Publications

Median survival time ranges from 8 to 19 weeks across 12 countries. Worryingly, this is not correlated with firm size, age or productivity, which...

With businesses fast running out of cash, governments need to roll out a loan program that builds on the recently-created job retention scheme, write...

Governments can do two things to keep businesses afloat: temporarily suspend bankruptcy procedures, and design a post-crisis restart process, write...

Loan guarantees are popular policy responses during the COVID-19 crisis. Despite their prevalence, evidence of their effectiveness is sparse. We...

The authorities, like most of the rest of us, have been caught short by the sudden advent of the coronavirus pandemic, and are rightly rushing to...

In the 30 years since the fall of communism, the countries of the former Soviet bloc and Yugoslavia have undergone tremendous change. Income per...

Rank-and-file employees are becoming increasingly critical for many firms, yet we know little about how their employment dynamics matter for stock...

Journal of Financial Economics, 135 (1), 144-168

The Review of Financial Studies, 32 (11), 4447-4500

The Review of Financial Studies, 31 (11), 4099-4141

Journal of Financial Economics, 133 (3),  589-607

Students around the world are going to school but are not learning – an emerging gap in human capital formation. To understand this gap, we introduce...

We show that Eastern Orthodox believers are less happy compared to those of Catholic and Protestant faith using data covering more than 100 countries...

The Review of Financial Studies, 31 (4), 1566–1603

Journal of Finance, 73 (1), 419-464.

Using panel data for 189 economies from 2004 to 2016, we show that business-friendly regulations are correlated with the poverty headcount at the...