Current regulations require mutual funds to disclose their portfolio holdings twice yearly. For actively managed funds, disclosure tells the public which assets the manager views as undervalued. If other investors can copy the actively managed funds' investments without affecting asset values,...

In this paper, we investigate empirically the effect of two domestic airline alliances. We find that both alliances benefited consumers--average fares fell by about 5-7 percent after the creation of the alliances on those city pairs affected by the alliances; we find that total traffic increased...

On the day of their trial, a substantial number of felony defendants fail to appear. Public police have the primary responsibility for pursuing and rearresting defendants who were released on their own recognizance or on cash or government bail. Defendants who made bail by borrowing from a bond...

Regulators typically assume that public financial disclosure is necessary for the efficient functioning of capital markets. Economists recognize that other mechanisms, such as insurance, can mitigate problems that occur when buyers have less information than sellers. We examine whether public...

The effect of salaries on turnover and performance is analyzed for U.S. attorneys in office during the years 1969 through 1999. Lower salaries are shown to increase the turnover of U.S. attorneys, and higher turnover is shown to reduce output. Two features distinguish U.S. attorneys (chief...

This paper uses Social Security records to study internal migration in Spain. This is the first paper that uses this data source, which has some advantages with respect to existing data sources: it includes only job-seeking migrants and it allows to identify temporary migration. Within the...

Trust has been one of the central topics in organization research for the last years. Although the positive economic effects on the existence of trust relationships are relatively indisputable, the consequences for organizational design remain unclear. Against this background, the paper explores...

Agency theory emphasizes that separating ownership and control can lead to inefficiencies in corporations, but the literature on strategic delegation points out that the owner will profit from this separation due to advantages from self-commitment. In this paper, both literatures are combined....

El presente trabajo trata de evaluar los posibles efectos que, sobre diferentes agregados macroeconómicos, hogares, actividad productiva y precios, tendría una reducción de las cuotas empresariales a la Seguridad Social para una economía regional, concretamente la andaluza, adecuándolas a...