In their seminal work, The Calculus of Consent (1962), Buchanan and Tullock develop a decision model which embodies fundamental relation­ships relevant to institutional choices. However, the Buchanan-Tullock model remains "general," thus inviting others to specify details and to develop...

Using two alternative measures of expected inflation, this study investigates the impact of federal budget deficits on nominal long-term interest rate yields for the 1973.2-1995.4 period. Based on an open­ economy loanable funds framework, four instrumental variable esti­mates in first...

What would the true government expenditure and tax burden im­pacts of California's Proposition 4 likely be if it (or its equivalent) were enacted in all 50 states? What happened to actual state plus local government expenditures per capita over the period 1970-1976 is examined. Next, we examine...

Purpose To investigate the impact of the federal budget deficit (expressed as a per cent of the Gross Domestic Product, GDP) in the US on the ex ante real interest rate yield on Moody’s Baa-rated corporate bonds and to provide evidence that is both contemporary and covers an extended time...

Purpose – This study aims to analyze withdrawn shareholder proposals to gain insight into the role of shareholder proposals in the governance of public corporations. Design/methodology/approach – A cursory look at the data suggests that unions are the most likely group to withdraw proposals....