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Rackets, Regulation and the Rule of Law
Frye, Timothy; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2001
Governments that levy predatory regulation and provide few weak legal institutions draw businesses into the unofficial …, we find that retail shops face very high levels of predatory regulation and have frequent contacts with private … protection rackets. In addition, we show that higher levels of regulation are associated with weaker legal institutions and a …
Persistent link: https://www.econbiz.de/10005661996
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From Farmers to Merchants, Voluntary Conversions and Diaspora: A Human Capital Interpretation of Jewish History
Botticini, Maristella; Eckstein, Zvi - C.E.P.R. Discussion Papers - 2006
From the end of the second century C.E., Judaism enforced a religious norm requiring Jewish fathers to educate their sons. We present evidence supporting our thesis that this change in the religious and social norm had a major influence on Jewish economic and demographic history. First, the high...
Persistent link: https://www.econbiz.de/10005136751
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From Farmers to Merchants: A Human Capital Interpretation of Jewish Economic History
Botticini, Maristella; Eckstein, Zvi - C.E.P.R. Discussion Papers - 2003
the first half of the millennium, we build a model in which Jewish men choose education, occupation, religion and location …
Persistent link: https://www.econbiz.de/10005114213
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From Farmers to Merchants, Voluntary Conversions and Diaspora: A Human Capital Interpretation of Jewish History
Botticini, Maristella; Eckstein, Zvi - C.E.P.R. Discussion Papers - 2006
From the end of the second century C.E., Judaism enforced a religious norm requiring any Jewish father to educate his children. We present evidence supporting our thesis that this exogenous change in the religious and social norm had a major influence on Jewish economic and demographic history....
Persistent link: https://www.econbiz.de/10005788962
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Wages and Human Capital in the U.S. Financial Industry: 1909-2006
Philippon, Thomas; Reshef, Ariell - C.E.P.R. Discussion Papers - 2009
We use detailed information about wages, education and occupations to shed light on the evolution of the U.S. financial sector over the past century. We uncover a set of new, interrelated stylized facts: financial jobs were relatively skill intensive, complex, and highly paid until the 1930s and...
Persistent link: https://www.econbiz.de/10005000443
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The Real Effects of the Euro: Evidence from Corporate Investments
Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - C.E.P.R. Discussion Papers - 2004
) investments for EMU-firms have grown 2.5% more than for non-EMU firms, after 1999; and (ii) the benefits of the euro accrue …
Persistent link: https://www.econbiz.de/10005123821
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The Real Effects of Investor Sentiment
Polk, Christopher; Sapienza, Paola - C.E.P.R. Discussion Papers - 2003
Does inefficiency of financial markets have real consequences? Or does it only result in transfers of wealth from noise traders to arbitrageurs? We study firm business investment to address this question. In our model, benevolent managers of overvalued companies invest in projects with negative...
Persistent link: https://www.econbiz.de/10005067581
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Investments and the Holdup Problem in a Matching Market
Bester, Helmut - C.E.P.R. Discussion Papers - 2009
frictions, both parties in a match are partially locked-in when they bargain over the joint surplus from their sunk investments … case of investments in homogenous capital only the agents on the short side acquire ownership of capital. There is always …
Persistent link: https://www.econbiz.de/10005036243
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The Race for Telecoms Infrastructure Investment with Bypass: Can Access Regulation Achieve the First-best?
Vareda, Bastos; Miguel, João; Hoernig, Steffen - C.E.P.R. Discussion Papers - 2007
We analyze the impact of mandatory access on the infrastructure investments of two competing communications networks … regulation if the follower’s private incentives are dominated by business-stealing. Here access holidays can improve welfare by …
Persistent link: https://www.econbiz.de/10005497926
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Risk Management with Benchmarking
Basak, Suleyman; Shapiro, Alex; Teplá, Lucie - C.E.P.R. Discussion Papers - 2005
Portfolio theory must address the fact that, in reality, portfolio managers are evaluated relative to a benchmark, and therefore adopt risk management practices to account for the benchmark performance. We capture this risk management consideration by allowing a prespecified shortfall from a...
Persistent link: https://www.econbiz.de/10005114400