This paper makes a case for the future development of European corporate law throughregulatory competition rather than EC legislation. It is for the first time becoming legallypossible for firms within the EU to select the national company law that they wish togovern their activities. A...

We set up a model of generalised oligopoly where two countries of different size compete foran exogenous, but variable, number of identical firms. The model combines a desire bynational governments to attract internationally mobile firms with the existence of locationrents that arise even in a...

This paper provides a comparison of tax morale between inhabitants of East and WestGermany in its post-reunification period, using three World Values Survey/European ValuesSurvey waves between 1990 and 1999. German reunification is particularly interesting for theanalysis of tax morale as it is...

People not only obtain utility from actual outcomes but also from the conditionswhich lead to these outcomes. The paper proposes an economic concept of this notion ofprocedural utility. Preferences beyond outcome can be manifold. We distinguish proceduralutility people get from institutions as...

In this paper, we analyse competition among jurisdictions to attract firms through low taxes oncapital and/or high level of public goods, which enhance firms’ productivity. We assume that thecompeting jurisdictions are different in (population) size and that the mobility of capital is...

In this paper, we provide an explanation of why privatization may attract foreign investorsinterested in entering a regional market. Privatization turns the formerly-public firm into a lessaggressive competitor since profit- maximizing output is lower than the welfare-maximizingone. The drawback...

Within a two-country model with involuntary unemployment, this paper investigatescorporate income taxation under separate accounting versus formula apportionment. Incontrast to separate accounting, under formula apportionment the corporate tax policy causesa fiscal externality which goes back to...

As China exhibited unprecedented rapid economic growth ever since its reform andopenness, the development and sources of labor productivity has gradually come to theforefront. This paper studies the development and the source of labor productivity in 31Chinese provinces during the period of...

We use a user-cost model to study how dispersed information among housing marketparticipants a¤ects the equilibrium house price. In the model, agents are disparatelyinformed about local economic conditions, consume housing services, and speculate onprice changes. Information dispersion leads...

The Welsh economy has undergone rapid structural change in recent years.This paper uses data from the New Earnings Survey to examine how earnings in Waleschanged relative to those of Great Britain between 1975 and 1994. There are five mainfindings. First, earnings of workers in Wales have...