Working Paper

16 September 2020

Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel

Large business enterprises, from the railroad barons of nineteenth century America to Amazon and Google today, are often perceived as important for economic performance and, at the same time, as potential abusers of their...

Assaf Hamdani | Konstantin Kosenko | Yishay Yafeh
24 March 2021

Towards a Principled Approach for Bailouts of COVID-distressed Critical/Systemic Firms

In this essay, we propose a principled approach for government bailouts of critical/systemic firms who find themselves in COVID-19-induced financial distress. We also demonstrate why bankruptcy is the wrong tool to address the...

Horst Eidenmüller | Javier Paz Valbuena
14 March 2021

Does Limited Liability Matter? Evidence from a Quasi-Natural Experiment

We use the enactment of limited liability legislation across Canadian provinces to examine the effect of the change in liability status on firm outcomes for a group of public firms known as income trusts. We show that the switch from...

Yrjö Koskinen | Nga Nguyen | J. Ari Pandes
13 February 2021

Climate Regulation and Emissions Abatement: Theory and Evidence from Firms’ Disclosures

We construct measures of firms' beliefs about climate regulation, plans for future abatement, and current emissions mitigation from responses to the Carbon Disclosure Project. These measures vary in a pronounced, distinctive...

Tarun Ramadorai | Federica Zeni