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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2015

Behind the Scenes: The Corporate Governance Preferences of Institutional Investors

Laura STARKS, Joseph A. MCCAHERY, Zacharias SAUTNER
We survey institutional investors to better understand their role in the corporate governance of firms. Consistent with a number of theories we document widespread behind-the-scenes intervention as well as governance-motivated exit. Both governance mechanisms are viewed as complementary devices, in ...
Keywords: institutional investors, Corporate governance, shareholder activism
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Annual Conference

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Labour Economics

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May 2024

Barriers to Labor Migration for the Rural Poor

Abu S. SHONCHOY, Tomoki FUJII, Selim RAIHAN
Migration could be an important anti-poverty measure, allowing unemployed rural poor spatially reallocate to areas where employment opportunities are promising. However, permanent rural-to-urban migration by the poor in developing countries is surprisingly limited. This raises important academic and...
Keywords: Field Experiment, On-the-job Training, Bangladesh, Garment Industry, Rural, Extreme Poor
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Annual Conference

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Economic Transformation of Asia

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May 2018

Barriers to Entry and Regional Economic Growth in China

Loren BRANDT, Gueorgui KAMBOUROV, Kjetil STORESLETTEN
The non-state manufacturing sector has been the engine of China’s economic transformation. Up through the mid-1990s, the sector exhibited large regional differences; subsequently we observe rapid convergence in terms of new firm start-up rates, productivity, and wages. To analyze the drivers of th...
Keywords: Chinese economic growth, SOEs, firm entry, entry wedges, capital wedges, output wedges, SOE reform
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Annual Conference

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Accounting

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May 2024

Bankruptcy and Restructuring Outcomes of CLO-held Loans: The Role of CLO-Bank Relationships

Yupeng LIN, Dushyantkumar VYAS, Wanrong XU
Loans held by CLOs are often originated by banks with whom CLO managers have past trading relationships. Consistent with CLOs obtaining valuable private information with the help of these relationships, we find that firms whose loans are initially purchased by bank-related CLOs are less likely to ex...
Keywords: CLOs, Syndicated loans, Loan Contracting, Information Flow, bankruptcy, Corporate Restructuring
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2017

Banking The Unbanked: What do 255 Million New Bank Accounts Reveal about Financial Access?

Sumit AGARWAL, Amit SERU, Pulak GHOSH, Shashwat ALOK, Soumya GHOSH, Tomasz PISKORSKI
In this ongoing study, we use the largest financial inclusion program in the world to study the role of financial inclusion on the unbanked and the real economy. Using administrative account level micro data, we find that the program led to 255 million new bank account openings in India (as of Novem...
Keywords: banking, Financial Inclusion, Financial Literacy, big data, Financial Access, savings, Spending, Debit Card, Consumer Finance, Household Finance
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