Social cohesion' and the 'social contract' are two related analytical concepts, which have become increasingly popular among researchers and practitioners. Both concepts help to understand and characterise societies and countries by shedding light on the relationships between members and groups...

“Social cohesion” and the “social contract” are two related analytical concepts, which have become increasingly popular among researchers and practitioners. Both concepts help to understand and characterise societies and countries by shedding light on the relationships between members...

This paper documents important differences in payment for order flow (PFOF), spreads, and price improvement across asset classes. In stocks, we show that PFOF is small. While many retail trades are executed off-exchange, we find that they receive meaningful price improvement, particularly when...

The paper documents important differences in payment for order flow (PFOF), spreads, and price improvement across asset classes. In stocks, we show that PFOF is small. While many retail trades are executed off-exchange, we find that they receive meaningful price improvement, particularly when...

After independence, energy and food subsidies became a cornerstone of the social contracts in the Middle East and North Africa (MENA) countries. Governments spent heavily to reduce poverty and strengthen their own legitimacy. However, as government rents faded, subsidy spending became...

This paper is concerned with three types of incentive programs. First, individual wage incentives that cause a worker's efforts to have a major effect on his pay. Second, group incentives in which the pay of an individual is determined by the output of a group of workers-a group can be as small...

This paper examined the bonus and wage behavior in Korea. We found that both bonuses and wages in Korea respond to economic conditions much more than their counterparts in Japan. This finding may reflect the fact that the Korean labor market is much closer to a spot market rather than a...

How do firms protect their human capital? We test whether firms facing an increased threat of being acquired strengthen their antitakeover provisions (ATPs) in order to bond with their employees. We use the adoption of the Inevitable Disclosure Doctrine (IDD) by US state courts, which...