through a financial channel: exchange rate depreciation dampens corporate investment through firm leverage ...