This case study is a part of the research project "The Unexpected consequences and impacts of the regulation of markets" which is financed by the Hungarian Scientific Research Fund. It deals with the conditions and impacts of the implementation of the Law CXXIV (2012) which radically changed the...

This paper provides a new interpretation of the early rise of rating agencies in the United States (initially known as Mercantile Agencies). We explain this American exceptionality through an inductive approach that revisits the conventional parallel with the UK. In contrast with earlier...

Over the past decade, the growth potential of the Hungarian economy has declined substantially. Trend productivity has ceased to increase, and investment has fallen to historically low levels. To an important extent, the explanation lies in a business environment characterised by high...

Governments in the EU frequently bail out firms in distress by granting state aid. I use data from 86 cases during the years 1995-2003 to examine two issues: the effectiveness of bailouts in preventing bankruptcy and the determinants of bailout policy. The results are threefold. First, the...

Tests und Vergleiche von Gütern und Dienstleistungen sind mittlerweile weit verbreitet. Würde der einzelne Verbraucher den Vergleich selbst durchführen, wäre dies mit hohen Kosten verbunden, institutionelle Tests bieten demgegenüber eine gute Informationsmöglichkeit. Die...

A long-standing ideology in business education has been that a corporation is run for the sole interest of its shareholders. I present an alternative view where increasing concentration of economic activity and power in the world's largest corporations, the Global 1000, has opened the way for...

Transnational regulatory networks play important roles in multi-level regulatory regimes, as e.g, the European Union. In this paper we analyze the role of regulatory networks from the perspective of the economic theory of legal federalism. Often sophisticated intermediate institutional solutions...

This paper examines the economic consequences of institutional investors outsourcing research and voting decisions in public company elections to proxy advisory firms. We investigate the implications of these decisions in the context of shareholder say-on-pay voting required in 2011 under the...

This Closer Look illustrates the relation between executive compensation and organizational risk through the context of the financial crisis of 2008. We demonstrate that the incentives that bankers had to increase firm risk not only increased but increased substantially in the years preceding...

We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when the latest technology is readily available, capital markets...