In view of recent corporate scandals, it is argued that corporate governance can learn from public governance. Institutions devised to control and discipline the behaviour of executives in the political sphere can give new insights into how to improve the governance of firms. Some proposal such...

We examine changes in market values and accounting returns for a sample of publicly traded Chinese firms around announcements of block-share transfers among government agencies (“State Bureaucrats”), market-oriented State-owned enterprises (“MOSOEs”) and private investors (“Private...

This paper examines the optimal design and consequences of financial disclosure regulation. Our model represents the regulation as creating a real option for an investor to delay investment until information is disclosed. We find conditions on investment opportunities that ensure that regulation...

First externalities risk due to the size of the companies or the principle that large companies are also at risk of bankruptcy (too big to fail) are examined. The problem is illustrated by a case in which extreme risks with negative consequences for savers and investors are taken. If we...

In this paper, we model - quantitatively – a possible realistic interaction between a tax-payer and his Government. We formalize, in a general setting, this strategic interaction. Moreover, we analyze "completely" a particular realistic sample of the general model. We determine the entire...

Focusing on the interconnections between the Basel regulatory capital formula and several well-specified statistical models, this working paper seeks to understand some of the important issues embedded in the Basel Accord. These include: Where does this formula come from? What risks does it try...

This paper integrates data envelopment analysis (DEA) and artificial neural networks (ANN) to forecast the role of public expenditure in economic growth in OCDE countries. The results show that this approach is a powerful and appropriate method to forecast this role. DEA method allows us to...

Like many countries, Spain has gone through a series of financial crises, both before and after its industrialization. There are many underlying causes for these crises, as well as for the current Spanish downturn. It is worth noting that there are similarities between recessions throughout the...

Insurance Industry is going through a very important stage of its transformation - the transition from the classical system of management into a risk-based management. These changes were launched in Europe by international organizations which deal with the development of the necessary...