A recent phenomenon in competition policy is the acquisition of a private firm by an enterprise that is either wholly owned by government or in the midst of privatization. Such an acquisition poses the question of how public ownership may alter the incentives of a firm to engage in...

Cost-benefit analysis is analyzed using a model of agency delegation. In this model an agency observes the state of the world and issues a regulation, which the president may approve or reject. Cost-benefit analysis enables the president to observe the state of the world (in one version of the...

This essay reviews differences in regulatory structure across sectors of the financial services industry in the United States and then explores the difficulties these differences pose to our current system of regulation and also to proposals for financial modernization. The Essay begins with a...

The relationship between corporate governance and financial stability is an intermediate one. Firms have no obligation to take financial stability into account except when the law or the applicable regulation imposes it. In several fields this is the case: regulation of auditors or credit rating...

In this Paper, we assess the performance and efficiency of OECD countries with respect to broadband Internet subscription. Using the econometric technique of Stochastic Frontier Analysis, we estimate scores indicating the efficiency with which a country converts its economic and demographic...

The aim of this article is to offer a simple framework for estimating the benefits and costs of anti-money laundering regulation, based on a prudent estimation of the economic value of the worldwide money laundering. Using the multiplier model of the relationship between criminal markets...

In financial market studies, public supervision has rarely been found to have any effects on financial market development. This is true, even though the primary objective of supervisory legislation is the limitation of market failures and externalities. Studies conducted by The World Bank and La...

The decision of the Government of India to disinvest M/s Bharat Aluminum Company Limited, popularly known as BALCO was challenged by the employees of BALCO , State of Chattisgarh (the state in which BALCO is located) and by some public spirited individuals before various High Court and finally...

This Critique takes issue with four of the main assertions of the American Bankers Association's Study on Credit Card Regulation. First, this Critique addresses the ABA Study's claim that credit card pricing is risk-based and demonstrates that only certain elements of card pricing are marginally...

Over the 1993-2000 period, a majority of U.S. venture-backed IPOs have venture backing by financial institutions. Each class of financial institutions has its own asset expertise, investment criteria and access to proprietary information on private firms, which we exploit evaluating whether...