This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct...

Campaign expenditures are not effective in increasing candidates' vote shares if voters do not respond to the advertisement when they believe that campaign expenditures are financed with "tainted money". In this situation, limiting contributions may reduce the number of policy favors that...

Campaign expenditures are not effective in increasing candidates vote shares if voters do not respond to the advertisement when they believe that campaign expenditures are financed with tainted money. In this situation, limiting contributions may reduce the number of policy favors that...

Certificate-of-need (CON) laws restrict entry into health services by requiring healthcare providers to seek approval from state healthcare regulators before making any major capital expenditures. An important question is whether CON laws influence the quality of medical services in CON law...

Certificate-of-need (CON) laws restrict entry into health services by requiring healthcare providers to seek approval from state healthcare regulators before making any major capital expenditures. An important question is whether CON laws influence the quality of medical services in CON law...

Most industrialized countries have increased access to abortion over the past 30 years. Economic theory predicts that abortion laws affect sexual behavior since they change the marginal cost of having risky sex. We use gonorrhea incidence as a metric of risky sexual behavior. Using a panel of 41...

Considerable concern has been expressed in recent years about declines in voter participation rates in the United States and in several other major democratic countries. Some feel low participation rates introduce a class bias into the political process and thereby worsen the outcomes from it....

This paper examines the importance of electoral rules for legislators' behavior. The German electoral system includes a mechanism which assigns whether legislators are elected under the first-past-the-post (FPTP), or the proportional representation (PR) electoral rule. Using this institution, we...

Campaign expenditures are not effective in increasing candidates' vote shares if voters do not respond to the advertisement when they believe that campaign expenditures are financed with tainted money. In this situation, limiting contributions may reduce the number of policy favors that...

Substantial academic interest and public policy debate centers on campaign finance reform. Campaign resources can provide benefits to constituencies if candidates use them to fund the distribution of useful information. On the other hand, voters can potentially be harmed if candidates trade...