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Infrastructure investments are typically long-term. As a result, observed benefits to households and communities may vary considerably over time as short-term outcomes generate or are subsumed by longer-term impacts. This paper uses a new round of household survey as part of a local government engineering department's rural road improvement project financed by the World Bank in Bangladesh to compare the short-term and long-term effects of rural roads over eight years. A dynamic panel model, estimated by generalized method of moments, is applied to estimate the varying returns to public road investment accounting for time-varying unobserved characteristics. The results show that the substantial effects of roads on such outcomes as per capita expenditure, schooling, and prices as observed in the short run attenuate over time. But the declining returns are not common for all outcomes of interest or all households. Employment in the rural non-farm sector, for example, has risen more rapidly over time, indicating increasing returns to investment. The very poor have failed to sustain the short-term benefits of roads, and yet the gains accrued to the middle-income groups are strengthened over time because of changing sectors of employment, away from agriculture toward non-farm activity. The results also show that initial state dependence-or initial community and household characteristics as well as road quality-matters in estimating the trajectory of road impacts.

Agriculture --- Dynamic Panel Models --- Economic Theory & Research --- Housing & Human Habitats --- Rural Development --- Rural Infrastructure --- Rural Poverty Reduction --- Rural Roads & Transport --- Transport Economics Policy & Planning --- Welfare Impacts

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This paper estimates the relationship between initial village inequality and subsequent household income growth for a large sample of households in rural China. Using a rich longitudinal survey spanning the years 1987-2002, and controlling for an array of household and village characteristics, the paper finds that households located in higher inequality villages experienced significantly lower income growth through the 1990s. However, local inequality's predictive power and effects are significantly diminished by the end of the sample. The paper exploits several advantages of the household-level data to explore hypotheses that shed light on the channels by which inequality affects growth. Biases due to aggregation and heterogeneity of returns to own-resources, previously suggested as candidate explanations for the relationship, are both ruled out. Instead, the evidence points to unobserved village institutions at the time of economic reforms that were associated with household access to higher income activities as the source of the link between inequality and growth. The empirical analysis addresses a number of pertinent econometric issues including measurement error and attrition, but underscores others that are likely to be intractable for all investigations of the inequality-growth relationship.

Access to Finance --- Annual Growth --- Credit Market --- Dynamic Panel --- Economic Reforms --- Empirical Analysis --- Enterprises --- Finance and Financial Sector Development --- Household Income --- Income Growth --- Inequality --- Poverty Impact Evaluation --- Poverty Reduction --- Rural Inequality --- Rural Poverty Reduction --- Services & Transfers to Poor --- Villages

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In the last two decades more than 120 countries have adopted a version of a Medium-Term Expenditure Framework (MTEF). These are budget institutions whose rationale it is to enable the central government to make credible multi-year fiscal commitments. This paper analyzes a newly-collected dataset of worldwide MTEF adoptions during 1990-2008. It exploits within-country variation in MTEF adoption in a dynamic panel framework to estimate their impacts. The analysis finds that MTEFs strongly improve fiscal discipline, with more advanced MTEF phases having a larger impact. Higher-phase MTEFs also improve allocative efficiency. Only top-phase MTEFs have a significantly positive effect on technical efficiency.

Allocative efficiency --- Banks & Banking Reform --- Budget institutions --- Debt Markets --- Dynamic panel data analysis --- E-Business --- Fiscal discipline --- Health Monitoring & Evaluation --- Macroeconomics and Economic Growth --- MTEF --- Poverty Reduction --- Public Sector Development --- Public Sector Expenditure Policy --- Technical efficiency

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The existence of financial intermediaries is arguably an artifact of information asymmetry. Beyond simple financial transactions, financial intermediation provides a mechanism for information transmission, which can reduce the degree of information asymmetry and consequently increase market efficiency. During the process of information transmission, the bank is able to provide unique services in the production and exchange of information. Therefore, banks have comparative advantages in information production, transmission, and utilisation. This book provides an overview of commercial banking and includes empirical methods in banking such risk and bank performance, capital regulation, bank competition and foreign bank entry, bank regulation on bank performance, and capital adequacy and deposit insurance.

