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Capital Structures in Developing Countries
This study uses a new data set to assess whether capital structure theory is portable across countries with different institutional structures. We analyze capital structure choices of firms in 10… Expand
Capital Structure in Developing Countries
This study uses a new date set to assess whether capital structure theory is portable across countries with different institutional framework. We analyze capital structure choices of firms in 10… Expand
Law, Finance and Firm Growth
We investigate how differences in legal and financial systems affect firms' use of external financing to fund growth. We show that in countries whose legal systems score high on an efficiency index,… Expand
Financial and Legal Constraints to Growth: Does Firm Size Matter?
Using a unique firm-level survey database covering 54 countries, we investigate the effect of financial, legal, and corruption problems on firms' growth rates. Whether these factors constrain growth… Expand
The determinants of financing obstacles
The authors use survey data on a sample of over 10,000 firms from 80 countries to assess (1) how successful a priori classifications are in distinguishing between financially constrained and… Expand
Institutions, Financial Markets and Firm Debt Maturity
Do firms in developing countries use less long term debt than similar firms in industrial countries? This paper investigates the role of institutional factors in explaining firms' choice of debt… Expand
The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and are There Efficiency Gains?
We analyze the market for firms, divisions, and plants of manufacturing firms using a large sample of plant-level data for the period 1974-92. There is an active market for corporate assets, with… Expand
Financing patterns around the world : Are small firms different?
Using a firm-level survey database covering 48 countries, we investigate how financial and institutional development affects financing of large and small firms. Our database is not limited to large… Expand
Formal versus Informal Finance: Evidence from China
China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in… Expand
Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence
We develop a profit-maximizing neoclassical model of optimal firm size and growth across different industries based on differences in industry fundamentals and firm productivity. In the model, a… Expand