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The effect of board directors from countries with different genetic diversity levels on corporate performance
(15.01.2017)
Management Science 1 ; January
Management Science 1 ; January
We link genetic diversity in the country of origin of the firms’ board members with corporate performance via board members’ nationality. We hypothesize that our approach captures deep-rooted differences in cultural, ...
Does Social Capital Matter in Corporate Decisions? Evidence from Corporate Tax Avoidance
(17.01.2017)
Journal of Accounting Research 3 ; June
Journal of Accounting Research 3 ; June
We investigate whether the levels of social capital in U.S. counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of ...
Do local banking market structures matter for SME financing and performance? New evidence from an emerging economy
(20.03.2017)
Journal of Banking and Finance June
Journal of Banking and Finance June
This paper investigates the relationship between local banking structures and SMEs’ access to debt and performance. Using a unique dataset on bank branch locations in Poland and firm-, county-, and bank-level data, we ...
Disaster risk and preference shifts in a New Keynesian model
(14.04.2017)
Journal of Economic Dynamics and Control 1 June
Journal of Economic Dynamics and Control 1 June
In RBC models, disaster risk shocks reproduce countercyclical risk premia but generate an increase in consumption along the recession and asset price fall, through their effects on agents’ preferences (Gourio, 2012). This ...
Enforceability of noncompetition agreements and firm innovation: does state regulation matter?
(16.01.2017)
Innovation: Organization & Management 2
Innovation: Organization & Management 2
In this study, we examine how noncompetition agreements and the mobility of human capital – a core asset of any firm – affect innovations of publicly traded firms in the United States. We find that firms in states with ...
Non-linearity in the finance-growth nexus : Evidence from Indonesia
(01.12.2016)
International Economics August ; 2017
International Economics August ; 2017
This paper investigates the finance-growth nexus where bank credit is decomposed into investment, consumption, and working capital credit. From a panel dataset of provinces in Indonesia, it documents that higher financial ...
Estimating the Real Effects of Uncertainty Shocks at the Zero Lower Bound
(15.11.2017)
European Economic Review November
European Economic Review November
We employ a parsimonious nonlinear Interacted-VAR to examine whether the real effects of uncertainty shocks are greater when the economy is at the Zero Lower Bound. We find the contractionary effects of uncertainty shocks ...
Bond finance, bank credit, and aggregate fluctuations in an open economy
(15.01.2017)
Journal of Monetary Economics January
Journal of Monetary Economics January
Corporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To ...
Does Bank Competition Reduce Cost of Credit? Cross-country Evidence from Europe
(15.07.2017)
Journal of Banking and Finance October
Journal of Banking and Finance October
Despite the extensive debate on the effects of bank competition on economic welfare and growth, only a handful of single-country studies deal with the impact of bank competition on the cost of credit. We contribute to the ...
How Informative are Aggregated Inflation Expectations? Evidence from the ECB Survey of Professional Forecasters
(17.11.2017)
Journal of Business Cycle Research 2
Journal of Business Cycle Research 2
This study examines short- and long-term inflation expectations in the unbalanced panel of the ECB Survey of Professional Forecasters. We focus on dispersion of forecaster views comparing two sub-groups of survey respondents ...