This paper identifies several distortions which create barriers to entrepreneurship. First, in addition to the innate entry cost, there are entry costs caused by regulation. Second, union wage policies raise the opportunity cost of entrepreneurship. Third, inefficiencies in the transmission of...

The operative order in the case, titled Bangalore Club v. Commissioner of Wealth Tax & Anr., is welcome. But the pleasant reception cannot possibly extend to the ratio it is premised in. This perplexing opinion is based on the repeated attempts by income and wealth tax authorities to invade the...

Theories of CSR value under a real-option framework suggest that the payment of dividends serves as an opportunity cost. Two resulting predictions are that: 1) the payment of dividends restricts the ability to spend on CSR and 2) the value of CSR spending is lower for dividend paying firms. We...