The paper uses a dynamic equilibrium model to explain the concurrence of economic growth and business cycles. Introducing durable goods into a model with ex-ante identical consumer-producers and economies of specialized learning-by-doing, the author shows that when job-shifting costs, economies...

This paper studies the relationship between corporate leverage and the ultimate corporate ownership structure, particularly the separation of cash flow rights and control rights. We empirically disentangle the three potential effects of the divergence of control rights from cash flow rights on...

In a natural experiment among former colonies between 1970 and 1999, weak institutions reflected in high settler mortality and French legal origin often increase the likelihood and intensity of local currency and real crises (i.e., those resulting in a drop in real output) amid six global...

This paper studies the role of insider trading in explaining cross-country differences in stock market volatility. It introduces a new measure of insider trading. The central finding is that countries with more prevalent insider trading have more volatile stock markets, even after one controls...

Market economy models differ in the degree of the power of the government vis-à-vis the market in the economy. Under the classications set forth by Glaeser and Shleifer (2002, 2003), and Djankov et al. (2003), these market models range from those emphasizing low government intervention in the...

This paper presents an overlapping-generations general equilibrium model of efficient business cycles. It considers three types of goods in an economy: primary goods, intermediate goods and final goods. It shows that complete division of labour with business cycles and unemployment can be the...

This study demonstrates the importance of government corruption in shaping corporate finance patterns across countries. Corruption contributes to a more prevalent and higher degree of corporate equity ownership concentration and more reliance on bank financing in raising external finance. It...

The paper uses a dynamic equilibrium model to explain the concurrence of economic growth and business cycles. Introducing durable goods into a model with ex-ante identical consumer-producers and economies of specialized learning-by-doing, the author shows that when job-shifting costs, economies...