Found 2 article(s) for author 'Development Banks'

What Do State-Owned Development Banks Do? Evidence from BNDES, 2002-09

What Do State-Owned Development Banks Do? Evidence from BNDES, 2002-09.¬†Aldo Musacchio, February 2015, Paper. “Defendants of state-owned development banks emphasize their role in reducing capital constraints and fostering productive investment; detractors point out that they may benefit politically connected capitalists or bail out inefficient firms. We study the effect of loans and equity investments of the Brazilian National Development Bank (BNDES) and find that they do not have any consistent effect on firm-level performance and investment, except for a reduction in...” May require purchase or user account.¬†Link

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Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases

Leviathan as a Minority Shareholder: Firm-level Implications of State Equity Purchases. Aldo Musacchio, September 2013, Paper. “In many countries, firms face institutional voids that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism to address those voids: minority state ownership. Due to their minority nature, such stakes are less affected by the agency distortions commonly found in full-fledged state-owned firms. Using panel data from publicly traded firms in Brazil…” Link verified June 19, 2014

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