We model a corporate firm in a competitive market setting, consisting of a production technology, a hierarchical organization structure, a cost efficiency parameter, and an internal pay-system. The depth of the firm determines its output and is set by profit maximization under the participation...

Market structure affects the informational and real frictions faced by traders in equity markets. Using bid-ask spreads, we present evidence which suggests that while real frictions associated with the costs of supplying immediacy are less in order-driven systems, informational frictions...

Contract law has long been a favorite area of study among comparative law scholars. Economists have posited that contract institutions play a central role in economic development. Yet, in sharp contrast to the state-of-the-art in other fields (such as corporate law and bankruptcy law), the...

In the legislation of countries in the system of ″common law″, the commission contract is brought under regulation differently, depending on the principle that has been adopted, regarding the extent to which it is permitted the establishment of certain legal effects in the relationships...

The preliminary steps towards finding the law that will determine incorporation of an arbitration clause into the bill of lading -- Identifying the prerequisites for the valid incorporation of charterparty arbitration clauses into bills of lading under English law -- The sequel in the...