Annual Conference

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Corporate Finance

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May 2015

Who Captures The Power of The Pen?

Le ZHANG, Jiaxing YOU, Bohui ZHANG
We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more a...
Keywords: Media coverage, media concentration, political capture, CEO turnover
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Annual Conference

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Corporate Finance

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May 2025

When Protectionism Kills Talent

Mehmet CANAYAZ, Isil EREL, Umit G. GURUN, Yufeng WU
Protectionist policies intended to revitalize US chip manufacturing backfired, ultimately weakening the domestic workforce they aimed to rebuild. Instead of fostering talent growth, these measures diminished hiring for critical science and engineering roles, particularly in entry-level positions and...
Keywords: Chip, Semiconductor, Economic Nationalism, Tariff, H1-B, Labor, Career
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Annual Conference

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Corporate Finance

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May 2022

What Explains the Geographic Variation in Corporate Investment?

Shohini KUNDU, Nishant VATS
We show that history can explain the geographic concentration of investment over and above traditional agglomerative forces, geography, and expectations. We use spatial variation in direct and indirect British rule to identify differences in historical circumstances. Using this within-country variat...
Keywords: investment, agglomeration, history, colonial rule, economic organization, state capacity
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Annual Conference

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Corporate Finance

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May 2025

Voting on Public Goods: Citizens vs. Shareholders

Robin DOTTLING, Doron LEVIT, Nadya MALENKO, Magdalena ROLA-JANICKA
We study the interplay between a “one person-one vote” political system and a “one share-one vote” corporate governance regime. If shareholders push firms for more pro-social policies, political backlash may arise, undoing ESG initiatives. In a frictionless economy, shareholder democracy bec...
Keywords: shareholder democracy, political democracy, public good, carbon tax, socially responsible investing, ESG, political backlash, wealth inequality, pass-through voting, universal owners
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2013

Understanding Informal Financing

Franklin ALLEN, Meijun QIAN, Jing XIE
This paper offers a unified framework to understand informal financing. We explore various sources of informal financing based on their mechanisms to deal with asymmetric information and enforcement and examine their role in supporting firm growth. We find that constructive informal financing such a...
Keywords: Informal financing, asymmetric information, social collateral, firm growth
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