This paper studies the role of a large trader in a dynamic currency attack model based on Abreu and Brunnermeier (2003), who study stock market bubbles and crashes in a dynamic model with a continuum of rational small traders. We introduce a large trader into their model and apply it to currency...

We examine the extent to which Canadian firms complied with domestic corporate governance best practice guidelines and U.S. corporate governance law including the Sarbanes-Oxley Act. We ask whether voluntary compliance under both regimes occurred and whether cross-listing status and ownership...

In this paper I have tried to make the simple point that the shareholder's problem is a collective choice problem. Because of Arrow's Possibility Theorem we must draw the pessimistic conclusion that under very general institutional arrangements there is no Arrow constitution for the firm. Of...

Ross Starr (1973) demonstrates that a competitive equilibrium, while ex ante Pareto efficient, may not be ex post efficient. The authors contend that an implicit second-best issue requires that this assertion be substantively qualified. Specifically, the ex ante efficiency concept is second...