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This report explains the principal economic and legal features of a unique set of data on 283 modern private international cartels discovered anywhere in the world from January 1990 to the end of 2005. Measured in real 2005 money, aggregate cartel sales and overcharges totaled about $1.2...
Persistent link: https://www.econbiz.de/10005704658
This article examines the private mechanisms used to safeguard quality in auditing, with a view to defining rules capable of facilitating the performance of market forces. An outline is given of a general theory of private quality assurance in auditing, based on the use of quasi-rents to...
Persistent link: https://www.econbiz.de/10005772180
Simplifying business formalization and eliminating outdated formalities is often a good way of improving the institutional environment for firms. Unfortunately, the World Bank’s "Doing Business" project is harming such policies by promoting a reform agenda that gives them priority even in...
Persistent link: https://www.econbiz.de/10005772222
Over recent years, both governments and international aid organizations have been devoting large amounts of resources to “simplifying” the procedures for setting up and formalizing firms. Many of these actions have focused on reducing the initial costs of setting up the firm, disregarding...
Persistent link: https://www.econbiz.de/10005772293
This article analyzes how mandatory accounting disclosure is grounded on different rationales for private and public companies. It also explores technological changes, such as computerised databases and the Internet, which have recently made disclosure of company accounts by small companies...
Persistent link: https://www.econbiz.de/10005772435
Corporate actors differ from individuals in one important respect: technically, it may be possible to observe the formation of the corporate will from outside, and to impact on its formation. This feature can be exploited by regulators. One technology is inducing corporate actors to hire an...
Persistent link: https://www.econbiz.de/10005772759
Much of behavioural research, both in economics and in psychology, is limited in one respect: it tests isolated individuals. In many practically relevant situations, there are discernible actors, but these actors are not individuals. Rather firms, regulatory bodies, associations, countries or...
Persistent link: https://www.econbiz.de/10005772784
The agents to whom shareholders delegate the management of corporate affairs may transfer value from shareholders to themselves through a variety of mechanisms, such as self-dealing, insider trading, and taking of corporate opportunities. A common view in the law and economics literature is that...
Persistent link: https://www.econbiz.de/10005774952
This paper explores how bank characteristics and the institutional environment influence the composition of banks’ loan portfolios. Using a new data set based on the recent EBRD Banking Environment and Performance Survey (BEPS), which was conducted in 2005 for 220 banks in 20 transition...
Persistent link: https://www.econbiz.de/10005786936
The aim in this article is to compare effect of financial collateral arrangements under Directive 2002/47 EC. The starting point is the definitions of these contracts provided by the Financial Collateral Directive. The financial collateral arrangements have their historical roots in Roman law....
Persistent link: https://www.econbiz.de/10005787038