deposit insurance --- capital adequacy --- bank risk --- foreign bank entry --- bank competition --- H-statistics --- pooled regression --- dynamic panel models --- risk-taking behavior --- banks --- efficiency --- data envelopment analysis --- Asia-Pacific --- regulations --- bank capital --- meta-analysis --- Bayesian model-averaging --- capital regulation --- competition --- Indian banking sector --- panel data --- revenue diversification --- bank risks --- bank performance --- net interest income --- non-interest income --- risks --- capital

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This book comprises 19 papers published in the Special Issue entitled “Corporate Finance”, focused on capital structure (Kedzior et al., 2020; Ntoung et al., 2020; Vintilă et al., 2019), dividend policy (Dragotă and Delcea, 2019; Pinto and Rastogi, 2019) and open-market share repurchase announcements (Ding et al., 2020), risk management (Chen et al., 2020; Nguyen Thanh, 2019; Štefko et al., 2020), financial reporting (Fossung et al., 2020), corporate brand and innovation (Barros et al., 2020; Błach et al., 2020), and corporate governance (Aluchna and Kuszewski, 2020; Dragotă et al.,2020; Gruszczyński, 2020; Kjærland et al., 2020; Koji et al., 2020; Lukason and Camacho-Miñano, 2020; Rashid Khan et al., 2020). It covers a broad range of companies worldwide (Cameroon, China, Estonia, India, Japan, Norway, Poland, Romania, Slovakia, Spain, United States, Vietnam), as well as various industries (heat supply, high-tech, manufacturing).

Economics, finance, business & management --- cash holding ratio --- firm's efficiency --- threshold regression model --- non-financial companies --- Vietnam stock exchange market --- dividend policy --- emerging market --- industrial sectors --- NSE India --- panel data --- financial structure --- regression analysis --- agent-based models --- decision-making --- systematically making bad decisions --- investors' behavior --- simulation --- capital structure --- family firms --- leverage --- non-family firms --- risk --- pension incentive --- currency hedging --- multinational companies --- firm value --- CEO turnover --- foreign CEO --- female CEO --- ownership structure --- Romania --- brand interrelationships --- corporate identity --- brand reputation --- higher education --- students' perceptions --- corporate governance --- ownership concentration --- agency cost --- firm performance --- dynamic panel model --- perception --- OHADA accounting --- transition --- IFRS --- comparability --- open market share repurchase --- hubris --- cumulative announcement returns --- endowed --- SMEs financing --- financing gap --- innovative activity --- innovation --- capital structure decisions --- bankruptcy --- data envelopment analysis --- logit --- model --- family firm --- non-family firm --- corporate performance --- Japan --- board of directors --- women in corporations --- financial microeconometrics --- multiple regression --- quantile regression --- diff-in-diff --- New Technology-Based Firms (NTBFs) --- internal and external innovativeness --- intangibility --- information disclosure --- timeliness of financial reporting --- law violation --- private firms --- corporate governance best practice --- corporate governance compliance --- company value --- Warsaw Stock Exchange --- accrual earnings management --- Nordic model --- cash holding ratio --- firm's efficiency --- threshold regression model --- non-financial companies --- Vietnam stock exchange market --- dividend policy --- emerging market --- industrial sectors --- NSE India --- panel data --- financial structure --- regression analysis --- agent-based models --- decision-making --- systematically making bad decisions --- investors' behavior --- simulation --- capital structure --- family firms --- leverage --- non-family firms --- risk --- pension incentive --- currency hedging --- multinational companies --- firm value --- CEO turnover --- foreign CEO --- female CEO --- ownership structure --- Romania --- brand interrelationships --- corporate identity --- brand reputation --- higher education --- students' perceptions --- corporate governance --- ownership concentration --- agency cost --- firm performance --- dynamic panel model --- perception --- OHADA accounting --- transition --- IFRS --- comparability --- open market share repurchase --- hubris --- cumulative announcement returns --- endowed --- SMEs financing --- financing gap --- innovative activity --- innovation --- capital structure decisions --- bankruptcy --- data envelopment analysis --- logit --- model --- family firm --- non-family firm --- corporate performance --- Japan --- board of directors --- women in corporations --- financial microeconometrics --- multiple regression --- quantile regression --- diff-in-diff --- New Technology-Based Firms (NTBFs) --- internal and external innovativeness --- intangibility --- information disclosure --- timeliness of financial reporting --- law violation --- private firms --- corporate governance best practice --- corporate governance compliance --- company value --- Warsaw Stock Exchange --- accrual earnings management --- Nordic model