Working Paper

01 July 2005

Financial Integration and Firm Performance: Evidence from Foreign Bank Entry in Emerging Markets

While the positive growth effects of financial integration are extensively documented, little is known of its impact on small and young firms. This paper aims to fill this void relying on a panel of 60,000 firm-year observations on...

Mariassunta Giannetti | Steven Ongena
01 December 2005

Financial Liberalization and Banking Crises: The Role of Capital Inflows and Lack of Transparency

This paper shows that the liberalization of capital inflows may undermine bank stability in emerging markets. After financial liberalization, uninformed international investors rationally provide large amounts of funds at low...

Mariassunta Giannetti
01 May 2007

The Importance of Size in Private Equity: Evidence from a Survey of Limited Partners

Using a comprehensive survey, we show that investors with a larger capital allocation to private equity are more specialized − measured by the degree to which the investor focuses on private equity rather than other classes of...

Laura Bottazzi | Marco Da Rin | Thomas Hellmann
01 April 2008

Information Sharing and Credit: Firm-Level Evidence from Transition Countries

We investigate whether information sharing among banks has affected credit market performance in the transition countries of Eastern Europe and the former Soviet Union, using a large sample of firm-level data. Our estimates show that...

Martin Brown | Tullio Jappelli | Marco Pagano
01 June 2007

Political Connections and Preferential Access to Finance: The Role of Campaign Contributions

Using novel indicators of political connections constructed from campaign contribution data, we show that Brazilian firms that provided contributions to (elected) federal deputies experienced higher stock returns around the 1998...

Stijn Claessens | Erik Feyen | Luc Laeven