Unlike outside investors, controlling groups have the option to trade on inside information, and can exercise it at the expense of the former. A simple theoretical model rationalizes the relationship between corporate governance and insider trading decisions through reputational arguments. We...

In this paper we investigate the logic and the workings of fiscal rules, with focus on rules for subnational governments. We argue against a simplistic view that sees the writing of numerical limits on fiscal variables as the solution to fundamental fiscal problems. We suggest that international...

This paper is concerned with the characteristics, determinants and consequences of varying levels of congressional institutionalization. Our work can be traced back to the early work on congressional institutionalization done by Polsby (1968), which is complemented here by the game-theoretic...