Results

CEP discussion paper

Growth insured: export credit insurance and trade

We estimate the causal effect of short-term export credit insurance (ECI) on firm-level exports using administrative data from China?s export credit agency merged with customs and tax records. Exploiting quasi-random var...Read more...

CEP discussion paper

Exchange-rate pass-through and invoicing currency choice in international production networks

We study exchange-rate pass-through and currency choice in international transactions, focusing on bilateral bargaining power in relationships between domestic buyers and foreign suppliers. Using detailed transaction-lev...Read more...

Journal article

Epidemiologia e Prevenzione:

Promoting health and wellness: a survey on corporate wellness practices in Emilia-Romagna (Northern Italy)

Background: corporate wellness programmes have gained increasing attention as tools for promoting healthy behaviours in the workplace, yet systematic evidence on their diffusion in Italy is limited. Objectives: to descri...Read more...

Journal article

Canadian Journal of Economics:

Evaluating the impact of export finance support on firm-level export performance: evidence from Pakistan

This paper evaluates the impact of two large export finance support schemes on firm-level export performance. The Export Finance Scheme (EFS) and the Long-Term Finance Facility for Plant & Machinery (LTFF) provide loans ...Read more...

Blog

Vox EU:

The battle for trade currency dominance: The dollar vs the renminbi in Argentina

The US dollar has traditionally dominated the invoicing of international trade. But could other currencies one day replace it? This column examines a unique policy experiment in Argentina in 2023. Amid a severe dollar sh...Read more...

Journal article

The Economic Journal:

Judge dread: Court severity, repossession risk and demand in mortgage and housing markets

We study the impact of borrower protection on mortgage and housing demand using variation in the likelihood that houses are repossessed coming from heterogeneity in preferences of local judges. We develop a framework tha...Read more...

Blog

Imperial College Business School:

What's holding back the green transition?

New research from Imperial College Business School reveals what's stopping businesses from taking action to protect our overheated planet....Read more...

Blog

Economics Observatory:

UK higher education finance: what's the problem and what can be done?

The tripling of tuition fees in 2012 put universities in a strong financial position. But since then, fees - and the maintenance loans that support students - haven't kept up with inflation. Now, students face real hards...Read more...

CentrePiece article

in brief... Designing carbon markets that deliver change

Ever since the European Union created its market-based carbon policy, governments and businesses have been keen to assess its impact. Jonathan Colmer, Ralf Martin, Mirabelle Muuls and Ulrich Wagner explain why analysing ...Read more...

Journal article

American Economic Journal: Macroeconomics:

International friends and enemies

We examine whether, as countries become more economically dependent on a trade partner, they realign politically toward that trade partner. We use network measures of economic exposure to foreign productivity growth deri...Read more...

Blog

POIDcast :

Financing innovation

In this episode, our guest is Sabrina Howell who is a Professor of Finance at the NYU Stern. We talk about how to finance innovations, fintechs, venture capitalists, private and public equity, and the role of government!...Read more...

CEP discussion paper

Evaluating the impact of export finance support on firm-level export performance: evidence from Pakistan

This paper evaluates the impact of two large export finance support schemes on firm-level export performance. The Export Finance Scheme (EFS) and the Long-Term Finance Facility for Plant & Machinery (LTFF), provide loans...Read more...

Blog

Imperial College Business School:

Do carbon markets work?

Ever since the EU created its market-based carbon policy, governments and businesses have been keen to see an impact. But analysing how effective policies can be on a noisy economic and global stage is complex - and hard...Read more...

Journal article

American Economic Journal: Applied Economics:

Measuring absolute income mobility: lessons from North America and Europe

We use linked parent-child administrative data for five countries in North America and Europe, as well as detailed survey data for two more, to investigate methodological challenges in the estimation of absolute income m...Read more...

Journal article

PLoS ONE :

Access to digital finance: Equity crowdfunding across countries and platforms

Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding ...Read more...

Journal article

Regional Science and Urban Economics:

Working from home and corporate real estate

We examine how corporate real estate market participants adjust to the take-off of teleworking. We develop an index for the exposure of counties to teleworking in France by combining teleworking capacity with incentives ...Read more...

CentrePiece article

The impact of school closures on educational inequality

Nearly all schools closed at some point during the Covid-19 pandemic. Reviewing the international evidence to date on the impact of these closures, Jo Blanden, Matthias Doepke and Jan Stuhler warn that they will substant...Read more...

Blog

LSE Business Review:

What lies behind Sri Lanka's collapse?

Corruption, the preferential treatment of connections, dependence on debt finance, and explosive borrowing from China have combined to push Sri Lanka into economic collapse. Political instability has only prolonged the c...Read more...

