constraints on entry, but in addition it facilitates transfers of control of incumbent firms, from untalented to talented managers … deregulation, as it preserves incumbents' rents, while at the same time allowing the less efficient among them to transfer control … supporting future deregulations. Generally speaking, our model suggests that "Coasian" reforms improving the scope of private …

We model how lobbying by interest groups affects the level of investor protection. In our model, insiders in existing … they control to influence politicians, as well as the inability of institutional investors to capture the full value that …

institutional changes played an important role in creating a national capital market in Japan. In particular, the diffusion in the … reduced interest-rate differentials. Bank regulation appears to have played little role in impeding financial market …

in Brazil to bank-level decision variables, provides micro evidence on how creditor legal protection affects market … regional court ruling that had declared payroll deduction illegal. Using personal loans without payroll deduction as a control … group, we assess whether the ruling had an impact on market performance. Evidence indicates that it had an adverse impact on …

becomes smaller, and (3) the association between an increase in economic output and an increase in securities market …