We consider the design of an optimal voting system when voting is costly. For a private values model with two alternatives we show the optimality of a voting system that combines three elements: (i) there is an arbitrarily chosen default decision and non-participation is interpreted as a vote in...

This paper examines the determinant factors of going public decision of the Indian firms. Both pre IPO and post IPO factors are identified. Pre IPO factors are identified by comparing pre IPO characteristics of public firms with that of private firms using a probit regression model. Post IPO...

This paper is a case study of the Republic of Macedonia (Southeast Europe), which focuses on examining governance and enterprise restructuring. Governance and enterprise restructuring is already defined indicator in EBRD’s studies and transition reports, measuring the effective corporate...

India has been continually attracting massive foreign investments since the opening up of its economy with a series of liberalization policies in the early 1990s. This inward FDI plays an important role in the Indian economy as a financier of her BOP. However in recent years, India has been fast...

R&D is considered to be the main source of innovation. We argue that R&D is too broad a measure, including activities differing in purposes, culture, people, management and other features. However, empirical studies have not analyzed them separately, mainly due to the lack of data. Using...

Over the course of the 20th century American wages increased by a factor of about 100, while the wages of professional baseball players increased by a factor of 450, but that increase was neither smooth nor consistent. We use a unique and expansive dataset of salaries and performance variables...

We model an interaction between an informed sender and an uninformed receiver. As in the classic cheap talk setup, the informed player sends a message to an uninformed receiver who is to take an action which affects the payoffs of both players. However, in our model the sender can communicate...

This paper looks at the integration of regions and nations through the prism of the merger of populations. The paper employs a particular index of social dismay. It presents examples of two of the main results arising from the study of the merger of two populations: that the social dismay of an...

Penalized splines are widespread tools for the estimation of trend and cycle, since they allow a data driven estimation of the penalization parameter by the incorporation into a linear mixed model. Based on the equivalence of penalized splines and the Hodrick-Prescott filter, this paper connects...

This paper investigates the long run relationship between oil prices and stock prices for India over the period April 2000- June 2011. We employ Auto Regressive Distributed Lag (ARDL) Model that takes into consideration the long run relationship. The results obtained suggest that volatility of...