CEP discussion paper

Education inequality

This paper provides new evidence on educational inequality and reviews the literature on the causes and consequences of unequal education. We document large achievement gaps between children from different socio-economic...Read more...

Book

Restarting the future
How to fix the intangible economy

The past two decades have witnessed sluggish economic growth, mounting inequality, dysfunctional competition, and a host of other ills that have left people wondering what has happened to the future they were promised. R...Read more...

CEP discussion paper

Working from home and corporate real estate

We examine how corporate real estate market participants adjust to the take-off of teleworking. We develop an indicator of the exposure of counties to teleworking in France by combining teleworking capacity with incentiv...Read more...

Blog

VoxEU:

Working from home and corporate real estate

As remote working became more common during Covid-19, Antonin Bergeaud, Jean Benoit Eymeoud, Thomas Garcia and Dorian Henricot examine how corporate real-estate market participants adjusted to the growth of teleworking i...Read more...

Journal article

British Journal of Industrial Relations:

Introduction to symposium on the impact of employee influence

The three papers contained in this Symposium are the final products of a lengthy and fruitful research Odyssey. In retrospect, uncharacteristic almost to the point of surreal, the new incoming, post-Brexit referendum, Br...Read more...

CEP discussion paper

Organizational capacity and profit shifting

Good organizational capacity drives productivity and potential taxable profits but may also enable multinationals (MNEs) to more efficiently re-allocate profits across tax jurisdictions, lowering actual taxable profits. ...Read more...

Journal article

Small Business Economics:

Soft and hard information in equity crowdfunding: network effects in the digitalization of entrepreneurial finance

As a digital financial innovation, equity crowdfunding (ECF) allows investors to exploit the complementarity of information provision and network effects in a reduced transaction cost environment. We build on the underly...Read more...

Journal article

European Economic Review:

Financial system architecture and the patterns of international trade

Countries differ in the extent to which their financial systems rely on banks or on financial markets. We offer a model featuring a complex relationship between countries? financial system architecture and their comparat...Read more...

CEP discussion paper

Selection into entrepreneurship and self-employment

We study the effects of ability and liquidity constraints on entrepreneurship. We develop a three sector Roy model that differentiates between entrepreneurs and other self-employed to address puzzling gaps that have emer...Read more...

CEP discussion paper

Gravity in international finance: evidence from fees on equity transactions

We shed light on the impact of institutional quality and information barriers on trade in financial services using a novel panel data set on revenue earned on domestic and cross-border equity securities underwriting tran...Read more...

Journal article

Small Business Economics:

The evolution and adoption of equity crowdfunding: entrepreneur and investor entry into a new market

Equity crowdfunding (ECF) offers entrepreneurs an online social media marketplace where they can access numerous potential investors who, in exchange for an ownership stake, may supply them with finance. In this paper, w...Read more...

CEP discussion paper

Equity crowdfunding and early stage entrepreneurial finance: damaging or disruptive?

Equity crowdfunding (ECF) offers founders of new ventures an online social media marketplace where they can access a large number of investors who, in exchange for an ownership stake, provide finance for business opportu...Read more...

CEP discussion paper

Specialization in bank lending: evidence from exporting firms

We develop an empirical approach for identifying specialization in bank lending using granular data on borrower activities. We illustrate the approach by characterizing bank specialization by export market, combining ban...Read more...

CentrePiece article

The end of free college in England

A growing movement in the United States is promoting 'free college' for young people. Richard Murphy, Judith Scott Clayton and Gill Wyness ask what can be learned about the likely outcomes from England's move in the oppo...Read more...

Journal article

Journal of Economic Geography:

Innovation, SMEs and the liability of distance: the demand and supply of bank funding in UK peripheral regions

This article considers geographical variations in the demand and supply of bank finance for innovative firms in the UK. It uses a detailed survey on the finances of almost 40,000 UK Small- and Medium-Sized Enterprises fo...Read more...

CEP discussion paper

Financial system architecture and the patterns of international trade

Countries differ on the extent to which their financial system relies on banks or on the financial market. We offer a model featuring a possible two-way relationship between countries? financial system architecture and t...Read more...

CEP discussion paper

Are firms paying more for performance?

Despite its potential to raise productivity, performance-related-pay (PRP) is not widespread in market-oriented economies. Furthermore, despite secular changes conducive to its take-up, there is mixed evidence as to whet...Read more...

Blog

LSE European Politics and Policy Blog:

The state of the UK economy: Diagnosis, prognosis and recommended treatment

The UK economy has experienced a prolonged period of weakness over the last five years. John Van Reenen writes that the real problems for the UK are inadequate long-run investment in infrastructure, innovation and human ...Read more...

CentrePiece article

In brief... 'Smart and illicit': the making of a successful entrepreneur

Smart teenagers who engage in illicit activities are much more likely to become entrepreneurs, according to research by Ross Levine and Yona Rubinstein. But, they note, being self-employed doesn?t necessarily make someon...Read more...

