The US government launched the Troubled Assets Relief Program (TARP) in mid-September 2008. This article analyzes the market response to the TARP launch. We reject the null hypothesis that the bailout size has no effect on the firm's value. Banks receiving large bailouts endure significantly...

With extensive country- and firm-level data sets we first document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We also find that population density appears to be considerably more important...

With extensive country- and firm-level data sets we first document that the financial sectors of most sub-Saharan African countries remain significantly underdeveloped by the standards of other developing countries. We also find that population density appears to be considerably more important...