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The possibility of default limits available liquidity. If the potential default draws nearer, a liquidity crisis may ensue, causing a crash in asset prices, even if the probability of default barely changes, and even if no defaults subsequently materialize. Introducing default and limited...
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Economic growth is propelled in part by the accumulation of different kinds of capital, including social capital in its several guises. This paper considers the interplay between financial crises and various aspects of social capital which, if it is allowed to depreciate, can undermine economic...
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March and July 2021, we elicit willingness to act against fraud and corruption in the provision of health services by … supporting an NGO engaged in advocacy for health-sector regulation. By comparing responses of subjects surveyed before and after … the COVID-19 peak in their state of residence, we find evidence of a large and significant increase in anti-corruption …
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This article represents one of the pioneering efforts in the Chinese literature to systematically examine the role of gatekeepers in corporate governance. It seeks to explain how gatekeepers may function and malfunction, in light of the Enron scandal and the financial crisis of 2008, and draw...
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