Jan Hanousek

Recently published / Accepted articles

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Mark J. Flannery, Jan Hanousek, Anastasiya Shamshur, and Jiri Tresl. 2022. M&A Activity and the Capital Structure of Target Firms, forthcoming Journal of Financial and Quantitative Analysis.

Paul Brockman, Jan Hanousek, Jiri Tresl, and Emre Unlu, 2022. Dividend Smoothing and Firm Valuation. Journal of Financial and Quantitative Analysis, 57(4), 1621-1647.[download pdfs].

Jan Hanousek & Anastasiya Shamshur & Jan Svejnar & Jiri Tresl, 2021. "Corruption level and uncertainty, FDI and domestic investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(9), pages 1750-1774, December.

Stephen P. Ferris, Jan Hanousek, Jiri Tresl, 2021, Corporate profitability and the global persistence of corruption, Journal of Corporate Finance, Volume 66, 2021, 101855, ISSN 0929-1199, https://doi.org/10.1016/j.jcorpfin.2020.101855. [download pdfs]

Ferris, S., Hanousek, J., & Houston, R. Contractor default: Predictions, politics, and penalties in the procurement process. Ann Public Coop Econ. 2021; 1– 39. https://doi.org/10.1111/apce.12359

Matěj Bělín & Jan Hanousek, 2021. "SFA robustness to violated distributional assumptions: theory, simulations and empirical evidence," ,Applied Economics, Taylor & Francis Journals, vol. 53(39), pages 4544-4559, August.

Bělín, Matěj & Hanousek, Jan, 2021. "Which sanctions matter? analysis of the EU/russian sanctions of 2014," Journal of Comparative Economics, Elsevier, vol. 49(1), pages 244-257. , ISSN 0147-5967, https://doi.org/10.1016/j.jce.2020.07.001. [download pdfs]

Jan Hanousek & Evzen Kocenda & Pavla Vozárová, 2020. "Impact of Multinational Enterprises on Competition, Productivity and Trade Spillovers across European Firms," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 70(2), pages 172-212, August. [download pdfs]

Jan Hanousek, Anastasiya Shamshur, Jiri Tresl, 2019. Firm efficiency, foreign ownership and CEO gender in corrupt environments, Journal of Corporate Finance, 59, pages 344-360, ISSN 0929-1199, http://dx.doi.org/10.1016/j.jcorpfin.2017.06.008. [download pdfs]

Lichard, T., Hanousek, J. & Filer, R.K. (2019). Hidden in plain sight: using household data to measure the shadow economy, Empirical Economics, https://doi.org/10.1007/s00181-019-01797-z [download pdfs]

Jan Hanousek, Anastasiya Shamshur, Jiri Tresl, 2019. Firm efficiency, foreign ownership and CEO gender in corrupt environments, Journal of Corporate Finance, 59, pages 344-360, ISSN 0929-1199, http://dx.doi.org/10.1016/j.jcorpfin.2017.06.008. [download pdf, free access]

Randall K. Filer & Jan Hanousek & Tomáš Lichard & Karine Torosyan, 2019. "‘Flattening’ tax evasion? : Evidence from the post‐communist natural experiment," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 27(1), pages 223-246, January. https://doi.org/10.1111/ecot.12189
[download pdf]

Jaromír Antoch, Jan Hanousek, Lajos Horváth, Marie Hušková & Shixuan Wang (2018): Structural breaks in panel data: Large number of panels and short length time series, Econometric Reviews, 1-24. DOI: 10.1080/07474938.2018.1454378
[download pdf]

Stephen P. Ferris, Jan Hanousek, Anastasiya Shamshur, Jiri Tresl, 2018. Asymmetries in the Firm's use of debt to changing market values, Journal of Corporate Finance, Volume 48, February 2018, Pages 542-555, ISSN 0929-1199, https://doi.org/10.1016/j.jcorpfin.2017.12.006.
[download pdf, free access]

Alimukhamedova, N., Filer, R., Hanousek, J. (2017) The Importance of Geographic Access for the Impact of Microfinance. Development Policy Review, 2017; 35:645–657.Version of Record online: 11 APR 2017, DOI: 10.1111/dpr.12248

Frensch,R., Hanousek, J., and Kočenda, E., 2016. Trade in Parts and Components across Europe, Czech Journal of Economics and Finance, 66(3), 236-262.
[download pdf] [download WP]
The paper has been featured on the [CEPR's Policy Portal VOX]

