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The German far right and the scars of reunificationOliver HoltemöllerFinancial Times, September 6, 2024
We offer new evidence on the real effects of credit shocks in the presence of employment protection regulations by exploiting a unique provision in Spanish labor laws: dismissal rules are less stringent for Spanish firms with fewer than 50 employees, lowering the cost of hiring new workers.
This paper analyzes the effect of financial constraints on firms’ corporate social responsibility. Exploiting heterogeneity in firms’ exposure to a monetary policy shock in the U.S., which reduced financial constraints for some firms, I find that firms increase their environmental responsibility.
We show that debtholder monitoring reduces earnings opacity. Using a natural experiment in the U.S. banking industry that subordinates junior creditors’ claims, we find that exposing junior creditors to greater losses in bankruptcy significantly reduces earnings opacity.
We analyze how risk sharing between a firm’s employees and owners depends on its competitors’ response to industry-wide shocks.
We analyze the evolution of the wage and employment structure in East Germany over the past two decades and compare it to West Germany.
Using data on import tariffs and investment in U.S. manufacturing industries between 1974 and 2012, we show that upstream tariff reductions are followed by increased down-stream investment.
This paper examines the links between the internationalization mode of firms and market imperfections in product and labor markets.
We show that analyst valuations became less accurate and more pessimistic following a large drop in accounting earnings that did not reveal new information about firm value.
We pin down a new mechanism behind comparative advantage by pointing out that countries differ in their ability to adjust to technological change. We take stock of the pattern extensively documented in the labor literature whereby more efficient machines displace workers from codifiable (routine) tasks.
Despite their importance, the discussion of spillover effects in empirical research misses the rigor dedicated to endogeneity concerns.
