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Working paper
SSRN
Regulatory Sandboxes and Fintech Funding: Evidence from the UK
In: Review of Finance
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Working paper
Does it Help? Information Technology in Banking and Entrepreneurship
In: CEPR Discussion Paper No. DP17335
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Mis-Allocation within Firms: Internal Finance and International Trade
In: CESifo Working Paper No. 9426
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Does it Help? Information Technology in Banking and Entrepreneurship
In: IMF Working Paper No. 2021/214
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Inside the Regulatory Sandbox: Effects on Fintech Funding
In: CEPR Discussion Paper No. DP15502
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Working paper
Mis-Allocation within Firms: Internal Finance and International Trade
In: CEPR Discussion Paper No. DP14478
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Working paper
The gen AI gender gap
In: Economics letters, Band 241, S. 111814
ISSN: 0165-1765
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Technological Capacity and Firms' Recovery from COVID-19
In: Economics Letters, Forthcoming
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Financial crises and political radicalization: How failing banks paved Hitler's path to power
In: Journal of Finance, Forthcoming
SSRN
Working paper
From Finance to Fascism
Do financial crises radicalize voters? We study Germany's banking crisis of 1931, when two major banks collapsed and voting for radical parties soared. We collect new data on bank branches and rm-bank connections of over 5,500 firms and show that incomes plummeted in cities affected by the bank failures; connected firms curtailed their payrolls. We further establish that Nazi votes surged in locations exposed to failing Danatbank, led by a prominent Jewish manager and targeted by anti-Semitic Nazi propaganda. Our results suggest a synergy between cultural and economic factors: Danatbank's collapse boosted Nazi support especially in cities with deep-seated anti-Semitism; and the Nazis gained few additional votes in cities exposed to collapsing Dresdner Bank, which was not the target of Nazi hate speech. Danat-exposed and non-exposed cities were similar in their pre-crisis characteristics and exhibited no differential pre-trends; firms borrowing from Danat had lower leverage before the crisis than other rms. Unobservables are unlikely to account for the results.
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Financial Crises and Political Radicalization: How Failing Banks Paved Hitler&Apos;S Path to Power
In: CEPR Discussion Paper No. DP12806
SSRN
Working paper
From finance to fascism
Do financial crises radicalize voters? We study Germany's banking crisis of 1931, when two major banks collapsed and voting for radical parties soared. We collect new data on bank branches and firm-bank connections of over 5,500 firms and show that incomes plummeted in cities affected by the bank failures; connected firms curtailed their payrolls. We further establish that Nazi votes surged in locations exposed to failing Danatbank, led by a prominent Jewish manager and targeted by anti-Semitic Nazi propaganda. Our results suggest a synergy between cultural and economic factors: Danatbank's collapse boosted Nazi support especially in cities with deep-seated anti-Semitism; and the Nazis gained few additional votes in cities exposed to collapsing Dresdner Bank, which was not the target of Nazi hate speech. Danat-exposed and non-exposed cities were similar in their pre-crisis characteristics and exhibited no differential pre-trends; firms borrowing from Danat had lower leverage before the crisis than other firms. Unobservables are unlikely to account for the results. ; Peydró acknowledges financial support from both the Spanish Ministry of Economics and Competitiveness (SEV-2015-0563) Feder EU (project ECO2015-68182-P) and the European Research Council Grant (project 648398).
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