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Does labor court uncertainty and judge subjectivity influence firms’ performance? We study the economic consequences of judge decisions by collecting information on more than 145,000 Appeal court rulings, combined with administrative firm-level records covering the whole universe of French firms. The quasi-random assignment of judges to cases reveals that judge bias has statistically significant effects on the survival, employment, and sales of small low-performing firms. However, we find that the uncertainty associated with the actual dispersion of judge bias is small and has a non-significant impact on their average outcomes.
For a growing number of countries in Africa the discovery and exploitation of natural resources is a great opportunity, but one accompanied by considerable risks. This book presents research on how to better manage the revenues and opportunities associated with natural resources.
This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries’ preparedness to handle a large-scale restructuring of businesses. Crisis preparedness of insolvency systems is measured according to a newly designed indicator that includes five dimensions of the insolvency and restructuring regime (out-of-court restructuring, hybrid restructuring, reorganization, liquidation, and the institutional framework). Vulnerabilities tend to be more pronounced in jurisdictions with shortcomings in crisis preparedness, and those countries need to step up efforts to improve their insolvency systems.
A Modern Guide to the Economics of Crime discusses the evolution of a field, whose growing relevance among scholars and policymakers is partly related to the persistence of crime and violence around the world and partly to the remarkable progress made in recent years in the economic analysis of individual and organised crime. With contributions from some of the leading scholars in the economics of crime, the volume highlights a variety of topics, conceptual frameworks and empirical approaches, thus providing a comprehensive overview of the most recent developments of the field.
This paper analyzes the importance of information technology (IT) in banking for entrepreneurship. To guide our empirical analysis, we build a parsimonious model of bank screening and lending that predicts that IT in banking can spur entrepreneurship by making it easier for startups to borrow against collateral. We provide empirical evidence that job creation by young firms is stronger in US counties that are more exposed to ITintensive banks. Consistent with a strengthened collateral lending channel for IT banks, entrepreneurship increases more in IT-exposed counties when house prices rise. In line with the model's implications, IT in banking increases startup activity without diminishing startup quality and it also weakens the importance of geographical distance between borrowers and lenders. These results suggest that banks' IT adoption can increase dynamism and productivity.
For decades business management teams have learned lessons and absorbed wisdom from an array of disciplines – psychology, sociology, biology and more – but philosophy, and the wisdom it embodies, has long been overlooked. World-renowned business philosopher Anders Indset wants to correct this oversight through his mission to introduce practical philosophy into every organisation. Intended as a source of inspiration, Philosophy@Work explores the integration of philosophical tenets into the business landscape, and how they can be applied to personal development, the art of leadership and coping with the forces of change. Within its pages are reflections from twenty-seven of the world’s leading business thinkers, including Dorie Clark, Erica Dhawan, Mark Esposito, Stew Friedman, Marshall Goldsmith, Anil K. Gupta, Gianpiero Petriglieri, Haiyan Wang and many more. Through articles, interviews, and essays, they share their insights into the profound impact philosophy can have on business. This is a starting point to a world of practical applied philosophy, a first glimpse into the beginning of a new era.
For developing countries, decentralising power from central government to local authorities holds the promise of deepening democracy, empowering citizens, improving public services and boosting economic growth. But the evidence on when and how decentralisation can bring these benefits has been mixed. Under the wrong conditions, decentralised power can be captured by unrepresentative elites or undermined by corruption and the clientelistic distribution of public resources. The picture is complex, and we still do not understand enough about what factors can contribute to creating better local government, and to what effect. Decentralised Governance brings together a new generation of political...
Die richtige Balance zwischen Rendite und Risiko zu finden ist der Schlüssel zum langfristigen finanziellen Erfolg. In "Deine Finanzen im Griff" zeigt Bodo Freiesleben, wie du deine individuelle Risikobereitschaft erkennst und diese in maßgeschneiderte Investmentstrategien umwandelst. Anhand von praxisnahen Beispielen und fundiertem Fachwissen lernst du, wie du deine finanziellen Ziele definierst, dein persönliches Anlage-Risiko-Profil erstellst und dein Portfolio gezielt optimierst. Ob du in Aktien, Anleihen oder Immobilien investieren möchtest – dieses Buch bietet dir die Werkzeuge, um bewusste und nachhaltige Anlageentscheidungen zu treffen. Lass dich nicht von Marktunsicherheiten verunsichern. Mit den richtigen Strategien und einem klaren Plan hältst du deine Finanzen fest im Griff – heute und in der Zukunft.
Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.
New firm formation is a critical driver of job creation, and an important contributor to the responsiveness of the economy to aggregate shocks. In this paper we examine the characteristics of the individuals who become entrepreneurs when local opportunities arise due to an increase in local demand. We identify local demand shocks by linking fluctuations in global commodity prices to municipality level agricultural endowments in Brazil. We find that the firm creation response is almost entirely driven by young and skilled individuals, as measured by their level of experience, education, and past occupations involving creativity, problem-solving and managerial roles. In contrast, we find no su...