This study proposes a "Flexible Cost Model" (FCM) for settings in which firms may be unable or unwilling to optimally manage their cost structures. FCM, which nests a wide range of more restrictive models, allows for a flexible specification not only of the technology but also of firm-level...

This study examines the effect of market structure variables on stability subject to regulation and supervision variables. The Extreme Bound Analysis (EBA) is employed over a sample of banks operating within the enlarged European Union during the period 2002-2010. The results show an inverse...

Housing markets typically exhibit a strong positive correlation between the rate of price increase and the number of houses sold. We document this correlation on high-quality Dutch data for the period 1985-2007, and estimate a VEC-model that allows us to study the mechanism giving rise to the...

Housing markets typically exhibit a strong positive correlation between the rate of price increase and the number of houses sold. We document this correlation on high-quality Dutch data for the period 1985-2007, and estimate a VEC-model that allows us to study the mechanism giving rise to the...

Housing markets typically exhibit a strong positive correlation between the rate of price increase and the number of houses sold. We document this correlation on high-quality Dutch data for the period 1985-2007, and estimate a VEC-model that allows us to study the mechanism giving rise to the...

After Congress revised the Bankruptcy Code in 2005, courts have taken divergent views about how to apply 11 U.S.C. § 522 in relation to state exemptions. Three main interpretations have developed: antiextraterritoriality, preemption, and state-specific. This Note advocates the state-specific...

This paper demonstrates that radical regulatory changes can be tantamount to technological revolutions by studying Indian pharmaceutical firms. It shows that radical regulatory changes such as the Indian Patent Act of 1970, the New Industrial Policy of 1991 and the signing of TRIPS (Trade...

Polluting firms' relocation results in the efficiency loss of the environmental policy. This paper provides a systematic study of the water pollution relocation driven by the 11th Five-Year Plan pollution reduction mandates in China. We explore a unique dataset of the environmental statistics,...

Sovereign nations grow faster than non-sovereign ones. When Pakistan ceded economic management to the IMF in the late 1980s, the turn to neo-liberalism led to 14 years of decline in long-run rate of investment and growth from which it hasn't recovered. This cost the economy an estimated $75.6...