This paper argues that the cross-market premium (the ratio between the domestic and the international market price of cross-listed stocks) provides a valuable measure of international financial integration, reflecting accurately the factors that segment markets and inhibit price arbitrage....

Statistics show that the sale of goods on credit is widespread among firms even when they are capital constrained and thus face relatively high costs in providing trade credit. This study provides an explanation for this by arguing that customers who possess strong market power are able to...

While institutional differences have been found to affect country growth patterns, much has remained unexplained, including how economic actors overcome institutional weaknesses and how internationalization helps or hinders development. Banking is an institutionally-intensive activity and the...