The international financial system has achieved a radical change in the last twenty years. From the so called Commodity Exchange, which is recognized as the origin of the financial system and even of the derivative one by the economic literature since 1500, to Black & Scholes (1973a) and...

The subject of the analysis circumscribes to the possibility of applying the principles of the doctrine piercing the corporate veil in the Romanian legal system, which has not yet met a unified legislative approach regarding the extension of shareholders’ liability. Starting from the legal...

This paper assesses if legal origin explains domestic, foreign, private and public investments through financial intermediary channels of depth, efficiency, activity and size. The findings show that legal origin matters in the finance-investment nexus, though its ability to explain aggregate...

Contrary to mainstream consensus on the dominance of English common law countries in investment prospects, this paper sets a new tone in the legal origins debate by providing empirical validity on the dominance of French civil-law countries in private investment. The assessment is based on 38...

In response to the increasing impact of laws and regulations, several governments have introduced economic analysis as a way of improving regulatory decision making. This paper provides the first comprehensive assessment of government-supported economic analysis of laws and regulations. It also...

The starting point of the theory of contracts coincides with the Roman era, but the moment related to the strengthening of the contract theory is the "social contract". Another episode relevant to this theory is represented by the trend "institutionalism". The institutional value has...

We set up an experiment to study whether disclosure of the advisor's interests can foster truthfulness and trust. We measure how advisors expect decisionmakers to react to their advice in order to distinguish between strategic and moral reactions to disclosure by advisors. Results indicate that...

The legal evaluation of the penalty interest, meaning the ex lege determination of its level is applicable only in the case of non-fulfillment of a monetary payment obligation. The applicability of the system of legal evaluation of the interest is generally determined by the absence of a...

Patients suffering orphan diseases are less likely to receive a treatment than patients suffering diseases of high prevalence. Legislators in Europe and the USA aim to provide incentives for research, development and placing on the market of designated orphan medicinal products. In the paper, we...