paper studies the effect of heterogeneity in MRL regulation on bilateral trade. We find evidence of regulatory heterogeneity … diminishing trade at the extensive margin when the exporter faces more stringent regulation abroad, suggesting compliance costs in … informative effect of such regulation. …

be liberalization, this article finds out that it is the inadequate regulation that played an important role. In order to …

to the implementation of different regulatory mechanisms (cost plus vs. incentive regulation) and also to firm ownership … subject to incentive regulation smooth their dividends less than firms subject to cost plus regulation but also present higher … target payout ratios; thus suggesting that incentive regulation leads firms to a dividend policy more responsive to earnings …