We show how the prospect of disputes over firms' revenue reports promotes debt financing over equity. These findings are presented within a costly state verification model with a risk averse entrepreneur. The prospect of disputes encourages incentive contracts that limit penalties and avoid...

Do factor endowments explain serfdom? Domar (1970) conjectured that high land-labor ratios caused serfdom by increasing incentives to coerce labor. But historical evidence is mixed and quantitative analyses are lacking. Using the Acemoglu-Wolitzky (2011) framework and controlling for political...

In this paper, we show that a concept of aggregation can hold in network games. Breaking up large networks into smaller pieces, which can be replaced by representative players, leads to a coarse-grained description of strategic interactions. This method of summarizing complex strategic...

Increased pollution leads to a constant decrease of drinking water quality worldwide. Due to safety concerns, unpleasant taste and odour only about 3% of the population in South Korea is drinking untreated tap water. The present study uses choice experiments and cost-benefit analysis to...

This paper investigates profit-shifting behaviour among a large sample of multinational corporations (MNCs) in China. While profit-shifting behaviour is difficult to observe directly, it can be inferred from the behaviour of firms. That is the approach taken by Egger, Merlo, and Wamser...

The G20 can ensure a secure, resilient, sustainable and responsible digital economy, especially in the financial sector, by removing vulnerabilities in Internet infrastructure, encouraging cross-border cooperation, providing guidance to telecommunications regulators and implementing norms...

The authors explore the link between the systems approach to sustainability and the 17 Sustainable Development Goals (SDGs), which were formally adopted by the UN in 2015. The systems approach depicts sustainable development as the intersection of the goals attributed to three interlinked...

The motivation for sustainable development is universal but strides to achieve it have been mixed in the literature with some schools of thought's position that economic growth is anti-sustainable development. The crux of this study is to examine the coordinating role (as engine) of human...