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Follow the Money: Methods for Identifying Consumption and Investment Responses to a Liquidity Shock
Karlan, Dean S.; Osman, Adam; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2013
Identifying the impacts of liquidity shocks on spending decisions is difficult methodologically but important for theory, practice, and policy. Using seven different methods on microenterprise loan applicants, we find striking results. Borrowers report uses of loan proceeds strategically, and...
Persistent link: https://www.econbiz.de/10011083720
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Macroinsurance for Microenterprises: A Randomized Experiment in Post-Revolution Egypt
McKenzie, David - C.E.P.R. Discussion Papers - 2014
Firms in many developing countries cite macroeconomic instability and political uncertainty as major constraints to their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. We conduct a randomized experiment in post-revolution Egypt...
Persistent link: https://www.econbiz.de/10011084029
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The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries
Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin - C.E.P.R. Discussion Papers - 2013
Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...
Persistent link: https://www.econbiz.de/10011084251
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Finance and Poverty: Evidence from India
Ayyagari, Meghana; Beck, Thorsten; Hoseini, Mohammad - C.E.P.R. Discussion Papers - 2013
Using state-level data from India over the period 1983 to 2005, this paper gauges the effect of financial deepening and …. This suggests that financial deepening contributed to poverty alleviation in rural areas by fostering entrepreneurship and …
Persistent link: https://www.econbiz.de/10011083926
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What drives women out of entrepreneurship? The joint role of testosterone and culture
Guiso, Luigi; Rustichini, Aldo - C.E.P.R. Discussion Papers - 2011
entrepreneurship so that only women with well above average entrepreneurial skills find it attractive to self-select into … entrepreneurship. This finding can rationalize three facts: a) fewer women than men are entrepreneurs; b) the proportion of women among … entrepreneurs tends to be higher in countries with higher women emancipation; c) women who break the barrier into entrepreneurship …
Persistent link: https://www.econbiz.de/10008854553
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Why So Many Local Entrepreneurs?
Michelacci, Claudio; Silva, Olmo - C.E.P.R. Discussion Papers - 2006
We document that the fraction of entrepreneurs who work in the region where they were born is significantly higher than the corresponding fraction for dependent workers. This difference is more pronounced in more developed regions and positively related to the degree of local financial...
Persistent link: https://www.econbiz.de/10005656430
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Do Firms Want to Borrow More? Testing Credit Constraints Using a Directed Lending Program
Banerjee, Abhijit; Duflo, Esther - C.E.P.R. Discussion Papers - 2004
substitute for other borrowing. We then apply this methodology to firms in India that became eligible for directed credit as a …
Persistent link: https://www.econbiz.de/10005662240
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Entrepreneurial Incentives in Stock Market Economies
Acharya, Viral V; Bisin, Alberto - C.E.P.R. Discussion Papers - 2002
A Capital Asset Pricing Model of a stock market economy is examined under different corporate governance structures in which the objectives of managers and entrepreneurs in choosing the risk composition of their firms' returns are not aligned with those of shareholders and investors because of...
Persistent link: https://www.econbiz.de/10005124325
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China’s Decentralized Privatization and Change of Control Rights
Gan, Jie; Guo, Yan; Xu, Cheng-Gang - C.E.P.R. Discussion Papers - 2015
A distinct feature of China’s privatization is that both its design and its implementation are highly decentralized and are administered by the local governments. Based on a survey of 3,000 firms in over 100 Chinese cities, this paper studies how city governments choose among various...
Persistent link: https://www.econbiz.de/10011145391
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The Margins of Global Sourcing: Theory and Evidence from U.S. Firms
Antràs, Pol; Fort, Teresa C; Tintelnot, Felix - C.E.P.R. Discussion Papers - 2014
This paper studies the extensive and intensive margins of firms' global sourcing decisions. We develop a quantifiable multi-country sourcing model in which heterogeneous firms self-select into importing based on their productivity and country-specific variables. The model delivers a simple...
Persistent link: https://www.econbiz.de/10011145398