The outbreak of COVID-19 has a huge negative impact on the firms’ business activities. This paper investigates the effects of COVID-19 pandemic on corporate investment and firm value from the real option perspective. Based on the real-option based model (ROM) proposed by Zhang (2000), we find...

In this book, Yi Feng combines political and economic analyses to study the effects of political institutions on economic performance. Traditionally, political scientists disregard details of economic conditions, while economists may not take into consideration a systematic explanation of...

This paper presents a formal model that characterizes the two faces of development - persistent poverty, as well as industrialization and rising incomes - and establishes that the interaction between politics and economics determines which path a nation travels. We demonstrate that political...

This article examines the history, trends, geographical and sectoral preferences, and policy issues of foreign direct investment (FDI) in Russia. Most of the obstacles to FDI in Russia are institutional. The following institutional aspects are reviewed: government restrictions, trade-related...

This essay reevaluates "Regime, Polity, and Economic Growth: The Latin American Experience," published in "Growth and Change" 26 (1995): 77-104. Particularly, it reexamines three issues: data, estimation, and research design. Furthermore, it retests the same model with the same data through...

In this essay, we have developed a rational choice model to study the transition to democracy. Such a model implies that the change or maintenance of a political system is the result of rational decisions by individuals, interest groups, and political parties under specific constraints. Our...

This article investigates the existence of the collective action problem among the Arab countries neighboring Israel. The central issue is the time-series pattern of their military expenditures. The collective action framework (Olson, 1971) provides a theoretical guidance for hypothesis testing....