We review the literature analyzing the impact of pro-market institutions on firms' global
strategy. We propose that the ideological tension between whether the government or the …

We show that foreign capital liberalization reduces capital misallocation and increases
aggregate productivity for affected industries in India. The staggered liberalization of access …

This paper shows that incentives created by the impending turnover of local politicians can
accelerate the pace of initial public offering (IPO) activity in certain politicized environments …

Diversified business groups, consisting of legally independent firms operating across
diverse industries, are ubiquitous in emerging markets. Groups around the world share …

Research Summary State‐owned enterprises (SOEs) are often more opaque than other
types of firms. This opaqueness tends to generate resistance when SOEs undertake cross …

Research on the macroeconomic impact of capital account liberalization finds few, if any,
robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue …

Diversified business (or corporate) groups, consisting of legally independent firms operating
in multiple markets, are ubiquitous in emerging markets and even in some developed …

We rely on a unique dataset of 176 privatizations from 32 countries to extend recent
research on the link between the political economy and accounting transparency by …

This paper documents a positive relation between internationalization and bank risk. This is
consistent with the empirical dominance of the market risk hypothesis, whereby …

This article sheds light on how the internationalization of state-owned enterprises is
influenced by the state involvement in ownership and by the home country's institutional …