【学术预告】芝加哥大学布斯商学院金融学助理教授Emanuele Colonnelli 学术研讨会:公司腐败:由巴西审计署随机获取证据

时间: 2018-12-19 16:45 来源: 作者: 浏览量:429 字号: 打印

主题:Corruption and Firms: Evidence from Randomized Audits in Brazil (公司腐败:由巴西审计署随机获取证据)

主讲人:Emanuele Colonnelli,芝加哥大学布斯商学院金融学助理教授

日期:2018年12月19日(周三)

时间:上午10:00 - 11:30

地点:清华五道口金融学院4号楼102教室

语言:英文

摘要:

We exploit spatial variation in randomized anti-corruption audits related to government procurement contracts in Brazil to assess how corruption affects resource allocation, firm performance, and the local economy. After an anti-corruption crackdown, regions experience more entrepreneurship, improved access to finance, and higher levels of economic activity. This is inconsistent with corruption acting as “grease in the wheel.” We find that two channels explain these facts: Allocation of resources to less efficient firms, and distortions in government dependent firms. Using firms involved in corrupt business with the municipality, i.e. “corrupt firms,” we find that the second channel is more important. Difference in difference estimation suggests that, after audits, the performance of corrupt firms improves relative to a similar set of unaffected firms. Corrupt firms invest more, increase borrowing and leverage, reallocate labor inside the firm, restructure the organizational design by increasing hierarchical layers, rely less on government contracts, and grow faster. Our findings provide novel micro-evidence on why corruption acts as an institutional failure that is detrimental to firm performance and economic growth.

主讲人简介:

Emanuele Colonnelli works at the intersection of finance and development, with a special interest in high-growth entrepreneurship and talent allocation in emerging markets, and in the interaction between governments, institutions, and firms. He is the recipient of a number of grants and awards, such as the AQR Top Finance Graduate Award and the Kauffman Dissertation Fellowship in Entrepreneurship. He also has research and work experience in several countries including the U.S., Brazil, Uganda, Bangladesh, Malawi, and India.

Colonnelli holds a PhD Economics from Stanford University, a BSc in Economics from the University of Siena, an MSc in Economics from Bocconi University, and he spent an academic year visiting Pembroke College, Oxford University.