External Finance,Firm Growth and the Benefits of Information Disclosure: Evidence from Finland

In this paper we study the relation between firm-level disclosure quality and the availability of external finance to firms. Using data on Finnish firms that are mostly private and small, we first estimate excess growth made possible by external finance. We then show that the excess growth is associated with the quality of disclosure, and that at least a part of the association arises because firms with excess growth self-select. The association seems to be strongest for a priori financially constrained firms. Taken together, the results of our empirical analysis identify a specific mechanism through which firms in need for external finance voluntarily look for good disclosure quality. They look for it, because it reduces barriers to external finance. These empirical findings have implications for policy-makers who consider whether firms should be forced to talkJEL Classification: E50, G21, G24, G32     

The Effects of the Value-Added Tax on Revenue and Inequality

This paper examines the impact of the introduction of the value-added tax on inequality and government revenues using newly released macro data. We present both conventional country fixed effect regressions and instrumental variable analyses, where VAT adoption is instrumented using the previous values of neighbouring countries’ VAT systems as an instrument. The results reveal – in contrast to earlier work – that the revenue consequences of the VAT have not been positive. The results indicate that income-based inequality has increased due to the VAT adoption, whereas consumption inequality has remained unaffected.     

“It Happens All the Time”: Women’s Experiences and Normalization of Sexual Harassment in Public Space

This study explored the prevalence of sexual harassment, consequences of harassment, and reasons for not reporting these experiences through a survey among Swedish female university students (N?=?1941). One fourth reported one or more incidents of sexual harassment during the 12 months period prior to the survey. Victims were more often younger and with Swedish-born parents compared with nonvictims. Victimization most frequently occurred at clubs or restaurants and the most frequently reported consequences were anger and worry about being victimized again. Few reported the incidents to the police making this, in part, an invisible problem.