Historical Determinants of Fintech Development : Evidence from Initial Coin Offerings

Peer reviewedPostprin

The legacy of wars around the world:Evidence from military directors

International audienceThis study estimates the effects of wars on countries and firms. We first show immediate negative effects of wars on economic and financial development as well as legal institutions. Using a cross-country sample of 93,697 firm-year observations, we further argue and show that (i) wars increase the supply of military directors in corporate boards; and(ii) military directors reduce firm performance as measured by Tobin’s Q and return on assets (ROA). We interpret these lingering effects as military directors possessing social capital but lacking business expertise. Our results are robust to a matched sample, a lagged difference model, a dynamic general method of moments model and to the control of country, industry and year fixed effects

Do bureaucratic checks improve firm value? Evidence from a natural experiment

Peer reviewedPublisher PD

Enhanced signaling system design for 125cc motorcycles

The sales and popularity of small-displacement motorcycles has been increasing. With this, the fatality rate per 100 million vehicle miles traveled has been increasing since year 2013. A great amount of accidents involved with motorcycles were involved with not being able to communicate with other traffic participants or misunderstanding the motorcycle driver’s intention when the right of way is involved. The enhanced signaling system design uses light and sound signal to deliver the message from the motorcycle driver. The VR usability test shown that by using this system, the pedestrians can understand the intension of motorcycle drivers faster and more accurate.M.S

Do women drive corporate social responsibility? Evidence from gender diversity reforms around the world

In this study we investigate the effect of female director on corporate social responsibility (CSR) by taking the advantage of the introduction of legal gender quota that led to the exogenous change in the female representation in corporate board around the world. We find that the “gender quote” reforms effectively increase gender diversity and improve CSR performance. When comparing the legislation-based regulations with governance code-based regulations, we find that the former brings stronger effects on CSR performance. Finally, the effects are more pronounced in countries with higher gender equality or common law legal systems