This paper studies the problem of partnership dissolution in the context of asymmetric information. Past work shows that the initial share allocation, interdependence of partners’ valuations, and asymmetric control all affect the possibility of efficient dissolution. In this paper, I show, in...

Unlike their English counterparts, Scottish partnership banks during the Industrial Revolution operated under partnership law which was similar to the French societe en commandite. The article suggests that the definitive feature of this partnership law was that it permitted partnerships to...

The privatization of Chinese enterprises in a low-legal-protection environment raises the question as to how minority shareholders are assured that their capital will not be expropriated. This paper sheds some light on this issue by examining the influence of controlling shareholders on the...

In this comprehensive review of private pension systems in effect world-wide, Turner and Watanabe discuss the fundamental issues facing nations as they adopt and expand private pension systems including: the degree of privatization, tax policy, risk and insurance from risk, pension financing,...

Although the British Railway Mania has been described as one of the greatest bubbles in history, it has been largely neglected by academics. This paper attempts to redress this neglect by creating a daily stock price index for the 1843-50 period and by assessing the contribution of the many...

Turner uses the documented experiences of many countries - including the U.K., Sweden, Chile, Australia, Canada, and others - and the tools of economics to analyze the public policy issues surrounding the proposed implementation of individual accounts as part of the U.S. Social Security system.

The contributors to this book investigate the compensation and employment risks for U.S. and Canadian workers. They examine both wage and nonwage aspects of compensation, and whether workers in the U.S. or Canada face more job-related risks. They also seek to identify trends in risk bearing and...