EQUITY PLEDGE, PLEDGOR TYPE AND INVESTMENT EFFICIENCY

Private Equity Investment in India: Efficiency vs Expansion

While private equity (PE) is expanding rapidly in developing countries, there is little academic research on this subject. In this paper I exploit two new data sources and employ two distinct empirical strategies to identify the impact of PE on Indian firms. I compare the investments made by one of India’s largest PE firms to the investments that just missed (deals that made it to the final rou...

Investment Taxes and Equity Returns

This paper investigates whether investors are compensated for the tax burden of equity securities. Effective tax rates on equity securities vary over time due to frequent tax reforms and cross-sectionally due to persistent differences in propensities to pay dividends. The paper finds an economically and statistically significant relationship between risk-adjusted stock returns and effective per...

Effectiveness, Efficiency and Equity

Health is perceived as most precious good, and people feel its vulnerability. Societies have been trying to absorb, ameliorate or compensate consequences and health risks with varying emphasis and varying success. Due to the uniqueness of good health to a persons’ ability to live the life he or she wants, health care and performance of health care systems are under critical observation. In this...

Externalities, Efficiency and Equity

Efficiency and Equity in Public Investment in Agriculture: Lessons from Soil Fertility Research in Kenya

Many of Africa’s poor live in low-rainfall areas where relatively large investments may be needed to increase agricultural productivity. This paper uses the results from an assessment of expected returns to research on soil fertility management at the Kenya Agricultural Research Institute to explore the extent to which such investments can be justified on efficiency and equity grounds. While re...