Annual Conference

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Trade, Growth and Development

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May 2022

Capital Quality, Productivity, and Financial Constraints: Evidence from India

Poorya KABIR, Seyed MANSOURI
This paper provides novel evidence that reduced financial constraints increase physical capital quality and, consequently, productivity. We use a project-level investment dataset from India, CapEx, with data on project cost, capacity added to the firm, and investment’s product category. We measure...
Keywords: capital quality, financial constraints, productivity, financial development
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Annual Conference

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Corporate Finance

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May 2015

Capital Gains Lock-In and Governance Choices

Stephen G. DIMMOCK, William C. GERKEN, Scott J. WEISBENNER, Zoran IVKOVIC
Differences in accrued gains and investors’ tax-sensitivity induce variation in a capital gains lock-in effect across mutual funds even for the same stock at the same time. Exploiting this variation, we show this effect influences funds’ governance decisions: higher capital gains decrease the li...
Keywords: Mutual fund, Proxy voting, Corporate governance, Capital-gains tax, Lock-in effect
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Annual Conference

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Real Estate and Urban Economics

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May 2019

Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms

Alessandro REBUCCI, Peter BEDNAREK, Daniel Marcel TE KAAT, Chang MA
We study how capital flows affects German cities’ GDP growth depending on the state of their real estate markets. Identification exploits a policy framework assigning refugees to cities on a quasi-random basis and variation in nondevelopable area for the construction of an exposure measure to real...
Keywords: Cross-border flows, capital flows, Collateral, City Business Cycles, Credit, Germany, GIPS Spread, Real estate, tangible assets
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Annual Conference

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Corporate Finance

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May 2024

Capital Flight with Intra-firm Lending

Jiafei HU, Haishan YUAN
Using a novel administrative dataset, we study the cross-border capital flows related to internal loans of Chinese multinational enterprises. We exploit an exogenous policy change on the RMB exchange rate and provide evidence that the expectation of the RMB exchange rate has a significant impact on ...
Keywords: Multinationals, RMB Exchange Rate, Internal Debt, Capital Flight
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

Capital controls, macroprudential measures and monetary policy interactions in an emerging economy

Valerio Nispi LANDI
Are capital controls and macroprudential measures desirable in an emerging economy? How do these instruments interact with monetary policy? I address these questions in a DSGE model for an emerging economy whose banks are indebted in foreign currency. The model is augmented with financial frictions....
Keywords: Financial markets, monetary policy, small open economy
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