CEP discussion paper

Smart and illicit: who becomes an entrepreneur and does it pay?

We disaggregate the self-employed into incorporated and unincorporated to distinguish between ?entrepreneurs? and other business owners. The incorporated self-employed have a distinct combination of cognitive, noncogniti...Read more...

Blog

LSE European Politics and Policy Blog:

UK Spending Review 2013: A triumph of politics over reason?

The UK?s Spending Review has been forced on the British Chancellor because weak economic growth has blown a hole in the deficit reduction programme. John Van Reenen welcomes the partial reversal of the hugely damaging cu...Read more...

Blog

LSE European Politics and Policy Blog:

Small isn?t always beautiful: The cost of regulation on French firms

France has a raft of labour-market regulations that kick in for firms with 50 workers or more. Luis Garicano and John Van Reenen use this threshold to identify the economic effects of size-contingent regulations. Such po...Read more...

Blog

LSE European Politics and Policy Blog:

No Triple Dip does not mean a good recovery for the UK

John Van Reenen reacts to the news this week that the UK has avoided economic contraction in the last quarter. Whilst Osborne may see this as cause to celebrate, there is nothing commendable about an economy that continu...Read more...

CEP occasional paper

What do we know about China's CEO's? Evidence from across the whole economy

All that we know about the CEO labour market in China comes from studies of public listed companies and state-owned enterprises (SOEs). This paper is the first to examine the operation of the CEO labour market across all...Read more...

CEP discussion paper

Why Do People Pay for Useless Advice?

We investigated experimentally whether people can be induced to believe in a non-existent expert, and subsequently pay for what can only be described as transparently useless advice about future chance events. Consistent...Read more...

CEP discussion paper

The CEO Labour Market in China's Public Listed Companies

Using panel data for all of China?s public listed firms over the period 2001-2010 we examine how firms have recruited and rewarded their executives over a decade of huge growth and turbulence. CEO pay is sensitive to fir...Read more...

CEP discussion paper

What Do CEOs Do?

We develop a methodology to collect and analyze data on CEOs? time use. The idea - sketched out in a simple theoretical set-up - is that CEO time is a scarce resource and its allocation can help us identify the firm?s pr...Read more...

CEP discussion paper

CEO Bonding: Who Posts Performance Bonds and Why?

Despite their theoretical value in tackling principal-agent problems at low cost to firms there is almost no empirical literature on the prevalence and correlates of performance bonds posted by corporate executives. Usin...Read more...

CEP discussion paper

Cyclical Risk Aversion, Precautionary Saving and Monetary Policy

This paper analyzes the conduct of monetary policy in an environment in which cyclical swings in risk appetite affect households' propensity to save. It uses a New-Keynesian model featuring external habit formation to sh...Read more...

CEE/Education and skills discussion paper

From Grants to Loans and Fees: The Demand for Post-Compulsory Education in England and Wales from 1955 to 2008

The UK has progressively moved from a Higher Education (HE) system which is funded at the tax payers? expense to one which is funded by individual participants (and their parents) by scrapping student grants, introducing...Read more...

CentrePiece article

In brief... The future of finance

A new CEP report says that the financial system has become far more complicated than it need to be - and dangerously unstable too...Read more...

SERC/Urban and Spatial Programme Discussion Paper

Capitalization of Central Government Grants into Local House Prices: Panel Data Evidence from England

We explore the impact of central government grants on local house prices in England using a panel data set of local authorities (LAs) from 2001 to 2008. Electoral targeting of grants to LAs by the incumbent national gove...Read more...

CEP election analysis

CEP Election Analysis 2010 - The complete Series, discussing research on some of the key policy battlegrounds of the 2010 General Election

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CEP election analysis

Financial Regulation: Can We Avoid Another Great Recession?

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CEP discussion paper

Corporate Ownership Structure and Performance in Europe

In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form of ownership is not necessarily the most efficient one. These findings are in contradiction to similar research...Read more...

CEP discussion paper

Corporate R&D and Productivity in Germany and the United Kingdom

This paper analyzes differences in R&D spending and in the impact of R&D on productivity between German and UK firms. We confirm that German firms spend significantly larger amounts on R&D than their UK counterparts, eve...Read more...

CEP discussion paper

The Performance Effects of European Demergers

This paper examines security price reactions of European demergers. For a period ranging from one and a half years prior to the demerger announcement through to three years after the execution date, the relative performa...Read more...

CEP discussion paper

Managerial Ownership and Firm Performance in German Small and Medium-Sized Enterprises

This paper studies the effect of managerial ownership on performance and the determinants of managerial ownership for small and medium-sized private companies. We use a panel of around 1300 firms in the German business-r...Read more...