Deregulation provides a natural experiment for examining how governance adapts to structural changes in the business environment. We investigate the evolution of governance struture -- ownership concentration, compensation policy, and board composition -- in the U.S. airline industry during a 22...

This paper reveals the important micro role of the price-wage control policies at the early stage of the liberalization in the "real- adjustment" of the transitional economy. It demonstrates that, with labor immobile at the initial stage of the liberalization, a strict control on the price of...

This paper argues that the experiences with banking crises in Latin America have been different from those in the industrial world because of the peculiarities of Latin American financial system. Hence, applying the lessons from crisis resolution in the industrial world is not sufficient to deal...

The paper explores the monitoring by 'external Names' (the principals) of 'working Names' (their agents) in the Lloyd's insurance market of the 1970s and early 1980s. The market was relying heavily on external Names to finance its rapid growth; and these principals were dependent upon their...

In the UK, domestic customers must be able to terminate energy contracts at 28 days’ notice. This has been seen as a transitional protection for customers and for competition. This paper reviews the arguments for and against the 28 day rule, and examines the extent to which UK suppliers have...