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This paper develops a simple theoretical framework to study a set of regions, each with its own regional government …, who share a union or central government. These governments must decide whether to implement or discard a large number of … are insensitive to externalities. The key observation here is that the union government is insensitive to local benefits …
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How to protect public investors from expropriation by controlling shareholders in firms with concentrated ownership structures continues to be a challenge for many markets including the U.S. In this paper, we examine the effect of having a token minority activist shareholder on improving...
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This paper develops a simple theoretical framework to study a set of regions, each with its own regional government …, who share a union or central government. These governments must decide whether to implement or discard a large number of … are insensitive to externalities. The key observation here is that the union government is insensitive to local benefits …
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