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Serafeim Tsoukas
Serafeim Tsoukas is Professor of Corporate Finance and Banking at the University of Glasgow, Adam Smith Business School. He was previously an ESRC (Economic and Social Research Council) postdoctoral fellow at the University of Nottingham and he has also held a lectureship at the University of Newcastle. He holds an economics Ph.D. from the University of Nottingham and further finance and economics degrees from the Universities of Nottingham (M.Sc.) and Patras (B.Sc.). Serafeim has held visiting research positions at the Bank for International Settlements, the Hong Kong Monetary Authority, the Bank of Portugal, the Federal Reserve Bank of San Francisco, and Columbia Business School.
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Does easing controls on foreign borrowing boost firm performance?
The literature shows that rigid capital-control policies adversely influence international trade, but overlooks the relationships among access to external financing, firm-level productivity, and exporting performance. Using a dataset of 11,612 Indian firms over 1988-2014, this article finds a significant effect of capital-account liberalisation through an export-oriented policy initiative, on firms' productivity and exporting activity. The effect is stronger for financially vulnerable firms, as measured by high debt and low liquidity.
Have policy initiatives in emerging Asian economies improved firms' access to external finance?
Since the 1997-98 Asian financial crisis, policymakers in Asia have initiated a series of reforms aimed at developing and strengthening the regional financial markets. This column provides new evidence on the response of corporate financial choices to the introduction of these policy initiatives, in terms of external finance access and investment.