Publications

With lockdown measures in place almost worldwide now, cash-flow represents a significant concern for firms across multiple sectors. It remains to be...

Governments around the world are assisting firms to deal with the adverse effects of Covid-19. Most forms of government assistance provided so far...

With lockdown measures in place worldwide, cash-flow represents a significant concern for firms across multiple sectors. This chapter estimates the...

Simeon Djankov's testimony before the members of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament.

Loan guarantees to small businesses are emerging as a main policy response during the COVID-19 crisis. Using evidence from the UK’s Enterprise Finance...

Median survival time ranges from 8 to 19 weeks across 12 countries. Worryingly, this is not correlated with firm size, age or productivity, which...

With businesses fast running out of cash, governments need to roll out a loan program that builds on the recently-created job retention scheme, write...

Governments can do two things to keep businesses afloat: temporarily suspend bankruptcy procedures, and design a post-crisis restart process, write...

Loan guarantees are popular policy responses during the COVID-19 crisis. Despite their prevalence, evidence of their effectiveness is sparse. We...

The authorities, like most of the rest of us, have been caught short by the sudden advent of the coronavirus pandemic, and are rightly rushing to...

In the 30 years since the fall of communism, the countries of the former Soviet bloc and Yugoslavia have undergone tremendous change. Income per...

Rank-and-file employees are becoming increasingly critical for many firms, yet we know little about how their employment dynamics matter for stock...

Journal of Financial Economics, 135 (1), 144-168

The Review of Financial Studies, 32 (11), 4447-4500

The Review of Financial Studies, 31 (11), 4099-4141

Journal of Financial Economics, 133 (3),  589-607