This study examines the effect of government capital injections into financially troubled banks on corporate investment during the Japanese banking crisis of the late 1990s. By helping them to meet the capital requirements imposed by Japanese banking regulation, recapitalization enables banks to...

This paper examines the ramification of government capital injections into financially distressed banks during the 1997 Japanese banking crisis. By leveraging a unique dataset merging firm-level financial statements and bank balance sheets, the study aims to examine whether the capital...

Development economists have considered physical infrastructure to be a precondition for industrialization and economic development. Yet, two issues remain to be addressed in the literature. First, while proper identification of the causal effectiveness of infrastructure in reducing poverty is...

In the already very rich and crowded literature on education interventions, the use of test scores to capture students’ cognitive abilities has been the norm when measuring the impact. We show that even in randomized controlled trials (RCTs), estimated treatment effects on the true latent...

This study investigates the peer effects of a speed competition on educational outcomes in self-learning at the right level program for primary school students in Bangladesh. Specifically, we examine the peer effects of speed of problem-solving (time) on math scores (score) using students’...