We study the effect of cross-shareholding among two competing firms on their bidding behavior and the expected sales revenue for the seller in an auction environment. The bidders’ private signals are independent, and the model encompasses the private values model and a particular common value...

This paper examines the effects of foreign aid on fertility rates in recipient countries using Rajan and Subramanian’s (2008) cross-sectional and panel methods. Our cross-section results suggest that foreign aid has a positive effect on fertility. Interestingly, social sector aid (but not...

More than seventy percent of China's outward direct investment (ODI), according to the Ministry of Commerce statistics, is invested in Hong Kong, the British Virgin Islands, and the Cayman Islands. Using a unique micro-level dataset collected by the Heritage Foundation that documents individual...

We provide evidence that deterioration of relations between the United States and another country, measured by divergence in their UN General Assembly voting patterns, reduces US imports from that country during the second wave of globalization. Though statistically significant, such an effect...