Firms from Financially Developed Economies Do Not Save Less Available to Purchase

This paper was the second chapter of Alexander Vadilyev’s Ph.D. thesis. I would like to especially thank Ivo Welch (the Editor) and anonymous referees for their detailed and helpful suggestions on improving the paper. I have benefited from discussions with Stephan Siegel, Vikram Nanda, Ron Giammarino, Jan Bena, Joseph Fan, and Paul Brockman; seminar participants at the Australian National University, University of Washington, Macquarie University, Queensland University of Technology, and Deakin University; and conference participants at the U.S. EFA Annual Meeting, World Congress of the Bachelier Finance Society, FIRN Annual Conference, FIRCG Melbourne Business School, FMA Annual Meeting, Auckland Finance Meeting, Annual Conference on Asia-Pacific Financial Markets, FIRN Corporate Finance Meeting, University of Sydney Research Workshop, and Financial Markets and Corporate Governance Conference. I also thank the FIRN’s committee for awarding me the Best Policy Paper Prize. All errors are mine.