We find that firms with a corporate general counsel in top management (TMC) are less likely to pay dividends, and for such firms that do pay dividends, the dividend payouts are lower. Our results hold addressing both endogeneity concerns and selection biases. We also find that the presence of a...

We build a model of cross-border pollution between two large open economies, one importing the polluting good and the other exporting it, and derive their non-cooperative trade and environmental tax policies. We show among other things, that (1) in response to a bilateral reduction in trade...

This paper examines the optimal capital tax policy under quantitative import constraints, and international capital tax credits. for a small capital-importing country, the optimal capital tax equals the foreign tax under a quota, and equals or exceeds the foreign tax under a VER. For a small...

This paper develops a general equilibrium trade model to examine for a small capital-importing and a small capital-exporting country the employment and welfare effects of capital and wage taxes. The supply of capital is variable due to international mobility, while the supply of labour is...

This paper builds a small open economy trade model where there is pollution from the production and consumption of goods. In the presence of production and consumption pollution, we examine a piecemeal consumer-price-neutral reform of the tariff and consumption tax and a piecemeal...

Traditional customs union theory concludes that trade creation enhances welfare. Thus, Yu's (1982) conclusion that trade creation may decrease welfare in the presence of general unemployment is an important observation. Parai and Batra (1987) reestablish the traditional results in the...