This paper investigates the association between corruption and political power, using individual level data on political corruption cases tried in France during the period 1980-2006. We test the hypothesis that corruption conviction and severity of punishment are negatively associated with...

The purpose of this paper is to challenge the conventional theory of moral hazard and adverse selection. Moral hazard and adverse selection problems in contemporary economic theory are plagued with four major flaws: 1) the alleged asymmetrical information between buyer and seller as a problem in...

Much of the literature on corporate performance focuses on institutional restructuring, and implicitly assumes that constitutional factors are determined exogenously. This misses the extent to which companies can and do build unique and meaningful constitutional orders. Based on an assumption...