Selected Works

JOURNAL PUBLICATIONS

• Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers with Shawn Cole and Martin Kanz, Journal of Finance, 70:2, 537 - 575, 2015.
• Measuring Financial Inclusion: Explaining Variation Across and Within Countries with Asli Demirguc-Kunt, Brookings Papers on Economic Activity, Spring 2013
• Bargaining Power and Trade Credit with Daniela Fabbri, Journal of Corporate Finance, Forthcoming
• Financial Literacy and theBusiness Cycle with Annamaria Lusardi and Georgios Panos, Journal of Banking and Finance, Forthcoming
• Trade Credit Contracts with Luc Laeven, and Raghuram Rajan, Review of Financial Studies, Forthcoming.
• Patterns of Business Creation, Survival, and Growth: Evidence from Africa with Christine Richmond, Labour Economics, Forthcoming.
• Taxation and Capital Structure: Evidence from a Transition Economy with Konstantinos Tzioumis, FinanzArchiv / Public Finance Analysis, Forthcoming.
• Financial Literacy and Retirement Planning: The Russian Case with Georgios A. Panos, Journal of Pension Economics and Finance, Forthcoming.
• The Impact of the Financial Crisis on New Firm Registration with Inessa Love, Economics Letters 113:1,pp. 1-4, 2011. [lead article]
• The Challenges of Bankruptcy Reform with Elena Cirmizi and Mahesh Uttamchandani, World Bank Research Observer 26:2, pp. 230-236, 2011.
• Entrepreneurship and Development: the Role of Information Asymmetries with Inessa Love, World Bank Economic Review Symposium Issue on Entrepreneurship and Growth 25:3, pp. 448-455, 2011.
• The Impact of the Business Environment on Young Firm Financing with Larry Chavis and Inessa Love, World Bank Economic Review Symposium Issue on Entrepreneurship and Growth 25:3, 448-455, 2011.
• Gender and the New Business Environment for New Firm Creation with Simon Parker, World Bank Research Observer 26:2, pp. 237-257, 2011.
• Entrepreneurship in Post-Conflict Transition: the Role of Informality and Access to Finance with Asli Demirguc-Kunt and Georgios Panos, Economics of Transition 19:1, pp. 27-78, 2010.
• The Typology of Partial Credit Guarantee Funds around the World with Thorsten Beck and Juan Carlo Mendoza, Journal of Financial Stability, 6:1, pp.0-25, 2010.
• Bank Competition and Financial Stability with Allen Berger and Rima Turk, Journal of Financial Services Research, 35:2, pp. 99-119, 2009. [lead article]
• What Does ‘Entrepreneurship’ Data Really Show? with Zoltan J. Acs and Sameeksha Desai, Small Business Economics, Vol 33(3), pp. 265-281, 2008.
• Bank Ownership Type and Banking Relationships with Allen Berger, Maria Soledad Martinez Peria, and Rida Zaidi, Journal of Financial Intermediation, Elsevier, vol. 17(1), pp. 37-62, 2008.
• ADR Holdings of U.S. Based Emerging Market Funds , with Reena Aggarwal and Sandeep Dahiya, Journal of Banking and Finance 31:6, pp.1649-1667, 2007.
• Who Survives? A Cross-Country Comparison with Sandeep Dahiya, Journal of Financial Stability 3:3, pp. 261-278, 2007.
• The Role of Factoring for Financing of Small and Medium Enterprises , Journal of Banking and Finance 30:11, pp. 3111-3130, 2007.
• Corporate Governance Provisions and Firm Ownership: Firm-Level Evidence from Eastern Europe with Luc Laeven, and Inessa Love, Journal of International Money and Finance, 25:3, pp. 429-444, 2007.
• Insolvency Laws Around the World – A Statistical Analysis and Rules for their Design with Stijn Claessens, CESifo Dice Report, Vol. 4:1, pp. 9-15, 2007.
• Entry regulation as a barrier to entrepreneurship with Luc Laeven and Raghuram Rajan, Journal of Financial Economics 82:3, pp. 591-629, 2006.
• Portfolio Preferences of Foreign Institutional Investors , with R. Aggarwal and P. Wysocki, Journal of Banking and Finance, Elsevier, vol. 29(12), pages 2919-2946, December 2005.
• Corporate Governance and Bank Performance: A Joint Analysis of the Static, Selection, and Dynamic Effects of Domestic, Foreign, and State Ownership with Allen Berger, George Clarke, Robert Cull, and Gregory Udell, Journal of Banking and Finance 29:8, pp. 2179-2221, 2005.
• Corporate Valuation and the Resolution of Bank Insolvency in East Asia with Simeon Djankov and Jan Jindra, Journal of Banking and Finance, Vol. 29, pp. 2095–2118, 2005.
• Bankruptcy Around the World: Explanations of its Relative Use with Stijn Claessens, American Law and Economics Review,Volume 7, Issue 1 pp. 253-283, 2005.
• Corporate Governance, Investor Protection and Performance in Emerging Markets with Inessa Love, Journal of Corporate Finance, 2004. [Awarded second most highly cited article in the Journal of Corporate Finance between Oct 2009 and Sept. 2010]
• The Development of Mutual Funds Around the World with Victor Sulla and Dimitri Vittas, Emerging Markets Review, vol. 5, issue 1, pp 1-38, 2004.
• Further Evidence on the Link between Finance and Growth: An International Analysis of Community Banks and Economic Performance , with A. Berger and I. Hasen, Journal of Financial Services Research, Vol 25. 2004.
• Capital Structure, Foreign Debt and Financial Risk: Evidence from East Asia with Yiorgos Allayannis and Greg Brown, Journal of Finance, Vol. 58, No. 6, pp. 2667-2709, December 2003.
• Resolution of Corporate Distress in East Asia with Stijn Claessens and Simeon Djankov, Journal of Empirical Finance, Elsevier, vol. 10(1-2), pp. 199-216, February 2003.
• The Ability of Banks to Lend to Informationally Opaque Small Businesses , with A. Berger and G. Udell), Journal of Banking and Finance , 25. 2001.
• The Role and Functioning of Business Groups in East Asia and Chile , with S. Claessens and S. Djankov, ABANTE. April, 2000.
• Interest Rate Targeting and the Dynamics of Short-Term Rates , with P. Balduzzi, G. Bertola and S. Foresi, Journal of Money, Credit and Banking. February, 1998.

