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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 ...
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 ...