Financial crises happen when: (i) nobody really understands what is going on (the collective cognition paradigm); (ii) some understand better and take advantage (the asymmetric information paradigm); (iii) everybody understands but crises are a natural part of the financial landscape (the market...

This paper examines two theories of the 'subprime crisis' or 'GFC'. The 'financial architecture' theory holds that the failure of the financial system was fundamentally driven by institutional faults, especially in private sector risk management and public sector regulation and underpins the...

The regulation of international air transport creates distinct competitive conditions on various international routes. Through its impact on market structure and on the conduct of carriers, regulation dictates the importance of actual and potential competition and individual carriers’...

For a large number of companies from different countries, we analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. We confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder...

Prior to nationalisation British gas undertakings were faced with a choice of three different regulatory schemes linking the price charged for gas with the amount of dividend that could be paid. The three schemes, the maximum price system, the sliding scale and the basic price system possessed...

In recent years programs of private regulation have spread from North America and Europe to developing countries around the world. Though central to debates over public versus private international governance, little is known about the actual operations of these programs, especially in...

A country's regulatory regime is a major determinant of the ability to realize the benefits of various macroeconomic efforts and initiatives, including trade agreements. Intrinsic and historical differences between goods and services sectors indicate that a country's regulatory infrastructure...