This paper proposes and empirically validates four theories of why legal origin influences growth and welfare through finance. It is a natural extension of "Law and finance: why does legal origin matter?" by Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine (2003). We find only partial support...

This paper assesses how legal origin influences financial development through regulation quality and the rule of law. It employs all the dimensions identified by the Financial Development and Structure Database of the World Bank. The law channels are instrumented with legal origins to account...

This study analyzes the effectiveness of the Market Abuse Directive (MAD) in reducing possible profits from insider trading during voluntary tender offers with the purpose of delisting initiated by controlling shareholders. Exploiting the quasi-experimental setting provided by the introduction...

Six main characteristics of an economic order are discussed and empirically evaluated for the case of Slovenia. All of them pertain to the institutional setting ab urbe condita; they comprise the legal and jurisdictional situation, the role of private property, the institutionalised strive at...

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...

IntroductionThe "revolving door" is a practice quite widely in use in the United States, in which heads of state agencies, after completing their bureaucratic terms, are entering the very sector they have regulated. This phenomenon is also frequent in France, where it is coined "pantouflage",...

I show that legal uncertainty, i.e., uncertainty about the legality of a specific action, has positive welfare effects. Legal uncertainty works as a screening device provided that the threshold of legality is uncertain. The uncertainty discourages controversial actions, while it encourages...

Land in India is problematic largely because of archaic and perverse provisions in the practice and the law. The new Land Acquisition Amendment Bill does go some way to correct the anti-democratic and imperial provisions of the old 1894 Act. Other regulatory restraints stand in the way of fair...

Economic growth is below what would be needed to resume rapid convergence to average OECD living standards. On-going efforts to improve the business climate are laudable, but need to be widened and strengthened. Much progress has been achieved in reducing red tape, but it is only recently that...

In the years before the economic crisis, Portugal had low growth, a decline in export competitiveness and rising imbalances that included a large current account deficit and a strong expansion of the non-tradable sector. Strengthening export performance is therefore one of the principal...