patterns of corporate governance as special cases, and generates additional empirical predictions consistent with cross …

We provide a model of bookbuilding in IPOs, in which the issuer can choose to ration shares. We consider two allocation … model reconciles the documented anomaly that higher bidders in IPOs do not necessarily receive higher allocations. …

This paper analyses the role of the intensity of output market competition, firm's technology and of the incidence of … international character of product market competition reduces the relevance of firms' price reactions to cost shocks, whereas firms …' exposure to domestic competition seems to have an opposite effect. The presence of collective wage agreements at national level …

We develop a theory of blockchain governance. In our model, the proof-of-work system, which is the most common set of … services. We analyze the two-way interactions between blockchain governance and the market structure of the industries in the … blockchain ecosystem. Our main result is that the proof-of-work system leads to a situation where the governance of the …