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What Do We Know About Capital Structure? Some Evidence from International Data
We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries. At an aggregate level, firm leverage is fairly… Expand
Financial Dependence and Growth
Does finance affect economic growth? A number of studies have identified a positive correlation between the level of development of a country's financial sector and the rate of growth of its per… Expand
Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
No. This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by analyzing the firms identified by Fazzari, Hubbard, and Petersen as having… Expand
Why Do Companies Go Public? An Empirical Analysis
This paper empirically analyzes the determinants of an initial public offering (IPO) and the consequences of this decision on a company's investment and financial policy. We compare both the ex ante… Expand
The Great Reversals: The Politics of Financial Development in the 20th Century
Indicators of the development of the financial sector do not improve monotonically over time. In particular, we find that by most measures, countries were more financially developed in 1913 than in… Expand
Trusting the Stock Market
We provide a new explanation to the limited stock market participation puzzle. In deciding whether to buy stocks, investors factor in the risk of being cheated. The perception of this risk is a… Expand
The Cost of Diversity: The Diversification Discount and Inefficient Investment
In a simple model of capital budgeting in a diversified firm where headquarters has limited power, we show that funds are allocated towards the most inefficient divisions. The distortion is greater… Expand
People&Apos;S Opium? Religion and Economic Attitudes
Since Max Weber, there has been an active debate on the impact of religion on people's economic attitudes. Much of the existing evidence, however, is based on cross-country studies in which this… Expand
Innovation and Institutional Ownership
We find that institutional ownership in publicly traded companies is associated with more innovation (measured by cite-weighted patents). To explore the mechanism through which this link arises, we… Expand
Who Blows the Whistle on Corporate Fraud?
What external control mechanisms are most effective in detecting corporate fraud? To address this question we study in depth all reported cases of corporate fraud in companies with more than 750… Expand