There are an estimated 1.2 billion regular smokers in the world today, approximately one third of the global population over the age of 15, and the numbers are rising (World Health Organization 2002). Studies show that many smokers still do not know that tobacco causes disease and premature...

"Limited competition has been a serious concern in infrastructure procurement. Importantly, however, there are normally a number of potential bidders initially showing interest in proposed projects. This paper focuses on tackling the question why these initially interested bidders fade out. An...

"The authors compare the two merger control systems currently employed worldwide: a mandatory system based on merger size threshold and a voluntary system with ex-post monitoring and fines. The voluntary system possesses two informational advantages: (i) the enforcement agency employs more...

"Microfinance has been heralded as an effective way to address imperfections in credit markets. But from a theoretical perspective, the success of microfinance contracts has puzzling elements. In particular, the group-based mechanisms often employed are vulnerable to free-riding and collusion,...

"The home equity bias is one of the many puzzles existing in international finance. This puzzle is characterized by the concentration of domestic equity in any investor's portfolio, which is in contradiction with the benchmark of full diversification in a world mutual fund. Based on Admati's...

This book constitutes one of the main outputs of the School Fee Abolition Initiative (SFAI). The initiative, launched in 2005 by the United Nations Children's Fund (UNICEF) and the World Bank, was designed to support countries in maintaining and accelerating progress toward universal primary...