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Investor protection and the value of shares: evidence from statutory rules governing variations of shareholders' class rights in Russia
Muravyev, Alexander - 2009
This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...
Persistent link: https://www.econbiz.de/10010269433
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Investor Protection and the Value of Shares: Evidence from Statutory Rules Governing Variations of Shareholders' Class Rights in Russia
Muravyev, Alexander - Institute for the Study of Labor (IZA) - 2009
This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...
Persistent link: https://www.econbiz.de/10008497016
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Banks and innovation: microeconometric evidence on Italian firms
Benfratello, Luigi; Schiantarelli, Fabio; Sembenelli, … - 2006
In this paper we investigate the effect of local banking development on firms' innovative activities, using a rich data set on innovation for a large number of Italian firms over the 1990's. There is evidence that banking development affects the probability of process innovation, particularly...
Persistent link: https://www.econbiz.de/10010267494
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The economics of credence goods: on the role of liability, verifiability, reputation and competition
Dulleck, Uwe; Kerschbamer, Rudolf; Sutter, Matthias - 2009
determinants for efficiency in credence goods markets. While theory predicts that either liability or verifiability yields … efficiency, we find that liability has a crucial, but verifiability only a minor effect. Allowing sellers to build up reputation … higher efficiency as long as liability is violated. …
Persistent link: https://www.econbiz.de/10010271236
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Diploma No Problem : Can Private Schools Be of Lower Quality than Public Schools?
Brunello, Giorgio; Rocco, Lorenzo - 2004
Motivated by anecdotal as well as econometric evidence from Italy, we ask whether private schools can provide lower … offering at a positive price lower quality than the public school can be an equilibrium. The calibrated parameters for Italy …
Persistent link: https://www.econbiz.de/10010262077
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School Vouchers Italian Style
Brunello, Giorgio; Checchi, Daniele - 2005
School vouchers introduced recently in some Italian regions have lowered the cost of private schools. On one side, we provide evidence that Italian private schools may be selected for different reasons than quality considerations. On the other side, by exploiting individual data on voucher...
Persistent link: https://www.econbiz.de/10010262199
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Intergenerational persistence in educational attainment in Italy
Checchi, Daniele; Fiorio, Carlo V.; Leonardi, Marco - 2008
levels over time in Italy. However, focusing on equality of circumstances, we show that there is still a persistent …
Persistent link: https://www.econbiz.de/10010268574
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Wage effects of recruitment methods: the case of the Italian social service sector
Mosca, Michele; Pastore, Francesco - 2008
volunteers belonging to public, private forprofit and private nonprofit institutions delivering social services in Italy. The …
Persistent link: https://www.econbiz.de/10010268718
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Centralized wage determination and regional unemployment differences: the case of Italy
Caponi, Vincenzo - 2008
This paper addresses the problem of the dualism of the Italian economy, particularly of its labor market. Although the Italian labor market is considered to be the most highly regulated among OECD countries, the unemployment rate in the North, which represents two thirds of the whole economy, is...
Persistent link: https://www.econbiz.de/10010268742
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Does the expansion of higher education increase the equality of educational opportunities? Evidence from Italy
Bratti, Massimiliano; Checchi, Daniele; Blasio, Guido de - 2008
opportunities. It examines Italy's experience during the 1990s, when policy changes prompted HE institutions to offer a wider range …
Persistent link: https://www.econbiz.de/10010268748