Annual Conference

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Accounting

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May 2023

Assessing the Paycheck Protection Program (PPP) — a financial rescue program designed to cover firms’ payroll expenses during the Covid-19 pandemic — I document that the decision of managers whether to reveal the bailout loan details to the public dominates the disclosure strategy of firms tha...
Keywords: disclosure, relationship capital, reputation management, Covid-19 pandemic, financial crisis
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Annual Conference

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Accounting

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May 2023

We investigate whether external legal counsels (ELCs) affect the design and performance of syndicated loan contracts. Using a dataset of ELCs representing both borrowers and lenders in the U.S. syndicated loan market and fixed effect models, we find that ELCs explain significant variation in loan co...
Keywords: Syndicated Loans, Debt Contracts, Debt Covenants, Banks, Law Firms, Information Asymmetry
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Annual Conference

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Trade, Growth and Development

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May 2023

Climate change is expected to reduce agricultural productivity in developing countries. Potential adaptation paths include the reallocation of capital and labor towards non-agricultural sectors or other regions. We study the experience of Brazil to provide direct evidence on these mechanisms. We doc...
Keywords: Droughts, SPEI, Brazil, Migration, Financial Integration
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Annual Conference

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Trade, Growth and Development

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May 2023

With quantity-based innovation targets and subsidy programs launched since the mid-2000s, China has seen a patent surge, accounting for 46% of the world’s total patent applications in 2020; however, the overall patent quality has been steadily declining over time. This paper develops a Schumpeteri...
Keywords: Heterogeneous Innovations, Quantity-Based Subsidies, Human Capital
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Annual Conference

|

Trade, Growth and Development

|

May 2023

With quantity-based innovation targets and subsidy programs launched since the mid-2000s, China has seen a patent surge, accounting for 46% of the world’s total patent applications in 2020; however, the overall patent quality has been steadily declining over time. This paper develops a Schumpeteri...
Keywords: Heterogeneous Innovations, Quantity-Based Subsidies, Human Capital
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