The effectiveness of market discipline - the strong built-in incentives that encourage banks and financial systems to operate soundly and efficiently - commands much attention today, particularly in light of recent accounting scandals. As government discipline, in the form of regulation, seems...

We study how deregulation of corporate law affects the decision of entrepreneurs of where to incorporate. Recent rulings by the European Court of Justice (ECJ) have enabled entrepreneurs to select their country of incorporation independently of their real seat. We analyze foreign incorporations...

This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, on engagements with management in companies targeted by its UK Focus Fund. In contrast with most...