This paper examines the determinants of the rate of forced insolvency in New Zealand. The study incorporates two key … variety of economic experiences over the sample period (1988–2003). Second, we explain the total rate of forced insolvency in … economic activity and regional property values (the latter representing collateral effects) reduce regional insolvencies. An …

This paper examines the role and determinants of collateral in emerging markets compared to mature ones. Analyzing a … higher there than in developed markets. Thai banks use collateral primarily to reduce the higher credit risks of small and … relatively young firms. Long credit relationships do not reduce collateral requirements by lowering information asymmetry. Market …

punishment increased the more the norm was violated. Likewise, up to roughly 60% of the third parties punished violations of the …’’ third parties. In addition, these experiments suggest that thirdparty punishment games are powerful tools for studying the …

group when antisocial behavior is observed. In many circumstances, however, we can not allow for punishment and exclude the … possibility of counter-punishment occurring. We design a public goods experiment based on Fehr and Gaechter (2000) where we allow … for both punishment and counter-punishment. We find that in both Partner and Stranger treatments average contributions …

show experimentally that the altruistic punishment of defectors is a key motive for the explanation of cooperation …. Altruistic punishment means that individuals punish, although the punishment is costly for them and yields no material gain. We … show that cooperation ¯ourishes if altruistic punishment is possible, and breaks down if it is ruled out. The evidence …