A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
Your search
Results 22,315 resources
-
Debt overhang is associated with higher financial fragility and slower recovery from recession. However, while household credit booms have been extensively documented to have this property, we find that corporate debt does not fit the same pattern. Newly collected data on nonfinancial business liabilities for 18 advanced economies over the past 150 years shows that, in the aggregate, greater frictions in corporate debt resolution make for slower recoveries, with weak investment and more persistent “zombie firms” and that this is an important factor in explaining the difference in outcomes relative to household credit booms.
-
Large Japanese banks often engaged in sham loan restructurings that kept creditflowing to otherwise insolvent borrowers (which we call zombies). We examinethe implications of suppressing the normal competitive process whereby thezombies would shed workers and lose market share. The congestion createdby the zombies reduces the profits for healthy firms, which discourages theirentry and investment. We confirm that zombie-dominated industries exhibitmore depressed job creation and destruction, and lower productivity. We presentfirm-level regressions showing that the increase in zombies depressed theinvestment and employment growth of non-zombies and widened the productivitygap between zombies and non-zombies. (JEL G21, G32, L25)
-
This paper examines how divorce laws affect couples' intertemporal choices and well-being. Exploiting panel variation in US laws, I estimate the parameters of a model of household decision-making. Household survey data indicate that the introduction of unilateral divorce in states that imposed an equal division of property is associated with higher household savings and lower female employment, implying a distortion in household assets accumulation and a transfer toward wives whose share in household resources is smaller than the one of their husband. When spouses share consumption equally, separate property or prenuptial agreements can reduce distortions and increase equity. (JEL D13, D14, D91, J12, J16, K36)
-
Across a broad range of equipment types and industries, we document a pattern of local capital reallocation from older firms to younger firms. Start-ups purchase a disproportionate share of old physical capital previously owned by more mature firms. The evidence is consistent with financial constraints driving differential demand for vintage capital. The local supply of used capital influences start-up entry, job creation, investment choices, and growth, particularly when capital is immobile. Meanwhile, as suppliers of used capital, incumbents accelerate capital replacement in the presence of younger firms. The evidence suggests previously undocumented benefits to co-location between old and young firms.
-
In business and politics, gifts are often aimed at influencing the recipient at the expense of third parties. In an experimental study, which removes informational and incentive confounds, subjects strongly respond to small gifts even though they understand the gift giver's intention. Our findings question existing models of social preferences. They point to anthropological and sociological theories about gifts creating an obligation to reciprocate. We capture these effects in a simple extension of existing models. We show that common policy responses (disclosure, size limits) may be ineffective, consistent with our model. Financial incentives are effective but can backfire.
-
Although a number of prior papers have argued the benefits to foreign firms of cross‐listing their shares in the U.S., the number of foreign firms exiting U.S. capital markets has been increasing. This has occurred despite the difficulties foreign firms face in deregistering from the Securities and Exchange Commission (SEC). This paper examines the reasons underlying this trend. One of our main findings is that the passage of the Sarbanes‐Oxley Act has reduced the net benefits of a U.S. listing and registration, particularly for smaller foreign firms with lower trading volume and stronger insider control.
Explore
Journals
- American Economic Review (10,442)
- Journal of Finance (6,024)
- Journal of Financial Economics (3,464)
- Review of Financial Studies (2,385)
Topic
- Bond (773)
- CEO (263)
- Mergers and Acquisitions (243)
- Director (145)
- Capital Structure (111)
Resource type
Publication year
-
Between 1900 and 1999
(11,325)
- Between 1940 and 1949 (67)
- Between 1950 and 1959 (544)
- Between 1960 and 1969 (1,002)
- Between 1970 and 1979 (3,347)
- Between 1980 and 1989 (3,182)
- Between 1990 and 1999 (3,183)
-
Between 2000 and 2024
(10,990)
- Between 2000 and 2009 (4,062)
- Between 2010 and 2019 (5,189)
- Between 2020 and 2024 (1,739)