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Returns to Capital for Whom? Experimental Evidence from Small Firm Owners and Workers in Ghana

We document capital contributions from workers to their employers in a representative sample of small firms.

Working Paper
1 Aug 2023

A Survey of the Microstructure of Corporate Bond Markets in Africa

Using a mix of survey and secondary datasets on Africa, we document that banks and non-bank financial institutions account for more than 85 percent of corporate bonds issued in Africa during 2000—2020, with a market capitalization of over 80 percent of these bon

Working Paper
12 Jul 2023

When Regional Policies Fail: An Evaluation of Indonesia’s Integrated Economic Development Zones

We study Indonesia’s Integrated Economic Development Zone program, which provided taxbreaks for firms locating in poorer districts.

Working Paper
1 Jul 2023

Values of Directors, Gender Diversity and Corporate Social Responsibility in the Industrial Region of Ghana

In recent years, gender diversity has gained considerable attention at both the global and national levels and is aimed at multiple perspectives including governance and operations.

Working Paper
26 Jun 2023

Big Loans to Small Businesses: Predicting Winners and Losers in an Entrepreneurial Lending Experiment

We experimentally study the impact of relatively large enterprise loans in Egypt.

Working Paper
1 Jun 2023

Electricity Supply and Economic Growth: Evidence from a Large Experiment in Bihar

We conduct a large-scale randomised experiment with two electricity distribution companies in the state of Bihar in India, to test the impact of a new power allocation rule on consumer payment rates and firm outcomes.

Working Paper
7 May 2023

Misallocation in Firm Production: A Nonparametric Analysis Using Procurement Lotteries

How costly is the misallocation of production that we might expect to result from distortions such as market power, incomplete contracts, taxes, regulations, or corruption?

Working Paper
1 May 2023

Labour Market Power, Self-employment, and Development

This paper shows that self-employment shapes labor market power in low-income countries, with implications for industrial development.

Working Paper
15 Apr 2023

Female Entrepreneurship and Professional Networks

Female-owned businesses continue to be smaller and less profitable than male-owned firms. We conduct an RCT in Ghana on a sample of 1,771 growth-oriented female entrepreneurs to investigate the effect of online networking groups on firm performance.

Working Paper
12 Apr 2023

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