This paper contributes to the empirical finance-growth literature by examining the relationship between financial depth, banking sector development, stock market development and economic growth in China. After an extensive survey on recent financial reforms in China, we apply Granger...

We argue in this paper that a more active market for corporate control may weaken the takeover threat. We show that an increase in the number of potential raiders tends to decrease the probability of a takeover. This in turn weakens managerial incentives. The lower managerial effort level that...

It is well known that the productivity growth in Europe is slowing down, against an increasing growth rate in the US. The Netherlands is one of countries in Europe with the lowest growth rates of productivity. This paper presents the results of a growth accounting exercise applied to regional...

In this paper I derive a complete characterization for the equilibria that may arise in a binary choice interaction model with a ?nite number of interacting agents. In particular, the correspondence between the interaction strength, the number of agents and the set of equilibria is derived.

This paper exploits several unique institutional features in the Dutch system of corporate control to examine the relations among investor protections, concentrated ownership, and firm performance. Four conclusions emerge. First, controlling shareholders do not appear to ameliorate corporate...

Most industrialized countries entered the 1980s with their public finances in disarray. At the time, persistent deficits pushed up public debt-to-GDP ratios. Despite such similarities, deficit spending varies substantially between countries and within countries over time. Recent theoretical and...

For centuries, there have been discussions as to whether only experts can judge the quality of cultural output, or whether the taste of the public also has merit. This paper tries to resolve that question empirically, using national finals of the Eurovision Song Contest. We show that experts are...

Recent contributions to growth theory stress the importance of localized innovation for the performance of more backward countries. In earlier papers, analyses by means of DEA techniques confirmed this intuition. In this paper, we extend this type of analysis by relaxing the macroeconomic...

Recent decades have witnessed major changes in the market for European soccer. The most profound were the Bosman ruling, which lifted restrictions in the European labor market for soccer talent, and the introduction of the Champions' League, a high-profile international competition that...

Abstract We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called...