Working Paper
How Does Law Affect Finance? An Examination of Equity Tunneling in Bulgaria
We model and test the mechanisms through which securities law affects tunneling and tunneling affects firm valuation. In 2002, Bulgaria adopted...
Read more
Which Aspects of Corporate Governance Do and Do Not Matter in Emerging Markets
Well-constructed, country-specific “corporate governance indices” can predict higher firm values in emerging markets. However, there is...
Read more
'Lending by Example': Direct and Indirect Effects of Foreign Banks in Emerging Markets
Using a novel dataset that allows us to trace the bank relationships of a sample of mostly unlisted firms, we explore which borrowers are able to benefit...
Read more
The Externalities of Corruption: Evidence from Entrepreneurial Firms in China
Exploiting China’s anti-corruption campaign, we show that following a decrease in corruption, firm performance improves. Small and young firms...
Read more
Corporate Governance Indices and Construct Validity
We conduct an exploratory analysis of how researchers can address the issue of ?construct validity?, which poses a major challenge to all studies of the...
Read more
What Matters and for Which Firms for Corporate Governance in Emerging Markets? Evidence from Brazil (and Other BRIK Countries)
A central issue in corporate governance research is the extent to which “good” governance practices are universal (one size mostly fits all) or...
Read more
Financial Integration and Firm Performance: Evidence from Foreign Bank Entry in Emerging Markets
While the positive growth effects of financial integration are extensively documented, little is known of its impact on small and young firms. This...
Read more
The Diffusion of Corporate Governance to Emerging Markets: Evaluating Two Dimensions of Investor Heterogeneity
This paper investigates whether foreign institutional investors in emerging markets can enhance shareholder value. We pay special attention to two...
Read more