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...

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...