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Using plant-level data from France, we document a potential cost of political connections for firms that is not offset by other benefits. Politically connected CEOs alter corporate employment ... ); Sapienza (2004); and Faccio, Masulis, and McConnell (2005) suggest that political leaders often use their power to grant economic favors to the firms that are connected to them, which can lead to economic
Using a comprehensive dataset of Italian small and medium-sized enterprises, we find that differences between private and public information on firm creditworthiness affect the decision to issue bonds. Our evidence supports favorable (rather than adverse) selection in corporate bond markets. Specifically, holding public information constant, firms with better private fundamentals...
Over fifty countries have introduced regulatory sandboxes to foster financial innovation. This article conducts the first evaluation of their ability to improve fintechs’ access to capital and attendant real effects. Exploiting the staggered introduction of the UK sandbox, we establish that firms entering the sandbox see an increase of 15% in capital raised post-entry. Their...
We investigate the joint optimal risk management and capital structure decisions of banks when they use contingent-convertible (CoCo) futures contracts to hedge financial-sector risk. In spite of banks choosing significantly higher leverage ratios, their default probabilities drop appreciably while their equity values increase, allowing banks to compete more favorably with the...
increasing popularity of this practice, there are few detailed descriptions of its use in clinical settings, this article provides an overview of the philosophy and practice of yoga, its physical and
Thanks to Dongho for sharing the standard deviations underlying his Table E-7. 3 I produce these numbers by modifying the Matlab code available on the Journal of Political Economy website. 4 David ... explanation of aggregate stock market behavior , Journal of Political Economy 107 , 205 – 251 . Google Scholar Crossref Search ADS WorldCat Campbell J. Y. , Pflueger C
We construct a time series of news coverage about air pollution in China for the period 1977–2019. Our measure of abnormal news coverage (ANC) of China’s air pollution is uncorrelated with growth in economic activity or cyclical components of such activity, but strongly correlated with weather-related and atmospheric conditions known to cause air pollution. ANC is associated with...
tool for political influence and advocacy (Wang and Qian, 2011; Bertrand et al., 2020; Bertrand et al., 2021). However, while these studies focus on corporate philanthropy as a means of securing ... political resources. The motivations behind participating in corporate philanthropy depend critically on a firm’s operating environment (Ioannou and Serafeim, 2012; Liang and Renneboog, 2017). Thus, while the
Social Sciences careers. We presume that the participation in an educative and political project, that demands a sustained devotion in time, would be characterized by a particular ethics sense, aligned ... political history with the presidential elections that lead to the end of twenty years of governments of the coalition Concertación de Partidos por la Democracia. On 2019 some of the same volunteers were
. Theoretically, the study uses Social Constructionism, and its orientation to collective narratives to create realities; and Political Socialization to comprehend political subjectivities. The methodology of the
Crossref Search ADS WorldCat Campbell J. , Pflueger C. , Viceira L. ( 2020 ): Macroeconomic drivers of bond and equity risks, Journal of Political Economy 128 , 3148 – 3185 ... Political Economy 119 , 565 – 615 . Google
The current horizons of social transformation on a planetary scale and the crisis of centric-state political participation have impacted on the key notions of public space and the common. In this ... public space and political action in the oral report of four autonomous social organizations of Valparaíso whose focus is the amplification and care of common spaces. The analysis of the contents and a
an initial approach and using a qualitative methodology, Philosophy Workshops were developed with 35 children from the fourth grade of Primary Education in Santiago, Chile. The production of dialogues
, regional and national networks. This strategies show a feminist political ecology under construction.Palavras-chave : care ethics; neo-extractivism; political feminist ecology; sacrifice areas. ... feminist political ecology under construction: The case study of “Women of sacrifice zones in resistance”, Valparaíso Region, Chile Paola Bolados García1 Alejandra Sánchez Cuevas1
training, reduction of critical analysis on intervention modalities, as well as the weakening of political dimensions on the practices reflection. Starting from the presentation of empirical studies on ... relationships between experts and population. We are interested in recovering political reflection about practices, analyzing the ways of living the politics, the public issues and the relations between experts
An increasing number of studies depart from the rational expectations assumption to reconcile survey expectations with asset prices. While surveys are helpful to establish a link between subjective beliefs and investment decisions, precise inference about how investors depart from rational expectations can be challenging without relying on strong assumptions. In this article, we...
How is technically skilled human capital reflected in firm performance? We leverage a uniquely detailed employer–employee matched dataset to measure US firms’ technical human capital in information technology (IT), Software Engineering, Mobile Networks, Data Analysis, and Web Development. All five technical skillsets are associated with higher firm valuations. However, they...
This article studies how the three-way interaction among shareholders, creditors, and managers shapes firms’ executive compensation. Firms with a higher ownership share by “dual holders”—institutional investors that simultaneously hold equity and bond of the company—adopt a less risk-inducing compensation structure: less stock options and more inside debt. Exploiting financial...
This article lays out a theoretical reflection about the involvement of men in caregiving. We discuss the concept of caregiving as an academic category and a political category, the relationship ... political agendas that aim at the redistribution of caregiving and gender equality. The objective is to identify barriers that prevent the involvement of men in paid and voluntary caregiving, as well as
We estimate the willingness-to-pay to bypass a loan-to-value (LTV) cap. Our identification relies on exogenous variation in debt exempt from the LTV regulation that can only be used as a substitute for a personal mortgage. Our baseline estimate reveals that homebuyers pay 7.3 Swedish Kroner (SEK) to avoid 1 SEK of equity down payment. The supply of debt not part of the LTV...
