Reducing corruption is one of the world’s many challenges. The fight against corruption is often discouraging. Yet, Europe continues to advance its anti-corruption initiatives. While the fight against has seen some victories, significant gains are few, especially in the Central and South...

Fighting public-sector corruption has become a priority for most governments and international organizations. The public sector is the source of many benefits. Realizing improper private gains from these benefits has long been the core definition of corruption. As the public sector grows and...

Corruption stands as one of the many obstacles to the political and economic security of the Eastern European region. Thus, despite the political and economic instability in the region, Eastern European countries, in and outside of the European Union need to fight corruption collectively and...

It has often been argued during the recent credit crisis that commercial banks’ involvement in investment banking activities might have had an impact on the intensity of their underwriting standards. We turn to evidence from the period prior to the complete revocation of the Glass-Steagall Act...

In this paper we provide evidence that the post-issue accounting profitability of firms underwritten by bank affiliated underwriters that are also borrowers from the same bank in the IPO (Initial Public Offerings) year is significantly better than average, but that the stock price performance of...

This study surveys the academic and professional literature examining the privatisation of state-owned enterprises (SOEs), with a focus on empirical studies. Privatisation has been instrumental in reducing state ownership in many countries and had a transforming effect on global stock markets,...

The power of investment banks has played a pivotal role in the monopoly capital school’s analyses of US capitalist development. However this paper suggests that monopoly capital’s explanation of the changing nature of this power is severely limited. These limitations can be traced to the...

The nature and role of early stage equity financing in the development of emerging entrepreneurial ventures in the software industry is examined. To provide an understanding of the relationship between the suppliers of capital and the ventures they bankroll, issues concerning equity positions...

Informational economies of scope between lending and underwriting are a mixed blessing for universal banks. While they can reduce the cost of raising capital for a firm, they also reduce incentives in the underwriting business. We show that tying lending and underwriting helps to overcome this...

This paper develops a model of financial institutions that borrow short term and invest in longterm assets that can be traded in frictionless markets. Because these financial intermediaries perform maturity transformation, they are subject to potential runs. We derive distinct liquidity,...