We explore the effect of foreign direct investment on economic growth in developing countries, distinguishing between mergers and acquisitions ("M&As") and "greenfield" investment. A simple model captures the key difference between the two types of FDI: unlike greenfield investment, M&As partly...

The microfinance movement reached developed countries in the late 1980s and it is still a niche market. This chapter starts with a brief history of microfinance in the North. Next, it develops a supply-side perspective and pays special attention to the features of developed countries that shape...

In most developed countries, regulators have imposed loan-size ceilings to subsidized microfinance institutions (MFIs). Entrepreneurs holding above-ceiling projects then need to secure partial funding by a bank before applying for microcredit. In turn, the MFI is tempted to free ride on bank...

This paper uses worldwide firm-level data to scrutinize the governance factors that favor gender diversity in leadership positions. Our results reveal that the gender of the dominant shareholder is key. The chief executive of firms with a female dominant shareholder has a significantly higher...