The extension of the franchise to social groups with less property and income is associated with greater income redistribution from the rich to the poor and extension in the provision of public goods, which leads to the growth of government expenditure. All of these expected changes are costly...

This paper assesses the impact of judicial independence on equity markets. North and Weingast (1989) argue that judicial independence and other institutional changes inaugurated by the Glorious Revolution of 1688-89 allowed the English government credibly to commit to repay sovereign debt and...

In this article, we evaluate underpricing of initial public offerings (IPOs) at the Berlin Stock Exchange between 1870 and 1896. In contrast to modern data, first day returns were extraordinary low and averaged less than five percent, even during the speculative period of the early 1870s....

This paper discusses how Genoese bankers collected money at exchange fairs. This money was then lent to the King of Spain - through the asientos - from the mid-sixteenth to the early seventeenth centuries. Genoese bankers raised capital at the exchange fairs, which were typical short-term credit...

Many twenty-first century Americans believe that they have a God-given right to possess arms as a last resort against tyranny. One of the most important sources of that belief is the struggle for freedom of conscience in the United Kingdom during the reigns of Elizabeth I and the Stuarts. A...

This paper examines the pervasiveness of earnings management across 31 countries between 1990 and 1999. It documents systematic differences in earnings management across different clusters of countries. We propose an explanation for these differences based on the notion that insiders, in an...

The English East India Company (EIC) and the Dutch East India Company (VOC) were incorporated by State charters two years apart, in 1600 and 1602 respectively. They were involved in similar business activities. They were both organized as joint stock corporations, with huge capital and hundreds...

Özet: Osmanlı Devleti'nin yıkılışı ve Türkiye Cumhuriyeti'nin kuruluşu, tarihsel süreklilik içinde etkilerini bugün hala devam ettiren çeşitli sosyo-ekonomik/politik gelişmelerin ürünüdür. Nitekim Osmanlı döneminde başlayan ekonomik gelişme ve yaklaşımlar Cumhuriyet...

The formation of chartered corporations is usually viewed as an agreement between their promoters and the State with payoffs in the form of monopoly rents, property rights, services or taxation. The present article analyzes the formation of the East India Company as a deal between two groups of...