Individuals who vote in one election are also more likely to vote in the next. Modelling the causal relationship between consecutive voting decisions however is intrinsically difficult, as this positive association can exist due to unobserved heterogeneity (i.e. some fixed, but unobserved,...

One possible explanation for the unsatisfactory implementation of IMF conditionality has been attributed to the lack of credibility of the IMF threat of interrupting financial assistance in case of non compliance with the negotiated conditions. In this paper we suggest that such lack of...

The effect of innovations on employment at the firm level is theoretically ambiguous. The present paper analyses this relationship using panel data on German start-up firms as well as German patent data. It employs different indicators of patenting activity. By applying fixed-effects and...

This paper provides new international evidence on the relationship between dividend policy and insider ownership by analysing a sample of firms from countries characterised by an Anglo-Saxon tradition and a matching sample of companies from countries with Civil Law legal systems. We hypothesize...

This paper studies the relationship between investor protection, the development of financial markets and income inequality. In the presence of market frictions, investor protection promotes financial development by raising confidence and reducing the costs of external financing. Developed...