Recent revisionist accounts of corporate governance in both business history and finance are challenging the tradition narrative, associated with Berle and Means (1932) and Alfred Chandler (1977), in which the American model of diffuse ownership and coherent diversification is both an inevitable...

We use a copula approach to investigate the effect of uncertainty on crude- oil returns. Using copulas to construct multivariate distributions of time- series data permit the calculation of the dependence structure between the series independently of the marginal distributions. Further, we...

From the perspective of an existing retailer, the optimal size of a cluster of retail activity represents a trade-off between the marginal increases in consumer attraction from another store against the depletion of the customer base caused by an additional competitor. We estimate opening and...

The input-output bundle of an efficient decision making unit (DMU) is located at a specific point on the frontier of the production possibility set. Returns to Scale (RTS) at this point can be unequivocally characterized. For an inefficient DMU, however, the input- and output-oriented...

This paper examines the effects of low-skilled immigration on the work and fertility decisions of high-skilled women born in the United States. The evidence we present indicates that low-skilled immigration to large metropolitan areas between 1980 and 2000 lowered the cost of market-based...

The paper investigates alternative policies to regulate emissions from polluting product markets, specifically considering the case of the automobiles market. The two policies we consider are: a quota that limits the quantity produced of the polluting model and a more flexible average efficiency...

Tax motivated takings are takings by a local government aimed purely at increasing its tax base. Such an action was justified by the Supreme Court's ruling in Kelo v. New London, which allowed the use of eminent domain for a private redevelopment project on the grounds that the project promised...

Criminal procedure concerns the rules regarding the treatment of criminal defendants during the time from their arrest until the determination of a final verdict. From an economic perspective, the goal of this process is to achieve the most accurate determination of guilt at the lowest possible...

Almost a decade ago, Paul Milgrom and John Roberts (1988, p. 450), two of the leaders in the formalist branch of the New Institutional Economics, made the following observation. "The incentive based transaction costs theory has been made to carry too much of the weight of explanation in the...

Because the demographic composition of todays immigrants to the US differs so much from those of natives, immigrants may be less likely to socially integrate into U.S. society, and specically less likely to marry natives. This paper explores the relationship between immigrants' marriage patterns...