This paper discusses the concept of authority in global governance by unpacking the components that characterize its various notions. These components are the triadic relationship between power, legitimacy, and the reference to public interests, and how they are embedded in the constellation...

Assuming some fixed cost to information acquisition, diffuse shareholders in publicly held firms have little incentive to produce information that can substitute for the services of financial analysts. However, we argue that concentrated shareholdings, either by outsiders like institutions or by...

In this paper we formulate and test a number of hypotheses regarding insurer participation and volume decisions in derivatives markets. Several specific hypotheses are supported by our analysis. We find evidence consistent with the idea that insurers are motivated to use financial derivatives to...