The "revolving door" phenomenon has become very common in most industrialised countries, and is leading to conflicts of interest as well as economic distortions. The purpose of this paper is to develop an indicator of the distortionary effects of the revolving door - The Revolving Door Indicator...

In the past decade, the World Bank has promoted improving business environments as a key strategy for development, which has led to a significant amount of investment in collecting firm-level investment climate surveys across countries. What lessons have emerged from the papers using these new...

Corporate governance scandals inevitably raise concerns about the extent to which corporate directors failed in their responsibility to monitor the corporation and its managers, especially in terms of the latter's' misdeeds. Corporate governance reforms strive to shore up directors' roles by...

The United States represents the world’s largest market for pharmaceutical drugs. It is also the only advanced economy in the world that does not regulate drug prices. There is no upper threshold for the prices of medicines in the United States. List prices are instead set by manufacturers in...

Proxy advisory firms have become influential players in the financial markets as they offer important services to investors, including notably recommendations in the exercise of voting rights. The relationship between companies and shareholders thus depends, to a certain extent, on how well...

Following concerns that the art market is being used to launder criminal money and fund terrorist activities, measures have recently been introduced to subject the market to the anti-money laundering (AML) regime – such as the EU 5th Money Laundering Directive (2018) and the US Illicit Art and...

For over three decades, money laundering has been an area of concern for policymakers and law enforcement, with significant efforts undertaken at national and international levels to combat it. Recently, laundering of criminal proceeds using real property has attracted increased attention...

In 2017, President Trump signed Executive Order 13771, which required that two regulations be identified for elimination each time a new federal rule is proposed. The order also created, for the first time, a system of annual regulatory budget allocations for federal agencies. On the surface,...

The capture theory of regulation concludes that regulatory agencies tend to be captured by the firms they are regulating. This paper tests the capture theory in the recent environment of nuanced agency regulation by the administrative state, focusing on the U.S. oil refining industry. Regulation...

In the past 70 or 80 years, there have been three “waves” of reforms to the process of creating and managing U.S. federal and state regulations. The first wave began in 1946 with the passage of the federal Administrative Procedure Act, after which states went on to pass and formalize their...