estimate the country-specific cost of capital. We find a negative relationship between institutions that protect property … rights and capital costs. Firms located in countries with weak institutions were charged a premium compared to similarly … risky firms located in countries with strong institutions, and this penalty appeared to be costly in terms of future growth …

This paper introduces the notion of surprising institutions. Because we often carry incorrect beliefs about the world …

resource measure, using alternative measures of both resources and institutions, and by studying different time periods. While … institutions are good enough. …

determinants. We add to the literature by investigating whether the degree to which economic institutions and policies are market …

of economic institutions, we use newer data, we incorporate more countries, and we use instrumental variables to handle …