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"This paper examines capital market effects of changes in securities regulation. We analyze two key capital market … directives in the European Union (EU) that tightened market abuse and transparency regulation and, in particular, their … and transparency regulation. The effects are larger in countries that implement and enforce the directives more strictly …
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"After three years of near stagnation, the mood in Europe is definitely gloomy. Many doubt that the European model has a future. In this paper, I argue that things are not so bad, and there is room for optimism. Over the last thirty years, productivity growth has been much higher in Europe than...
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