The Role of Sentiment in the Economy: 1920 to 1934
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...
Shaping Africa’s Post-Covid Recovery
With the exception of some flashpoints in Northern and Southern Africa, the continent has been largely spared from the direct health effect of Covid...
Stake-holder Firms and the Reform of Local Public Finance in China
Since 1978 China has developed strongly using a particular form of capitalism which has relied upon close relations between private enterprise and the...
Welfare Costs of Catastrophes: Lost Consumption and Lost Lives
The Economic Journal, 131 (634), 946–969
Managerial Response to Shareholder Empowerment: Evidence from Majority- voting Legislation Changes
This paper studies how managers react to shareholder empowerment that makes the votes on shareholder proposals regarding majority-voting director...
The Systemic Governance Influence of Universal Owners: Evidence From an Expectation Document
Universal owners - large institutional investors with highly diversified and long-term portfolios spanning the entire global capital market - have...
Lending Cycles and Real Outcomes: Costs of Political Misalignment
We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending...
As COVID rages, bankruptcy cases fall
Bankruptcies have fallen sharply in OECD economies because of the array of COVID-related support available to businesses, as well as imposed moratoria...
Moral hazard, the fear of the markets, and how central banks responded to Covid-19
While the direct economic consequences of Covid-19 have been significant, the impact on the financial markets has been more nuanced. This column uses...
Do Gendered Laws Matter?
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...
Identifying and boosting “Gazelles”: Evidence from business accelerators
Journal of Financial Economics, 139 (1), 260-287
