This paper shows how a financial institution can profit from the development of financial products even if they are unpatentable.

The main purpose of this paper is to provide a critical overview of the recent empirical contributions that use cross country data to study the effect of product market regulation and reform on a country’s macroeconomic performance. After a brief review of the theoretical literature and of...

The paper discusses the function of law in the formation of global financial markets and how this process affects at the same time the traditional concept of law. The examples used to illustrate this point include the prohibition of insider trading, the battle over accounting standards, the...

Important conclusions of the paper are that contrary to theoretical expectation, regulation on rate of return to capital (RORC) did not result in a greater than optimal degree of capital intensity of production of firms. Firms also had an incentive in terms of an increase in profit margin (PTM)...

A basic question for the design of bankruptcy law concerns whether value should be divided in accordance with absolute priority. Research done in the past decade has suggested that deviations from absolute priority have beneficial ex ante effects. In contrast, this paper shows that ex post...

In the absence of owners, how effective are the constraints imposed by the state in promoting effective firm governance? This paper develops state-level indices of the legal and reporting rules facing not-for-profits and examines the effects of these rules on not-for-profit behavior. Stronger...

This paper revisits, modifies, and combines elements of three major ‘institutional’ international-trade models, none of which has yet fully received the attention that it deserves, to provide a new explanation for the growth, decline, and then rebirth of internationally-oriented fairs in the...

In corporate restructuring under Chapter 11, an asset valuation is a central task for both legal and financial reasons. In the area of intangible assets, however, generally accepted accounting principles (GAAP) do not reflect internally-generated assets such as brands, trademarks, and other...

The paper is divided into three parts. The first part, regarding the preliminary aspects, contain an overview of the commercial and non-commercial professionals, in the New Civil Code provisions. The second part defines the concept of professional and the concept of enterprise as a systemic...

We show that when the researcher’s (observable but not contractible) contribution <p> to innovation is crucial, a covenant not to compete (CNC) reduces e.ort and profits <p> under both spot and relational contracts. Having no CNC allows the researcher to <p> leave for a rival. This alleviates a...</p></p></p>