In this paper I derive a complete characterization for the equilibria that may arise in a binary choice interaction model with a ?nite number of interacting agents. In particular, the correspondence between the interaction strength, the number of agents and the set of equilibria is derived.

This paper exploits several unique institutional features in the Dutch system of corporate control to examine the relations among investor protections, concentrated ownership, and firm performance. Four conclusions emerge. First, controlling shareholders do not appear to ameliorate corporate...

Abstract We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called...

We analyze the effectiveness of speedskating suits to increase average skating speed at the 2002 Olympic winter games of Salt Lake City. We model the average skating speed of male and female speed skaters at distances from 500 to 10000 meters. Speed not only depends on physical characteristics...

Abstract We analyze the decision to participate and Olympic performance at the country level. We use an unbalanced panel of 118 countries over 24 editions of the Olympic Summer Games. The main focus of the paper is on economic, geographic and demographic explanations of Olympic participation and...

This paper analyzes equilibrium rationing on credit markets in the case of gains from waiting to acquire information about the future profitability of investment. We compare the competitive outcome with the socially optimal level of investment. We show that the opportunity to postpone investment...