Despite the substantial literature on rural land property rights, studies on urban land property rights are rare. Here, we study the impact of an urban land titling program on firm investment. We find that this program leads to an increased investment rate for titling firms, but that this...

This study empirically examine the impact of market conditions on credit spreads as motivated by recently developed structural credit risk models. Using credit default swap (CDS) spreads, we find that, in the time series, average credit spreads are decreasing in GDP growth rate, but increasing...