We test the ‘law matters’ and ‘legal origin’claims using a newly created panel dataset measuring legal change over time in a sample of developed and developing countries. Our dataset improves on previous ones by avoiding country-specific variables in favour of functional and generic...

The paper presents the actual ownership structure of public companies in Bulgaria on the basis of a survey of 104 of the companies traded on the Bulgarian Stock Exchange. It discusses as well the problems of disclosure of ownership information, focusing on the transposition of the EC Large...

The purpose of this paper is to investigate the relationship between investor protection and corporate valuation. “Tunneling effects” which means that the controlling shareholders enrich themselves by expropriating the rights and interests of minor shareholders are usually referred in recent...

This paper analyzes how risk premia—and other factors affecting the comparative advantages of security-funded versus deposit-funded short-run debt—altered the relative use of debt funded by securities markets since the early-1960s and the relative use of commercial paper during the recent...

“Reaganomics” is a popular term used to refer to the economic policies of Ronald W. Reagan, the 40th U.S. President (1981–1989), which called for widespread tax cuts, decreased social spending, increased military spending, and the deregulation of domestic markets. In this paper, we analyze...

This paper is looking into the causes of the GDP decline in Russia during 2008-2009 and the slow-down of the GDP growth during 2012-2013. The impact of the money supply on the GDP is discussed. Analogies are drawn with the crises in the USA: the Great Depression during 1929-1933 and the...

This working paper examines monetary aggregates as means of explaining economic activity. Comparative analysis of the Great Depression and the years 2007-11 is used to test the explanatory power of monetary aggregates in accordance with their use in monetarist explanations of the Great...

“Reaganomics” is a popular term used to refer to the economic policies of Ronald W. Reagan, the 40th U.S. President (1981–1989), which called for widespread tax cuts, decreased social spending, increased military spending, and the deregulation of domestic markets. In this paper, we analyze...

The article reviews the elements of the Marshall Plan after World War II, and relates its positive features to economic challenges of the end of the 20th century.

When comparing the New Economy and the time before the Great Depression there are two obvious analogies. In the 1920s as in the 1990s there was an investment boom triggered through the use of new technologies and rapid technological development. In the 1920s, these were the electricity and the...