Aid on Demand: African Leaders and the Geography of China's Foreign Assistance

This article investigates whether China’s foreign aid is particularly prone to political capture by political leaders of aid-receiving countries. Specifically, we examine whether more Chinese aid is allocated to the political leaders’ birth regions and regions populated by the ethnic group to which the leader belongs, controlling for indicators of need and various fixed effects. We have collected data on 117 African leaders’ birthplaces and ethnic groups and geocoded 1,650 Chinese development finance projects across 3,097 physical locations committed to Africa over the 2000-2012 period. Our econometric results show that current political leaders’ birth regions receive substantially larger financial ows from China than other regions. On the contrary, when we replicate the analysis for the World Bank, our regressions with region-fixed effects show no evidence of such favoritism. For Chinese and World Bank aid alike, we also find no evidence that African leaders direct more aid to areas populated by groups who share their ethnicity, when controlling for region-fixed effects

Organizational Data

Organizational data describe central characteristics of organizations, their internal structures and processes as well as their behavior as corporate actors in different social and economic contexts. Firm and enterprise data are the most frequently used type of organizational data, but there is also a growing interest in data on schools, universities, and hospitals in the economic and social science research. In the last several years, there has been a substantial improvement in the accessibility and scientific usability of organizational data from official statistics. However, nonofficial organizational data produced within publicly funded research projects are practically impossible to obtain for secondary analyses. There is no documentation of the existing stock of non-official organizational data, and the methodological standards used for organizational research in Germany are low compared to the standards of international research. Against this background, it is recommended that efforts be focused on documenting and archiving the existing non-official organizational data for secondary analyses and on establishing higher methodological standards within this research field

Highway to Hitler

Can infrastructure investment win "hearts and minds"? We analyze a famous case in the early stages of dictatorship - the building of the motorway network in Nazi Germany. The Autobahn was one of the most important projects of the Hitler government. It was intended to reduce unemployment, and was widely used for propaganda purposes. We examine its role in increasing support for the NS regime by analyzing new data on motorway construction and the 1934 plebiscite, which gave Hitler great powers as head of state. Our results suggest that road building was highly effective, reducing opposition to the nascent Nazi regime

Who Trades on Momentum?

Using a unique data set that contains the complete ownership structure of the German stock market, we study the momentum and contrarian trading of different investor groups. Foreign investors and financial institutions, and especially mutual funds, are momentum traders, whereas private households are contrarians. Contrarian trading by private households declines with investors' financial sophistication though, as proxied by financial wealth and equity home bias. Observing momentum trading over time, we document substantial increase in sales of loser stocks by foreign and institutional investors during the market downturn of the Great Recession and just before the crash of the momentum strategy in 2009. Finally, our evidence indicates that excessive sales of loser stocks pushed prices below their fundamental value, predicting the relative overperformance of past losers and the reversal of the momentum strategy