The authors assess the role of the multilateral development system and the reforms needed to support the new global agenda. There is an urgency to the reforms. The coming decades will see the largest urban expansion in history. More infrastructure needs to be built in the next 15 years than the...

Significant amount of recent research continues to produce evidence in support of the presence of sheepskin effects in returns to schooling both for developed and developing countries. However, researchers have not made many attempts to identify or empirically test the possible mechanisms that...

The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...