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Olga Kuzmina
New Economic School
8Publications
3H-index
186Citations
Publications 8
Newest
#1Olga KuzminaH-Index: 3
This paper provides causal evidence of flexible operating strategies affecting capital structure of firms. I exploit the appealing setting of the European labor market to show that the use of employment contracts that provide firms with a greater operating flexibility in terms of less costly firing promotes debt financing. I build the identification strategy on the exogenous inter-temporal and cross-regional variation in government programs that discouraged the use of more flexible contracts by ...
#1Olga KuzminaH-Index: 3
#2Olga S. Kuznetsova (HSE: National Research University – Higher School of Economics)H-Index: 1
Last.Olga KuznetsovaH-Index: 1
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We use hand-collected data on a sample of German public firms during 2011-2014 to show that firms use currency derivatives more often when they export or import, and especially when exchange-rate fluctuations are larger, but to a lesser extent when having high export and import shares simultaneously. We interpret this finding as evidence of operational hedging that arises when foreign-denominated revenues and costs match, crowding out financial hedging. Our identification strategy uses both cros...
#2Patrick J. Kelly (New Economic School)H-Index: 7
Last.Olga Kuzmina (Columbia University)H-Index: 3
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If a qualified investor has a choice between investing in a secretive fund and a transparent fund with the same investment objective, which should she choose? Prior work suggests that the secretive fund is better. Hedge fund managers generally use their discretion for the benefit of their investors (Agarwal, Daniel and Naik, 2009, Agarwal, Jiang, Tang and Yang, 2013). In this study we identify a subset of hedge funds managers, which appear to use their discretion to feign skill. Using a propriet...
#1Olga Kuzmina (New Economic School)H-Index: 3
#2Natalya Volchkova (New Economic School)H-Index: 5
Last.Tatiana Zueva (New Economic School)H-Index: 1
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This paper studies the effect of poor governance quality on foreign direct investment in Russia. Using a survey of businesses across forty administrative districts, we find that higher frequency of using illegal payments and higher pressure from regulatory agencies, enforcement authorities, and criminals, negatively affect foreign direct investment. Our identification strategy builds on the exogenous cross-regional variation in worker strikes during 1895-1914, the period before the October Revol...
#1Olga Kuzmina (New Economic School)H-Index: 3
This paper provides causal evidence of flexible operating strategies a¤ecting capital structure of firms. I exploit the appealing setting of the European labor market to show that the use of employment contracts that provide firms with a greater operating flexibility in terms of less costly firing promotes debt financing. I build the identification strategy on the exogenous inter-temporal and cross-regional variation in government programs that discouraged the use of more flexible contracts by f...
#1Maria Guadalupe (Ad: INSEAD)H-Index: 16
#2Olga Kuzmina (New Economic School)H-Index: 3
Last.Catherine Thomas (LSE: London School of Economics and Political Science)H-Index: 1
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This paper uses a rich panel dataset of Spanish manufacturing firms (1990-2006) and a propensity score reweighting estimator to show that multinational firms acquire the most productive domestic firms, which, on acquisition, conduct more product and process innovation (simultaneously adopting new machines and organizational practices) and adopt foreign technologies, leading to higher productivity. We propose a model of endogenous selection and innovation in heterogeneous firms that jointly expla...
#1Olga Kuzmina (New Economic School)H-Index: 3
This paper uses a unique panel dataset to establish a causal relationship between the use of flexible contractual arrangements with labor and capital structure of the firm. Using the exogenous inter-temporal variation from government subsidies, I find that hiring more temporary workers leads firms to have more debt. Since temporary workers, unlike permanent ones, can be fired at a much lower cost during their contract duration, or their contracts may be not extended upon expiration, a firm can m...
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