Hanousek, J. and Kochanova, A., 2016. Bribery Environment and Firm Performance: Evidence from Central and Eastern European Countries, European Journal of Political Economy, Volume 43, June 2016, Pages 14-28.
The paper has been featured on the [CEPR's Policy Portal VOX]

Hanousek,J. Kočenda, E. and Shamshur, A., 2015. Corporate Efficiency in Europe. Journal of Corporate Finance, Elsevier, vol. 32(C), 24-40.
[download pdf] [download WP]
The paper has been featured on the [CEPR's Policy Portal VOX]

Hanousek, J., Palda, F., 2015. The Evasional Kuznets Curve: A Possible Shadow Economy Dynamics during the Transition. Japanese Journal of Comparative Economics, 52(1), 1-18.Lead article
[download pdf]

Hanousek, J., Kočenda, E., Novotný, J., 2014. Price Jumps on European Stock Markets. Borsa Istanbul Review, 14(1), 10-22.
[download pdf]

Hanousek, J., Kočenda, E., 2014. Factors of trade in Europe. Economic Systems, 38(4), 518-535.
[download pdf] [download WP]

Hanousek, J., Novotný, J., 2014. Price Jump Behavior during Financial Distress: Intuition, Analysis and a Regulatory Perspective, Chapter 20 in Emerging Markets and the Global Economy: A Handbook, M. Arouri, S. Boubaker, and D. Nguyen (Editors), pp. 483-507, Academic Press, Elsevier, New York.

Hanousek, J. and Kopřiva, F., 2013. „Do Broker/Analyst Conflicts Matter? Detecting Evidence from Internet Trading Platforms.“ International Review of Financial Analysis, 86-92. [download pdf]

Hanousek,J., Kočenda,E., and Novotný, J. 2013. "Intraday Price Behavior during Information Arrival in Emerging Markets", in Market Microstructure in Emerging and Developed Markets, H. Kent Baker and Halil Kiymaz (Editors), p. 445-462, Robert W.Kolb Series i Finance, Wiley, Hoboken, New Jersey, 2013.

Hanousek, J., Kočenda, E., Mašika, M., 2012. Firm Efficiency: Domestic Owners, Coalitions, and FDI. Economic Systems, 36(4), 471-486.
[download pdf]

Hanousek, J., Novotný,J., 2012. Price jumps in Visegrad-country stock markets: An empirical analysis, Emerging Markets Review, 13 (2), 184-201.
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Kočenda, E., Hanousek, J., 2012. State Ownership and Control in the Czech Republic. Economic Change and Restructuring, 45(3), 157-191.
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Kočenda, E., Hanousek, J., 2012. Firm Break-up and Performance. Economics of Governance, 13(2), 121-143.
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Hanousek, J., Kočenda, E., Novotný, J., 2012. Identification of Price Jumps. Monte Carlo Methods and Applications, 18(1), 53–77.
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Hanousek, J., Shamshur, A., 2011. A stubborn persistence: Is the stability of leverage ratios determined by the stability of the economy? Journal of Corporate Finance, 17, 5, 1360-1376.
[download pdf]

Hanousek, J., Kopřiva, 2011. F. Detecting information-driven trading in a dealers’ market. Czech Journal od Economics and Finance. 61 (3), 204-229.
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Hanousek, J., Kočenda, E., Maurel, M., 2011. Direct and indirect effects of FDI in emerging European markets: Survey and Meta-analysis. Economic Systems, 35(3), 301-322.
[download pdf]

Hanousek, J., Kočenda, E., 2011. Public Investments and Fiscal Performance in New EU Member States. Fiscal Studies, 32(1), 43-72. ISSN 0143-5671.
[download pdf]

Hanousek, J., Kočenda, E., 2011. Foreign News and Spillovers in Emerging European Stock Markets. Review of International Economics, 19(1), 170–188.
[download pdf]

Hanousek, J., Kočenda, E., 2011. Learning by Investing: Evidence from a Naturally-Occurring Auction. Economics of Transition, 19(1), 125–149.
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Hanousek, J., Kočenda, E., Svítková, K., 2010. Corporate Philanthropy in the Czech and Slovak Republics. Czech Journal of Economics and Finance, 60(2), 102-121.
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Estrin, S., Hanousek, J., Kočenda, E., Svejnar, J., 2009. Effects of Privatization and Ownership in Transition Economies. Journal of Economic Literature, 47(3), 1–31.
[download pdf]
Earlier version with extensive details: IPC Working Paper No. 30. International Policy Center, Gerald R. Ford School of Public Policy, University of Michigan.
[link to WP]   [download revised version/2008]

