We thank three anonymous referees for thoughtful comments and suggestions which we found very constructive and helpful. We are particularly grateful to the editor, Al Klevorick, for his advice and painstaking guidance through the multiple revision process. We thank Robert Barsky, Susanto Basu,...

We offer the first direct evidence of an implicit contract in a goods market. The evidence comes from the market for Coca-Cola. Since implicit contracts are unobservable, we adopt a narrative approach to demonstrate that the Coca-Cola Company left a written evidence of the implicit contract with...

The market for law professors fulfils the conditions for a hog cycle: in the short run, supply cannot be extended or limited; future law professors must be hired soon after they first present themselves, or leave the market; demand is inelastic. Using a comprehensive German dataset, we show that...

This article offers a concise typology of spontaneous norms - i.e., norms that are formed or sustained through decentralized collective behavior in a community. The typology combines three criteria for identifying spontaneous norms: (i) implicit formation of (customary) rules, as opposed to...

We stand now at a turning point, wherein many roads sprawl out in front of us. With unprecedented access to information, the atlas seems to lie within our hands. But, at this crossroads, the popularizers of these many paths shout over one another to persuade new travelers, only to find that most...

Several previous studies have explored the nexus between trust and socio-economic conditions but do not attempt to examine channels through which the relation operates. In this paper, we examine how political fractionalization mitigates the positive relationship between trust institutions and...

We analyse the impact of stakeholder interactions with the market as a consequence of the negative interest rate regime on the pricing of selected Floating-rate notes (FRNs). The range of reactivity of financial markets and issuers to uncertainty caused by an untested boilerplate term in bond...

This paper provides a deep analysis into the legal dispute between Argentina and the holdouts as a consequence of the 2001 sovereign default. This paper highlights how the legal conflict helped uncover fundamental issues in the sovereign debt restructuring mechanism (SDRM). Questions regarding...

This paper revisits the path by which Coase developed the result now known as the Coase theorem, including the famous meeting at the home of Aaron Director during which Coase 'converted' a group of Chicago economists to his way of thinking. Drawing on published and archival sources, we discuss...

Thirty years after the collapse of the Soviet Union, it is rather clear what transition policies have worked. Almost all the post-communist countries have become market economies and have achieved macroeconomic stability. Privatization was economically necessary, and its economic outcomes have...