Publications

Human capital is a critical component of economic development. But the links between growth and human capital – when measured by years of schooling –...

How do the different elements in the standard bundle of property rights, including those of possession and transfer, influence the shape of cities...

Nature, 92, 403-408

Steep falls in entrepreneurial activity were recorded in early 2020 across G7 economies. In the US, however, the creation of US startups shot up by 24...

This paper investigates the role of sentiment in the US macro economy from 1920 to 1934. We use 2.4 million digitized articles from the Wall St...

With the exception of some flashpoints in Northern and Southern Africa, the continent has been largely spared from the direct health effect of Covid...

Since 1978 China has developed strongly using a particular form of capitalism which has relied upon close relations between private enterprise and the...

The Economic Journal, 131 (634), 946–969

This paper studies how managers react to shareholder empowerment that makes the votes on shareholder proposals regarding majority-voting director...

Universal owners - large institutional investors with highly diversified and long-term portfolios spanning the entire global capital market - have...

Bankruptcies have fallen sharply in OECD economies because of the array of COVID-related support available to businesses, as well as imposed moratoria...

The Review of Financial Studies, 34 (2), 569-617

Journal of Finance, 76 (1), 267-316

We use a 50-year panel of gendered laws for 190 countries to examine whether laws and legal change are associated with several measures of women’s...

Journal of Financial Economics, 139 (1), 260-287

Last week brought welcome news about the apparent effectiveness of a potential Covid-19 vaccine. While the challenges of manufacturing and...