Abstract Currently, management devolution and engagement of local stakeholders - expected to have better information - is seen as key to effective environmental management. Often, the absence of clear property rights and/or supporting market institutions leaves management decisions to a...

Abstract Currently, management devolution and engagement of local stakeholders - expected to have better information - is seen as key to effective environmental management. Often, the absence of clear property rights and/or supporting market institutions leaves management decisions to a...

Nearly any standard financial model concludes that two assets with identical cash flows must sell for the same price. Alas, closed-end mutual fund company share prices seem to violate this fundamental tenant. Even when one considers several standard frictions, such as taxes and agency costs,...