Hanousek J. and Palda, F. 2009. Is there a displacement deadweight loss from tax evasion? Estimates using firm surveys from the Czech Republic. Economic Change and Restructuring, 42(3), 139-158
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Hanousek, J., Kočenda, E., Svejnar, J., 2009. Divestitures, Privatization and Corporate Performance in Emerging Markets. Forthcoming in Economics of Transition, 17(1), 43-73.
[download pdf]

Hanousek, J., Kočenda, E, Kutan, A.M., 2008. The Reaction of Asset Prices to Macroeconomic Announcements in New EU Markets:Evidence from Intraday Data. CERGE-EI Working Paper No. 349. Forthcoming in Journal of Financial Stability.
[download pdf]

Bena, J., Hanousek, J., 2008 Rent Extraction by Large Shareholders Evidence Using Dividend Policy in the Czech Republic? Finance a Uver: Czech Journal of Economics and Finance, 58, 3: 106-130.
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Kočenda, E., Hanousek, J., Engelmann, D., 2008. Currencies, Competition, and Clans. Journal of Policy Modeling, 30(6), 1115-1132.
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Hanousek, J., Kočenda, E., 2008. Potential of the State to Control Privatized Firms. Economic Change and Restructuring, 41(2), 167-186.
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Hanousek, J., Kočenda, E., Zemčík, P., 2008. Bond Market Emergence: Case of Serbia. Journal of Emerging Market Finance, 7(2), 141–68.
[download pdf]

Hanousek, J., Hajkova, D. and Filer, R. K., 2008. A Rise by Any Other Name? Sensitivity of Growth Regressions to Data Source. Journal of Macroeconomics, 30, 3: 1188-1206.
[download pdf]  [Additional tables/results]  [CERGE-EI Working Paper No. 2006-222]  [WDI Working Paper No. 682]

Hanousek J., Kocenda, E. and Svejnar, J., 2007. Origin and Concentration: Corporate Ownership, Control and Performance in Firms After Privatization. Economics of Transition, Volume 15(1) 2007, 1-31.
[download pdf]  [CERGE-EI Working Paper No. 2005-259]  [WDI Working Paper No. 652]

Hanousek, J., Kočenda, E., Ondko, P., 2007. The Banking Sector in New EU Member Countries: A Sectoral Financial Flows Analysis. Finance a úvěr/Czech Journal of Economics and Finance, 57(5-6), 200-224.
[download pdf]

Hanousek J. and Palda, F. 2006. Problems in measuring the underground economy in transition. Economics of Transition, Volume 14(4) 2006, 707-718.
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Hanousek, J. and Filer, R. K. 2004. Consumers' Opinion of Inflation Bias Due to Quality Improvements in Transition in The Czech Republic. Economic Development and Cultural Change, 53(1) 2004, 235-254.
[download pdf]  [CERGE-EI Working Paper 2001-184]

Hanousek, J. and Filer, R. K. 2004. Substitution Biases In Price Indexes During Transition. Statistical journal 21(2) 2004, page 153-163.
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Hanousek, J. and Podpiera R., 2004. Czech experience with market maker trading system. Economic Systems, 28(2) June 2004, Pages 177-191.
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Hanousek J. and Palda, F., 2004. Quality Of Government Services And The Civic Duty To Pay Taxes In The Czech And Slovak Republics and Other Transition Countries. Kyklos, 57(2) 2004, 237-252.
[download pdf]  [CERGE-EI Discussion Paper No. 96/2002]

Hanousek, J. and Filer, R. K., 2004. Investment, Credit Rationing, and the Soft Budget Constraint: What Would a Well-Functioning Credit Market Look Like? Economic Letters, 82(3) March 2004, 385-390.
[download pdf]  [CERGE-EI Discussion Paper 103/2002]

Cabelkova, I., Hanousek, J., 2004. The Power of Negative Thinking: Corruption Perception and Willingness to Bribe in Ukraine. Applied Economics, 36, 383-397.
[download pdf]  [Additional results]

