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Now showing items 1-7 of 7
The Effect of Personal Financing Disruptions on Entrepreneurship
(2018-10-14)
This paper studies how disruptions to personal sources of financing, aside from commercial lending supply shocks, impair the survival and growth of small businesses. Entrepreneurs holding deposit accounts at retail banking ...
The Real Effects of Judicial Enforcement
(2018-10-31)
This paper shows that the quality of judicial enforcement has substantial real effects. I exploit a reorganization of the judicial districts in Italy as an exogenous shock to court productivity and, using an instrumental ...
Germany's Reluctance to Regulate Related Party Transactions
(2018-02-15)
Germany Inc. was an idiosyncratic form of industrial organization that put financial institutions at the center. This paper argues that the consumption of private benefits in related party transactions by these key agents ...
Effects of Government Spending on Employment: Evidence from Winners and Runners-up in Procurement Auctions
(2018-05-01)
To estimate demand for labor, we use a combination of detailed employment data and the outcomes of procurement auctions, and compare the employment of the winner of an auction with the employment of the second ranked firm ...
Local Peer Effects and Corporate Investment
(2018-07-07)
We examine how a firms' investment behavior affects the investment of a neighboring firm. Economic theory yields ambiguous predictions regarding the direction of firm peer effects and consistent with earlier work, we find ...
Monetary Policy and the Cost of Wage Rigidity: Evidence from the Stock Market
(2018-01-01)
Using a unique confidential contract level dataset merged with firm-level asset price data, we find robust evidence that firms' stock market valuations and employment levels respond more to monetary policy announcements ...
Financial Constraints and Corporate EnvironmentalResponsibility
(2018-09-13)
This paper analyzes the effect of financial constraints on firms' corporate social responsibility. Exploiting heterogeneity in firms' exposure to a monetary policy shock in the U.S., which reduced financial constraints for ...