Team Stability and Performance: Evidence from Private Equity
In: 2nd Annual Financial Institutions, Regulation and Corporate Governance Conference
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In: 2nd Annual Financial Institutions, Regulation and Corporate Governance Conference
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Working paper
In: Journal of political economy, Band 126, Heft 4, S. 1638-1690
ISSN: 1537-534X
In: American economic review, Band 107, Heft 2, S. 457-492
ISSN: 1944-7981
We present evidence that cultural proximity (shared codes, beliefs, ethnicity) between lenders and borrowers increases the quantity of credit and reduces default. We identify in-group lending using dyadic data on religion and caste for officers and borrowers from an Indian bank, and a rotation policy that induces exogenous matching between them. Having an in-group officer increases credit access and loan size dispersion, reduces collateral requirements, and induces better repayment even after the in-group officer leaves. We consider a range of explanations and suggest that the findings are most easily explained by cultural proximity serving to mitigate information frictions in lending. (JEL D82, D83, G21, G28, O16, Z12, Z13)
In: Journal of political economy, Band 122, Heft 4, S. 806-862
ISSN: 1537-534X
In: Journal of political economy, Band 122, Heft 4, S. 806-862
ISSN: 0022-3808
We study the wealth accumulation of Indian state politicians using public disclosures required of all candidates. The annual asset growth of winners is 3-5 percent higher than that of runners-up, a difference that holds also in a set of close elections. The relative asset growth of winners is greater in more corrupt states and for those holding ministerial positions. These results are consistent with a rent-seeking explanation for the relatively high rate of growth in winners' assets. Adapted from the source document.
In: Journal of institutional and theoretical economics: JITE, Band 167, Heft 1, S. 149
ISSN: 1614-0559
In: American economic review, Band 100, Heft 2, S. 506-510
ISSN: 1944-7981
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In: LawFin Working Paper No. 45
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In: Journal of political economy, Band 128, Heft 9, S. 3346-3375
ISSN: 1537-534X
In: CEPR Discussion Paper No. DP14383
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In: Forthcoming in Journal of Political Economy
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Working paper