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Elections hinder firms’ access to credit
(09.02.2022)
BOFIT Discussion Papers 3/2022
BOFIT Discussion Papers 3/2022
To analyze whether the occurrence of elections affects access to credit for firms, we perform an investigation using firm-level data covering 44 developed and developing countries. The results show that elections impair ...
Lending cycles and real outcomes : Costs of political misalignment
(21.01.2019)
BOFIT Discussion Papers 1/2019
BOFIT Discussion Papers 1/2019
We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending around local elections compared with private banks in the same province. ...
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 ...
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 ...
Political connections and firm pollution behaviour : An empirical study
(27.02.2019)
BOFIT Discussion Papers 4/2019
BOFIT Discussion Papers 4/2019
A firm's top manager and a government official may be connected due to special circumstances. This social relationship or political connection may provide industrial polluters with protection or a “pollution shelter” which ...
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 ...
Ownership structure and the cost of debt : Evidence from the Chinese corporate bond market
(19.09.2019)
BOFIT Discussion Papers 18/2019
BOFIT Discussion Papers 18/2019
Drawing upon evidence from the Chinese corporate bond market, we study how ownership structure affects the cost of debt for firms. Our results show that state, institutional and foreign ownership formats reduce the cost ...
Modeling semiconductor export restrictions and the US-China trade conflict
(23.11.2022)
BOFIT Discussion Papers 13/2022
BOFIT Discussion Papers 13/2022
The semiconductor industry stands at the center of the intensifying Sino-American trade conflict. Employing a multi-country, multi-sector general equilibrium modeling framework with imperfect competition and heterogeneous ...
State-business relations and access to external financing
(25.10.2022)
BOFIT Discussion Papers 10/2022
BOFIT Discussion Papers 10/2022
Firms' contractual relations with a state may give lenders a positive signal and facilitate access to debt. This paper studies the impact of public procurement contracts on firms' access to debt using an extensive survey ...