Senior Fellows/Fellows

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Senior Fellows/Fellows

Microfinance and Entrepreneurship at the Base of the Pyramid

Pushan DUTT, Jasjit SINGH
There continues to be substantial debate on whether and how providing inclusive access to finance through microcredit promotes entrepreneurship-led development at the base of the pyramid. We contribute to this literature by examining differences in household-level outcomes associated with microfinan...
Keywords: Necessity Entrepreneurship, Microenterprise, Microfinance, Microcredit, Base of the Pyramid (BOP), Emerging Economies, economic development, Access to Finance
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2014

Smart and Illicit: Who Becomes an Entrepreneur and Does it Pay?

Ross LEVINE, Yona RUBINSTEIN
We disaggregate the self-employed into incorporated and unincorporated to distinguish between “entrepreneurs” and other business owners. We show that the incorporated self-employed and their businesses engage in activities that demand comparatively strong nonroutine cognitive abilities, while th...
Keywords: Entrepreneurship, Self-employment, Occupational choice, Compensation, Firm organization, Corporate finance, Cognitive and Noncognitive traits
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2014

Busted! Now What? Effects of Cartel Enforcement on Firm Value and Policies

Massimo MASSA, Alminas ZALDOKAS, Ailin DONG
In a cross-country study we look at the staggered passage of national leniency laws over 1990-2012. We show that these laws lead to more convictions of cartels, and generally increase the costs of collusion by reducing the average gross margins of the affected firms. We further examine how changing ...
Keywords: cartels, leniency laws, Collusion, firm boundaries, M&A
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Annual Conference

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Corporate Finance

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May 2014

CEO Turnover and Earnings Management in Banks: Evidence Using Age-based Retirement Policies

Prasanna TANTRI, Arkodipta SARKAR, Krishnamurthy SUBRAMANIAN
We examine the effect of CEO turnover on earnings management in banks. Since banking is intrinsically an opaque activity, we hypothesize that an incoming CEO of a bank is more likely to manage earnings than a counterpart in a non financial firm. To identify the hypothesized effects, we exploit exoge...
Keywords: Banks, CEO, CEO turnover, Earnings Management, financial crisis, Public Sector Banks, Retirement, Superannuation, Tenure
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2014

China's Growth, Stability, and Use of International Reserves

Joshua AIZENMAN, Yothin JINJARAK, Nancy P. MARION
Since the onset of the global financial crisis, China and the U.S. have reduced their current-account imbalances as a share of GDP to less than half their pre-crisis levels. For China, the reduction in its current-account surplus post-crisis suggests a structural change. Panel regressions for a samp...
Keywords: International reserves, current-account imbalances, financial crisis
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