We investigate the effects of uncertainty and concomitant risk aversion as they impact the incentive structure and subsequent operation of an emissions permit market modeled after the U.S. S02 market. Our theoretical results suggest that uncertainty dulls incentives to achieve cost savings...

Evolving environmental laws have expanded the number of agents with legitimate environmental property rights. Injunctive remedies to increasingly contested exchanges affect the value of the right itself, and therefore the behavior of potentialt raders. Recent amendments to New Mexico Water Law...

Purpose – To describe the 5th May 2006 ECOFIN conclusions on supervisory convergence and explain why they represent a new departure for European financial services work. Design/methodology/approach – The article outlines the 6th 2006 ECOFIN conclusions relating to supervisory convergence. It...

Our working hypothesis is that cross-cultural differences in tax compliance behavior have foundations in the institutions of tax administration and citizen assessment of the quality of governance. Tax compliance being a complex behavioral issue, its investigation requires use of a variety of...

The use of equity-based compensation is an increasingly popular means by which to align the incentives of top management with that of the shareholders. However, recent theoretical and empirical research suggests that the use of equity-based compensation has the unintended consequence of creating...