The authors analyze various forms of trade liberalization in a three-country model with unions. Oligopolistic firms in two countries face unionized workers, while an oligopolistic firm in the third country faces a competitive labor market. The general result is that a country with a union...

This paper studies the relationship between corporate leverage and the ultimate corporate ownership structure, particularly the separation of cash flow rights and control rights. We empirically disentangle the three potential effects of the divergence of control rights from cash flow rights on...