Browsing by Author "Bermejo, Vicente J."

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How Do Cash Windfalls Affect Entrepreneurship? Evidence from the Spanish Christmas Lottery

Bermejo, Vicente J.; Ferreira, Miguel; Wolfenzon, Daniel; Zambrana, Rafael (Journal of Financial and Quantitative Analysis, 2024)

We show cash windfalls affect the real economy by spurring entrepreneurship. We identify these effects using the Spanish Christmas Lottery, which provides a unique setting as prizes are geographically ...
The Systemic Governance Influence of Expectation Documents: Evidence from a Universal Owner

Aguilera, Ruth; Bermejo, Vicente J.; Capapé, Javier; Cuñat, Vicente (The Review of Corporate Finance Studies, 2024)

We examine expectation documents’ effectiveness as an activism tool. We use the Norwegian sovereign wealth fund’s release of a corporate governance expectation document as a natural experiment. We ...