Annual Conference

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Accounting

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May 2023

Does Relationship Lending Discipline Disclosure? Evidence from Bailout Loans

Daniel RABETTI
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

External Legal Counsel as Transaction Cost Engineer and its Influence on Loan Contract Design and Performance

Peeyush TAORI, Peter POPE, Roberto VINCENZI
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

The Effects of Climate Change on Labor and Capital Reallocation

Christoph ALBERT, Paula BUSTOS, Jacopo PONTICELLI
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

The Intangible Borrowing Constraint of Entrepreneurship

Yu ZHENG, Lian ALLUB, Axelle FERRIERE, Luis FRANJO
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

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Trade, Growth and Development

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May 2023

Haste Makes Waste? Quantity-Based Subsidies under Heterogeneous Innovations

Lijun ZHU, Linyi CAO, Helu JIANG, Guangwei LI
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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