In recent years, demutualized stock exchanges have been increasingly engaging in M&A and alliance activities. To examine the effect of these growth strategies on exchange shareholders’ value creation, we focus on 14 public stock exchanges and investigate their short-run share price responses...

In recent years, demutualized stock exchanges have been increasingly engaging in M&A and alliance activities. To examine the effect of these growth strategies on exchange shareholders' value creation, we focus on 14 public stock exchanges and investigate their short-run share price responses to...

We offer a menu of mechanisms to improve the governance of ‘normal times' financial supervisors (as opposed to resolution agencies and systemic risk boards). To enhance supervisory effectiveness, we propose to institutionalize strong CEOs, with boards or commissions being limited to basic...

Convergence and Persistence in Corporate Governance does not add groundbreaking new insights to the relevant debate or deliberate extensively on the most recent developments. Bringing together most of the trend-setting articles in a slightly revised form in a concise volume, however, serves an...

In this paper we criticize the so-called 'more economic approach' to European competition law for its disregard of the importance of a functional system of private law. The more economic approach presumes that vertical integration is an economically efficient governance-mechanism. This...

We develop a novel theory of mis-allocation within firms (rather than between firms) due to managers' empire building. We introduce an in- ternal capital market into a two-factor model of multi-segment firms. We show that more open markets impose discipline on competition for capital within...

The main purpose of the study is to develop the model for transaction costs measurement in the Collective Waste Recovery Systems. The methodology of New Institutional Economics is used in the research. The impact of the study is related both to the enlargement of the limits of the theory about...

While intra-firm trade accounts for at least one third of world exports, we know very little about the institutions which are employed to resolve intra-firm trade conflicts. According to Oliver Williamson, courts are not accessible and conflicts resulting from intra-firm trade are resolved by...

This paper provides new evidence on the contractual governance of technology licensing agreements. Based upon an international sample of licensing contracts, we explore how the contractual design deals with specific contractual hazards. In particular, we comparatively assess the influences of...

In recent years, demutualized stock exchanges have increasingly engaged in M&A and alliance activities. To shed light on this topic, we investigate short-run share price responses to the formation of 110 stock exchange M&As and alliances in the period 2000–2008. Our findings show that the...