This article details major privatization deals executed during 2012 and the first half of 2013 and surveys trends shaping the privatization landscape worldwide. We document several important facts, including the following: (1) Governments raised $186.8 billion (€145.9 billion) through...

We review and bridge the literature on the internationalization of state-owned firms and sovereign wealth funds to provide a novel understanding of how governments’ nonbusiness objectives affect foreign investments. We explain how governments as foreign investors behave differently from...

We investigate whether firm-level political connections affect the allocation of exemptions from the tariffs imposed on $550 billion of Chinese goods imported to the United States annually beginning in 2018. Firms reporting higher political lobbying expenditures in prior years are more likely to...

We examine the effect of board members with venture capital experience (i.e., VC directors) on executive incentives at non-VC-backed public firms. VC directors serving on the compensation committee are associated with greater CEO risk-taking incentives (i.e., vega) and pay-for-performance...

We examine the effect of board members with venture capital experience (i.e., VC directors) on executive incentives at publicly listed firms. VC directors serving on the compensation committee are associated with greater CEO risk-taking incentives (i.e., vega) and greater pay-for-performance...

In late 2008, as financial markets were crashing, the Vale Columbia Center on Sustainable International Investment launched the Columbia FDI Perspectives. The first Perspective, entitled “The FDI recession has begun,” correctly forecast an FDI recession in the following year. From that first...

This paper analyzes the use and terms of quot;share-issue privatizations (SIPs)quot; during the period 1961-1994. We present a theory of SIPs implying their terms are designed to build the political support necessary to privatize a state-owned enterprise (SOE). We then investigate the extent to...