Hanousek, J., Kocenda E, and L.Lizal (eds.) 2004. Tale of the Czech Transition: Understanding the Challenges Ahead. MatfyzPress, Prague, September 2004.
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Filer, R. K., Hanousek, J., 2003. Inflationary Bias In Mid To Late Transition Czech Republic. Economic Systems, 27, 367-376.
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Hanousek, J. and Podpiera R., 2003. Informed Trading and the Bid-Ask Spread? Evidence From an Emerging Market. Journal of Comparative Economics, 31(2), June 2003, 275-296.
[download pdf]  [September 2002]  [CERGE-EI Working Paper No.168]  [ Additional tables/results]

Hanousek, J., Palda, F., 2003. Why People Evade Taxes in Czech and Slovac Republics: A Tale of Twins. "The informal economy in the EU accession countries: Size,Scope,Trends and Challenges to the Process of EU Enlargement", B.Belev (ed.), Center for the Study of Democracy (in partnership with the World Bank and the Bertelsman Group), pages 139-174.
[download pdf]  [CERGE-EI Discussion Paper No. 85/2002]

Hanousek, J., Kočenda, E., 2003. The Impact of Czech Mass Privatization on Corporate Governance. Journal of Economic Studies, 30(3/4), 278-293.
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Hanousek, J., Hajkova, D. and Nemecek, L., 2002. "The Czech Republic's Banking Sector: Emerging From Turbulent Times. Cahiers/Papers EIB, The financial integration of an enlarged EU: Banking and capital markets, Volume 7 (1) 2002, 55-74.
[CERGE-EI Discussion Paper 83/2002]

Hanousek, J., Podpiera, R., 2002. Information-Driven Trading at the Prague Stock Exchange: Evidence from Intra-day Data. Economics of Transition, Volume 10 (3) 2002, 743-755
[download]  [part of CERGE-EI Working Paper No. 168]

Hanousek, J. and Nemecek, L., 2002. Market Structure, Liquidity, and Information Based Trading at the Prague Stock Exchange". Emerging Market Review, 3(3) 2002, 293-305.
[download]  [CERGE-EI Discussion Paper No. 66/2001, May 2001; (v. April 2002)]  [Additional results]

Filer, R. K., Hanousek, J., 2002. Survey-based Estimates of Biases in Consumer Price Indeces during Transition: Evidence from Romania. Journal of Comparative Economics, 30 (3) 2002, 476-487.
[download]  [CERGE-EI Working Paper No.178]  [Additional tables/results]

Hanousek, J., Tuma, Z., 2002. A Test of the Permanent Income Hypothesis on Czech Voucher Privatization. Economics of Transition, 10 (2) 2002, 235-254.
[download]  !!!![CERGE-EI Working Paper No. 109]  [Additional results]

Hanousek, J., Filer, R. K., 2002. Data Watch: Research Data From Transition Economies. Journal of Economic Perspectives, 16(1) 2002, 225-240.
[download]  [William Davidson Institute Working Paper No. 416]  [Additional results]

Hanousek, J., Filer, R. K., 2002. Lange and Hayek Revisited: Lessons from the Czech Voucher Privatization. CATO Journal, 21(3) 2002, 491-498.
[download pdf]  [CERGE-EI Working Paper No. 166]  [Additional results]

Filer, R.K., Hanousek, J., 2001. Efficiency of Price Setting Based on a Simple Excess Demand Rule: The Natural Experiment of Czech Voucher Privatization. European Economic Review, 45(9) 2001, 1619-1646.
[CERGE-EI Working Paper No. 121]  [Detailed results]

Hanousek, J., Nemecek L., 2001. Mispricing and Lasting Arbitrage Between Parallel Markets in the Czech Republic. European Journal of Finance, 7(2) 2001, 1-24.
[Working Paper No. 136]  [Additional results] 

Hanousek, J. and Nemecek L. 2001. Czech Parallel Capital Markets. Discrepancies and Inefficiencies. Applied Financial Economics, 11, 45-55.
[download]

Hanousek, J., 2001. Note On Specification Tests of (Binary) Choice Models: A Non-Parametric Approach. Central European Journal of Operation Research, 8(3) 2001, 259-264.

Filer, R.K., Hanousek, J., 2000. Output Changes and Inflationary Bias in Transition. Economic Systems, 24(3) 2000, 285-294.
[download]  [CERGE-EI Working Paper No. 167]
See also Filer, R.K., Hanousek, J., "Yet more on inflation in transition: Reply", Economic Systems (24)3 (2000) pp. 301-303.
[download]  [Additional results]

Hanousek, J., Filer, R.K., 2000. The Relationship between Economic Factors and Equity Markets in Central Europe. Economics of Transition, 8 (3) 2000, 623-638.
[download]  [Detail results]