The Firm-Level Real Effects of Bank-Scope Deregulation: Evidence from the Rise of Universal Banking

2014 ◽  
Author(s):  
Daniel Neuhann ◽  
Farzad Saidi
Keyword(s):  
Universal Banking ◽  
Firm Level ◽  
Real Effects

Credit Allocation Under Economic Stimulus: Evidence from China

2019 ◽  
Vol 32 (9) ◽  
pp. 3412-3460 ◽  
Author(s):  
Lin William Cong ◽  
Haoyu Gao ◽  
Jacopo Ponticelli ◽  
Xiaoguang Yang
Keyword(s):  
High Growth ◽  
Manufacturing Firms ◽  
Credit Expansion ◽  
Credit Allocation ◽  
Firm Level ◽  
Real Effects ◽  
Level Data ◽  
Chinese Banks ◽  
Editorial Decision ◽  
Economic Stimulus

Abstract We study credit allocation across firms and its real effects during China’s economic stimulus plan of 2009–2010. We match confidential loan-level data from the nineteen largest Chinese banks with firm-level data on manufacturing firms. We document that the stimulus-driven credit expansion disproportionately favored state-owned firms and firms with a lower average product of capital, reversing the process of capital reallocation toward private firms that characterized China’s high growth before 2008. We argue that implicit government guarantees for state-connected firms become more prominent during recessions and can explain this reversal. Received August 23, 2017; editorial decision November 15, 2018 by Editor Philip Strahan.

The Real Effects of Credit Contractions: A Firm-Level Analysis

2012 ◽  
Author(s):  
Mohammad M. Rahaman ◽  
Varouj A. Aivazian ◽  
Ling Sun
Keyword(s):  
Firm Level ◽  
The Real ◽  
Real Effects ◽  
Level Analysis

scholarly journals How Do Foreign Institutional Investors Enhance Firm Innovation?

2017 ◽  
Vol 52 (4) ◽  
pp. 1449-1490 ◽  
Author(s):  
Hoang Luong ◽  
Fariborz Moshirian ◽  
Lily Nguyen ◽  
Xuan Tian ◽  
Bohui Zhang
Keyword(s):  
Institutional Investors ◽  
Knowledge Spillovers ◽  
Causal Effect ◽  
Institutional Ownership ◽  
Firm Level ◽  
Firm Innovation ◽  
Real Effects ◽  
Level Data ◽  
Foreign Institutional Investors ◽  
Underlying Mechanisms

We examine the effect of foreign institutional investors on firm innovation. Using firm-level data across 26 non-U.S. economies between 2000 and 2010, we show that foreign institutional ownership has a positive, causal effect on firm innovation. We further explore three possible underlying mechanisms through which foreign institutions affect firm innovation: Foreign institutions act as active monitors, provide insurance for firm managers against innovation failures, and promote knowledge spillovers from high-innovation economies. Our article sheds new light on the real effects of foreign institutions on firm innovation.

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