Senior Fellows/Fellows

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Senior Fellows/Fellows

East Asian Financial and Economic Development

Randall MORCK, Bernard YEUNG
Japan, an isolated, backward country in the 1860s, industrialized rapidly to become a major industrial power by the 1930s. South Korea, among the world’s poorest countries in the 1960s, joined the ranks of First World economies in little over a single generation. China now seems poised to follow a...
Keywords: Japan, South Korea, China, Big Push, Industrialization, business groups, Developmental State
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Income Distribution and Economic Development: Insights from Machine Learning

Pushan DUTT, Ilia TSETLIN
We draw upon recent advances that combine causal inferences with machine learning, to show that poverty is the key income distribution measure that matters for development outcomes. In a predictive framework, we first show that LASSO chooses only the headcount measure of poverty from 37 income distr...
Keywords: poverty, inequality, income distribution, economic development
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Can Socially Responsible Firms Survive Competition Corporate Employee Matching

Ning GONG, Bruce GRUNDY
Employee matching grant schemes are coordination mechanisms that reduce free-riding by socially-conscious employee-donors. Their prevalence demonstrates that socially-responsible firms can survive market competition. When socially-conscious employees are more productive or value working together, ma...
Keywords: Employee matching grants, corporate social responsibility
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The Buyers Perspective on Security Design

Patrick VERWIJMEREN, Bruce GRUNDY
We provide evidence that security design reflects the interplay of capital supplier and security issuer preferences. While call provisions have historically been the default option in convertible security design, only a minority of post-2005 issues are callable. Because hedge funds dominate the mark...
Keywords: Security design, supply of capital, call provisions, convertibles, hedge funds
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Senior Fellows/Fellows

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Senior Fellows/Fellows

The External Financing of Investment

Patrick VERWIJMEREN, Bruce GRUNDY
Controlling for a firm’s existing assets, capital structure and valuation, we document a strong link between an investment’s characteristics and the type of security issued if the investment is externally financed. Investments with more volatile and distant payoffs tend to be equity-financed. In...
Keywords: Investment characteristics, financing, debt-equity choice, convertible securities
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