Overcoming the “E-Word”? Instrumental Variables Analysis and the Role of National Culture in Corporate Finance Robert Nash Professor of Finance School of Business Wake Forest University Winston-Salem, NC 27109-7424 Nashrc@wfu.edu (336) 758-4166 Ajay Patel Professor and Thomas S. Goho Chair in Finance School of Business Wake Forest University Winston-Salem, NC 27109-7424 Patela@wfu.edu (336) 758-5575 This draft: July 7, 2016 Please address correspondence to Robert Nash Please do not quote without permission.