Showing 1 - 10 of 117
We study the impact of the announcement of enforcement of financial and securities regulation by the UK’s Financial … enforcement until a penalty is levied, their actions provide a uniquely clean dataset on which to examine reputational effects. We …
Persistent link: https://www.econbiz.de/10008682887
What determines the enforcement of deregulation reform of business activities? What are the outcomes of deregulation … variation. 2) The enforcement of deregulation reform was better in regions with a transparent government, low corruption, better … exogenous variation in regulation generated by the interaction of reform and its institutional determinants, we find a …
Persistent link: https://www.econbiz.de/10005667109
Recent work documents that better legal institutions are associated with broader equity markets. We investigate whether international differences in legal institutions also help explain the international cross-section of expected stock returns. We document three main regularities. First, total...
Persistent link: https://www.econbiz.de/10005123538
The cost of enforcing contracts is a key determinant of market performance. We document this point with reference to the credit market in a model of opportunistic debtors and inefficient courts. According to the model, improvements in judicial efficiency should reduce credit rationing and...
Persistent link: https://www.econbiz.de/10005123567
Stricter laws require more incisive and costlier enforcement. Since enforcement activity depends both on available tax … and decreasing in officials' corruption. In contrast to the "tollbooth view" of regulation, the standard chosen by a self … benevolent regulator. International evidence on environmental regulation show that standards correlate positively with per …
Persistent link: https://www.econbiz.de/10005504469
imperfect enforcement of domestic debts and the interactions between domestic and international financial transactions. In the …
Persistent link: https://www.econbiz.de/10008784713
We develop a sovereign debt model with official and private creditors where default risk depends on both the level and the composition of liabilities. Higher exposure to official lenders improves incentives to repay but carries extra costs, such as reduced ex-post flexibility. The model implies...
Persistent link: https://www.econbiz.de/10011083544
We analyze how the law and its enforcement affect equity market equilibrium. Improvements in the legal system, while …
Persistent link: https://www.econbiz.de/10005792541
The game-theoretic bargaining literature insists on non-cooperative bargaining procedure but allows 'cooperative' implementation of agreements. The effect of this is to allow free-reign of bargaining power with no check upon it. In reality, courts cannot implement agreements costlessly, and...
Persistent link: https://www.econbiz.de/10005662212
This paper argues that the consequences of the ‘fragmentation’ of the European patent system are more dramatic than the mere prohibitive costs of maintaining a patent in force in many jurisdictions. First, detailed analysis of judicial systems in several European countries and four case...
Persistent link: https://www.econbiz.de/10005788910