This paper surveys China's legal system in the economic reform era. We analyze the role of law in the economy, assessing whether China's formal legal system contributed to those expectations of stable and predictable rights of property and contract that are prerequisites for growth. The paper...

The use of stock options as executive compensation, after having developed in the United States in the 1980s and 1990s, has spread to continental Europe in the past fifteen years. The increasing weight of stock options in this region of the world raises various issues and feeds a vast literature...

This chapter examines the relationship between corporate governance and competition, particularly with regard to cartel formation, and discusses how corporate governance and firm agency problems affect optimal law enforcement against cartels, both in terms of sanctions and leniency policies....

This paper presents a contracting model of governance based on the premise that CEOs are the main promoters of governance change. CEOs use their power to extract higher pay or private benefits, and different governance structures are preferred by different CEOs as they favor one or the other...

This paper presents a contracting model of governance based on the premise that CEOs are the main promoters of governance change. CEOs use their power to extract higher pay or private benefits, and different governance structures are preferred by different CEOs as they favor one or the other...

Two central puzzles about social norms are how they are enforced and how they are created or modified. The sanctions for violation of a norm can be categorized as automatic, guilt, shame, informational, bilateral- costly, and multilateral-costly. Problems in creating and enforcing norms are...

The new legal definition of the offense as provided by the Romanian Penal Code (Art. 15) from 2009 refers to a deed that complies with a statutory description, is culpable, unjustified and imputable to the person who committed it. The initial Draft proposal to eliminate the mention about...

This paper utilizes the population of personal bankruptcy filings in the state of Delaware during 2003 and finds that household expenditures on durable consumption goods, such as houses and automobiles, contribute significantly to personal bankruptcy. Medical conditions also lead to personal...

This article evaluates, from a policy of law perspective, how Swedish development assistance organisations try to quot;export,quot; specifically to developing countries, the legal model of Rechtsstaat. Several definitions, as well as their accompanying values, can be seen as encompassed in the...

The paper deals with with one possible Utopian model, according to which law is an important part of the speculative Utopian Myth. This model is illustrated by using two narratives, created centuries apart. Both stories, from Hebrew sources, refer, in some detail to imaginary societies. Both...