"Separation of ownership and control" is a phrase whose history will forever be associated with Adolf A. Berle and Gardiner C. Means' The Modern Corporation and Private Property (1932), as well as with Institutionalist economics, Legal Realism, and the New Deal. Within that milieu the large...

Governments have a substantial influence on the allocation of resources in setting the rules of the game of financial markets. However, up to now, institutional economics and the theory of financial markets are totally separated research areas. To close this analytical gap, our paper connects...

This paper is a piece for contributing to the sustainable European stake in order to interlock financial systems with the objectives of the 2030 Agenda (the UN’s SDGs). It is intended to be used as a platform for discussion between risk management practitioners in the financial industry and...

We introduce a new methodology to categorize institutional herding tendency and direction, that enhances the precision with which herders are identified at the institutional level. The herders are the ones that follow the crowd both on the buy and sell trades, whereas anti-herders are the...

This study examines a real case scenario using real data under the assumption of a long-term investment horizon. We examine the Dollar Cost Average, Cost Average Plan (CAP) in our case, and attempt to ascertain whether it could prove beneficial for an investor that does not have a significant...

This note compares three different investment strategies for long-term investment plans: a Cost Average Plan (CAP), a monthly deposits plan, and the Buy and Hold strategy. Using data from January, 2003 to December, 2022 from four European Monetary Union countries, France, Germany, Spain and...

This paper presents and explains the newly rediscovered and transcribed daily market gold price from 1919-1968 for the world's main gold market during the period, the London Gold Fixing Auction. The paper highlights several novel features previously not discussed in the literature, such as gold...

This paper shows that the impact of credit supply on economic activity is conditioned by banks' equity distribution. Using a myriad of publicly available data on bank's balance sheet, and mortgage and business lending from the United States, we offer novel empirical evidence on how changes in...

The modern science of industrial organization grew out of a debate among lawyers and economists in the waning years of the nineteenth century. For Americans, the emergent business "trust" provoked a dialogue about how the law should respond. Many of the formal theories of industrial...

State-contingent government debt has been proposed as a way to reduce costly debt crisis. However, markets for this type of debt remain very limited, for reasons that are not yet fully understood. This paper describes a new database covering state-contingent government debt issued between 1863...