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Are the Costs of Cleaning Up Eastern Europe Exaggerated? Economic Reform and the Environment
Hughes, Gordon - C.E.P.R. Discussion Papers - 1990
Widespread concern has been expressed that the costs of reducing environmental pollution in Eastern Europe will divert …
Persistent link: https://www.econbiz.de/10005281413
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Legal Determinants of the Return on Equity
Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999
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
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Courts and Banks: Effects of Judicial Enforcement on Credit Markets
Bianco, Magda; Jappelli, Tullio; Pagano, Marco - C.E.P.R. Discussion Papers - 2002
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
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Legal Standards, Enforcement and Corruption
Immordino, Giovanni; Pagano, Marco - C.E.P.R. Discussion Papers - 2008
Stricter laws require more incisive and costlier enforcement. Since enforcement activity depends both on available tax …
Persistent link: https://www.econbiz.de/10005504469
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Rethinking the Effects of Financial Liberalization
Broner, Fernando A; Ventura, Jaume - C.E.P.R. Discussion Papers - 2010
imperfect enforcement of domestic debts and the interactions between domestic and international financial transactions. In the …
Persistent link: https://www.econbiz.de/10008784713
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Regulatory Sanctions and Reputational Damage in Financial Markets
Armour, John; Mayer, Colin; Polo, Andrea - C.E.P.R. Discussion Papers - 2010
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
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Credibility For Sale
Dellas, Harris; Niepelt, Dirk - C.E.P.R. Discussion Papers - 2013
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
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Law and Equity Markets: A Simple Model
Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999
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
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Bargaining with Imperfect Enforcement
White, Lucy; Williams, Mark - C.E.P.R. Discussion Papers - 2006
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
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Deregulation of Business
Yakovlev, Evgeny; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2007
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 … substantial positive effect of deregulation on net entry and small business employment and no effect on pollution and public …
Persistent link: https://www.econbiz.de/10005667109