This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the ability of other operating firms to obtain...

We explore the relation between the establishment of a regulatory agency and the performance of the electricity sector. We exploit a dataset comprising firmlevel information on a representative sample of 220 electric utilities from 51 development countries for the period 1985 to 2005. Our...

Limited competition has been a serious concern in infrastructure procurement. Importantly, however, there are normally a number of potential bidders initially showing interest in proposed projects. This paper focuses on tackling the question why these initially interested bidders fade out. An...

Much has been said recently about the risky legal environment in which outside directors of public companies operate, especially in theUSA, but increasingly elsewhere as well. Our research on outside director liability suggests, however, that directors' fears are largely unjustified. We examine...

Market forces allegedly are serving to destabilise traditional business structures and cause some form of convergence along quot;Anglo-Americanquot; lines. While this trend has been the subject of much debate, it has not been widely commented on in Australia. Moreover, those analysing corporate...

The German system of corporate governance differs considerably from its counterparts in the United States and the United Kingdom. There is anecdotal evidence, however, that suggests market forces are serving to destabilize traditional structures in Germany and are causing some form of...