This paper provides risk and information asymmetry-based explanations of the disappearing dividend puzzle first documented by Fama and French (2001). Dividends serve as signaling device and, under models of dividend signaling under information asymmetry, the cost of signaling increases with...

We find robust evidence that presence of state religions reduces entrepreneurial financing in a large cross section of countries. Religious practices such as church attendance increases entrepreneurial financing in countries without state religions, a finding consistent with social capital and...