This paper characterizes financial and employment contracts in the presence of both worker moral hazard and the threat of opportunistic takeovers. Firms in which worker efforts or specific investments are of greater importance are shown to exhibit a greater degree of deferred compensation,...

Based on a larger survey of the literature (Gaston and Nelson, 2000), this paper argues: (i) that econometric research uniformly finds very small labour-market effects of immigration; (ii) that labour and trade economists have differed in their interpretation of this finding; and (iii) that this...

This paper examines whether a country's economic reform are affected by reforms adopted by other countries. A simple model of economic reforms is developed to motivate the econometric work. Unsurprisingly, the model predicts that reforms are more likely when factors of production are...