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The Economic Effects of Mafia: Firm Level Evidence
The American Economic Review, 2022We analyze the effects of Mafia infiltration in the legal economy. Combining information from investigative records with panel data on firms’ governance and balance sheets, we build an indicator of infiltration in firms located in an area with no ...
Litterio Mirenda, S. Mocetti, L. Rizzica
semanticscholar +1 more source
How to Use Natural Experiments to Estimate Misallocation
The American Economic Review, 2023We propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi-)experimental evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor
David Sraer, D. Thesmar
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The Effects of Going Public on Firm Profitability and Strategy
The Review of financial studiesWe study the effects of going public using a unique panel of firms in 16 European countries for which we observe financial data before and after initial public offering (IPO) attempts. We compare completed and withdrawn IPO attempts.
B. Larrain +3 more
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Regulating CEO Pay: Evidence from the Nonprofit Revitalization Act
Social Science Research NetworkThis paper examines CEO pay at nonprofits. Using compensation data for 14,111 nonprofits, we find that CEO pay dropped by 2% after legislation in New York reduced CEOs’ ability to influence their own pay.
I. Babenko, B. Bennett, Rik Sen
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American Economic Journal: Economic Policy, 2020
Assessing the state of American entrepreneurship requires not simply counting the quantity but also the initial quality of new ventures. Combining comprehensive business registries and predictive analytics, we present estimates of entrepreneurial ...
Jorge Guzmán, Scott Stern
semanticscholar +1 more source
Assessing the state of American entrepreneurship requires not simply counting the quantity but also the initial quality of new ventures. Combining comprehensive business registries and predictive analytics, we present estimates of entrepreneurial ...
Jorge Guzmán, Scott Stern
semanticscholar +1 more source
Remotely Productive: The Efficacy of Remote Work for Executives
The Review of financial studiesWe study the efficacy of remote arrangements between CEOs and firms. Such arrangements attract executive talent and overcome labor market segmentation but introduce frictions.
R. Duchin, D. Sosyura
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Geographic Deregulation and Bank Capital Structure
Journal of Banking & Finance, 2023Despite research demonstrating many consequences of bank geographic deregulation, the bank capital determinants literature has not directly tested the effects of this deregulation.
Allen N. Berger +2 more
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Machine Learning for Continuous-Time Finance
Social Science Research NetworkWe develop an algorithm for solving a large class of nonlinear high-dimensional continuous-time models in finance. We approximate value and policy functions using deep learning and show that a combination of automatic differentiation and Ito’s lemma ...
Victor F. Duarte +2 more
semanticscholar +1 more source
Common Ownership in America: 1980–2017
American Economic Journal: Microeconomics, 2019We empirically assess the implications of the common ownership hypothesis from a historical perspective using the set of S&P 500 firms from 1980 to 2017.
M. Backus +2 more
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How Does Removing the Tax Benefits of Debt Affect Firms? Evidence from the 2017 U.S. Tax Reform
The Review of financial studiesThe impact of tax benefits of debt on firms remains an open question. The 2017 U.S. tax reform limited the tax advantage of debt for all firms except for small businesses with average sales below $25 million.
A. Sanati
semanticscholar +1 more source