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      Inherited trust and informal finance

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          Abstract

          This paper examines the impact of trust on informal financial development. We isolate the inherited component of trust for 19 countries using US census data and relate it to firms’ access to trade credit. We discover that trust disproportionately elevates the use of trade credit by companies that face obstacles to obtaining funds from formal channels. Further analyses show that the effect is more pronounced in finance‐dependent industries and that better access to trade credit promotes sales growth. Our results are robust to alternative samples, different estimations of inherited trust and various model specifications.

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          Entropy Balancing for Causal Effects: A Multivariate Reweighting Method to Produce Balanced Samples in Observational Studies

          Jens Hainmueller (2012)
          This paper proposes entropy balancing, a data preprocessing method to achieve covariate balance in observational studies with binary treatments. Entropy balancing relies on a maximum entropy reweighting scheme that calibrates unit weights so that the reweighted treatment and control group satisfy a potentially large set of prespecified balance conditions that incorporate information about known sample moments. Entropy balancing thereby exactly adjusts inequalities in representation with respect to the first, second, and possibly higher moments of the covariate distributions. These balance improvements can reduce model dependence for the subsequent estimation of treatment effects. The method assures that balance improves on all covariate moments included in the reweighting. It also obviates the need for continual balance checking and iterative searching over propensity score models that may stochastically balance the covariate moments. We demonstrate the use of entropy balancing with Monte Carlo simulations and empirical applications.
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            Does Culture Affect Economic Outcomes?

            Luigi Guiso, Paola Sapienza, Luigi Zingales (2006)
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              What Do We Know about Capital Structure? Some Evidence from International Data

              RAGHURAM G. RAJAN, LUIGI ZINGALES (1995)
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                Author and article information

                Contributors
                Journal
                Title: Journal of Business Finance & Accounting
                Abbreviated Title: Business Fin & Account
                ISSN (Print): 0306-686X
                ISSN (Electronic): 1468-5957
                Publication date Created: January 2024
                Publication date (Electronic): March 15 2023
                Publication date (Print): January 2024
                Volume: 51
                Issue: 1-2
                Pages: 334-362
                Affiliations
                [1 ] UCD Smurfit School, University College Dublin Carysfort Avenue Dublin Ireland
                [2 ] School of Public Administration, Southwestern University of Finance and Economics Qingyang District Chengdu China
                [3 ] University of Edinburgh Business School, University of Edinburgh Edinburgh UK
                [4 ] Department of Finance and Insurance Lingnan University Tuen Mun Hong Kong
                Article
                DOI: 10.1111/jbfa.12694
                SO-VID: 1e277e4d-03b0-4629-867b-0f0a9af92e35
                Copyright © © 2024
                License:

                http://onlinelibrary.wiley.com/termsAndConditions#vor

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