WORKING PAPERS

• The Effect of the Business Environment on New Firm Registration with Inessa Love, December 2010.
• Financial Literacy and the Business Cycle with Annamaria Lusardi and Georgios Panos, Policy Research Working Paper Series No. 5980, February, 2012.

BOOKS

• Entrepreneurship Snapshots 2010: Measuring the Impact of the Financial Crisis on New Busines Registration with Inessa Love, The World Bank, 2010.
• Financing Small and Medium-size Enterprises with Factoring: Global Growth in Factoring – and Its Potential in Eastern Europe with Marie-Renee Bakker and Gregory Udell, The World Bank, 2005.

BOOK CHAPTERS

• “Access to Bank Financing and New Investment: Evidence From Europe” with Larry Chavis and Inessa Love, forthcoming in The Economics of Small Businesses: An International Perspective, Giorgio Calcagnini and Ilario Favaretto eds., Springer Publishing, Forthcoming.
• “International Differences in Entrepreneurial Finance” with Inessa Love and Larry Chavis, forthcoming in Oxford Handbook of Entrepreneurial Finance, Douglas Cumming, ed., Oxford University Press, Forthcoming.
• “The Impact of the Business Environment on the Business Creation Process” with Anat Lewin and Juan Manuel Quesada Delgado, forthcoming in Entrepreneurship in Economic Development, Wim Naude, ed., Palgrave MacMillan Press, Forthcoming.
• “Entrepreneurship and Firm Formation Across Countries” with Raphael Amit, and Mauro Guillen, NBER Volume on International Differences in Entrepreneurship, Joshua Lerner and Antoineete Shoar, eds., University of Chicago Press, 2010.
• “Banking in Developing Nations of Asia: An Overview of Recent Changes in Ownership Structure” with Maria Soledad Martinez Peria, and Bilal Zia, The Oxford Handbook of Banking, Allen Berger, Phillip Molyneux, and John Wilson, eds., Oxford University Press, 2009.
• “Female Employment, Entrepreneurs, and People’s Perceptions”, The Environment for Women’s Entrepreneurship in the Middle East and North Africa , The World Bank Bank, 2008.
• “Reverse Factoring: A Case Study”, World Factoring Handbook 2005/06, BCR Publishing, 2006.
• “Finance and Infrastructure”, 2005 World Development Report: A Better Investment Climate For Everyone , The World Bank, 2005.
• "Relationship Lending in the Argentine Small Business Credit Market" with Allen Berger, Margaret Miller, and Gregg Udell, Credit Reporting Systems and the International Economy , MIT Press, 2003.
• “Resolution of Bank Insolvency and Borrower Valuation in East Asia” with Simeon Djankov and Jan Jindra, The Changing Financial Industry Structure and Regulation: Bridging States, Countries , and Industries, Federal Reserve Bank of Chicago, 2000.
• “The Determinants of Global Factoring”, World Factoring Handbook 2000, BCR Publishing, 2000.

SELECT WORLD BANK PUBLICATIONS

• “Saving Viable Businesses”, Viewpoint 328 , 2011.
• “New Firm Creation” with Inessa Love,Viewpoint 324, 2010.
• “The Impact of the Financial Crisis on Supply-Chain Financing” with Douglas Randall, Enterprise Surveys: Enterprise Note 13, 2010.
• “International Differences in Entrepreneurial Finance” with Larry Chavis and Inessa Love, Enterprise Surveys: Enterprise Note 11, 2010.
• “The Impact of Modernized Business Registries” with Juan Manuel Quesada Delgado and Anat Lewin, Research Digest 22, 2008.
• "Entry Regulation as a Barrier to Entrepreneurship" with Luc Laeven, and Raghuram Rajan, Research Digest 13, 2007.
• “Entrepreneurship: New Data on Business Creation and How to Promote It” with Juan Manuel Quesada Delgado , Viewpoint 316, 2007.
• “Export Financing for SMEs: The Role of Factoring”, Trade Note 29 , 2006.
• “Entrepreneurship: How Much Does the Business Environment Matter?” , Viewpoint 313, 2006.