We examine the correlation between the generosity of clinicians – as measured in a laboratory experiment – and the quality of care in their normal practices under three different intrinsic incentive schemes. Specifically, we observe clinicians in their normal work environment, when a peer...

We study if and how social preferences extend to risky environments. By providing experimental evidence on different versions of “dictator games” with risky outcomes, we establish that social preferences of players who give in standard dictator games cannot be described solely by concerns...

We study if and how social preferences extend to risky environments. We provide experimental evidence from different versions of dictator games with risky outcomes and establish that preferences that are exclusively based on ex post or on ex ante comparisons cannot generate the observed...

This paper studies the determinants and consequences of equity ownership in multinational affiliates. We construct a multi-period model of foreign direct investment with incomplete contracts and uncertainty to analyse the size of equity stakes. The productivity of a multinational parent and its...

We use a growth diagnostic approach to analyse the main impediments to investment and growth in Serbia. We look at a wide set of quantitative and qualitative indicators to understand if businesses are constrained by access to finance or if they forgo investment opportunities because they cannot...

The paper studies the extent of corporate leverage and range of excessive debt of Slovenian firms during the recent financial crisis. Half of all firms (of those with some non-zero debt and at least one employee) are found to face an unsustainable debt-to-EBITDA leverage ratio beyond 4,...

Using a novel way to identify relationship and transaction banks, we study how banks’ lending techniques affect funding to SMEs over the business cycle. For 21 countries we link the lending techniques that banks use in the direct vicinity of firms to these firms’ credit constraints at two...

This paper reviews the literature on the benefits and risks of global banking, with a focus on emerging Europe. It argues that while the potential destabilising impact of global banks was well understood before the 2008-09 financial crisis, the sheer magnitude of this impact in the case of...

This paper demonstrates the bullwhip effect in a simple framework and tests its predictions using US industry level import data. I show that after final goods suffer a demand shock, upstream suppliers face a greater volatility of sales than their downstream counterparts and might even lose sales...

The failure of trade economists to anticipate the extreme drop in trade post-Lehman Brothers bankruptcy suggests that the behaviour of trade in exceptional circumstances may still be poorly understood. In this paper we explore whether uncertainty shocks have explanatory power for movements in...