Insider trading may alleviate financing constraints by conveying value relevant information to the market (the information effect) or may exacerbate financing constraints by impairing market liquidity and distorting insiders' incentives to disclose value-relevant information (the confidence...

Using non-parametric Data Envelopment Analysis, this paper suggests that the era of financial repression in developing countries, by providing policy-induced competitive advantages to domestic banks, may create liability of foreignness for foreign banks that impeded their resource utilisation....

We examine the role of social capital in explaining the highly unequal regional distribution of carcinogenic waste releases in the US. Our model suggests that social capital, by enabling information sharing and coordination among community members, decreases firms’ toxic releases. Our...

We provide novel evidence about herd behavior and its impact on asset price bubbles in an experimental financial market. We find that traders imitate quotes of those with highest wealth increases as ranked in the leader-boards, despite that no traders possess private value-related information...

Social and economic infrastructure are essential for economic development. However, over the last three decades, many infrastructure projects in developing countries have failed. These failures raise the question as to the role of governments in the provision, and longevity, of much needed...

In the early 1990s, India and Pakistan introduced a series of financial liberalisation initiatives aimed at increasing the productivity of their financial services sector. Against a background of unprecedented change, which these initiatives heralded, the paper applies a DEA-type Malmquist total...