The paper provides a general-equilibrium model where incomplete international financial markets lead to insufficient industrial specialization and low international trade. As international portfolio diversification is limited and productivity is uncertain, investors wish to maintain a...

The paper investigates whether deviations from the law of one price can attributed to real factors, such as transportation and distribution costs. Even if trade is costly, the prices of a good at di.erent locations will be linked as long as the good is traded. Instead of the usual iceberg...

Recent events have posed considerable challenges to supply chain, as demonstrated by trade data. Yet, firm-level information on the recent challenges remains scarce. The Supply Chain Disruption Survey addresses this gap by generating insights into firms' experiences and expectations regarding...

Using a novel Hungarian dataset on firms and their Chief Executive Officers (CEOs), we estimate the impact of hiring expatriate CEOs. By examining foreign acquisitions where the new owner replaces the incumbent CEO with an expatriate or a local CEO, we address the selection into both acquisition...

Good management practices are important determinants of firm success. It is unclear, however, to what extent pro-management policies can shape aggregate outcomes. We use data on corporations and their top managers in Hungary during and after its post-communist transition to document a number of...

The paper provides a general-equilibrium model where incomplete international financial markets lead to insufficient industrial specialization and low international trade. As international portfolio diversification is limited and productivity is uncertain, investors wish to maintain a...

We use Hungarian Customs data on product-level imports and exports of manufacturing firms to document that the import price of a particular product varies substantially across buying firms. Importantly, we can relate the level of import prices to firm characteristics such as size, foreign...