Does auditor independence increase the quality of financial disclosures, and is regulation necessary to realize such improvements? Conventional wisdom answers "yes!," but lacks support from scholarly studies. We thus investigate whether auditor independence affects earnings quality in ways that...

Dino Falaschetti and Michael Orlando unify the treatment of the many deeply related topics in money and banking in this wide-ranging book. By continually building on the assumption that economic actors are maximizers, they explain how monetary and financial services, as well as related...

Conventional wisdom warns that unaccountable political and business agents can enrich a few at the expense of many. This title intends to find statistical evidence and case study illustrations that democratic institutions at various governance levels have facilitated opportunistic gains for...

Individuals attempting to supply themselves with public goods face well-known free-rider problems. Since at least Hobbes, social scientists have claimed that an `external agent' is necessary to check these problems and thus sustain efficient outcomes in political economies. Contributors to the...

Scotchmer showed how a sex difference in risk taking can cause promotional patterns to differ across sexes, even if discrimination is absent and ability is identically distributed ex ante. In her model, (1) winner-take-all promotions favor risk-taking males, but (2) promoted females enjoy...

Private investment increases in a cross-country panel when formal institutions (e.g., term limits) do not constrain executives' planning horizons. This evidence is consistent with institutions that encourage reputation-building checking opportunistic incentives and extends evidence from domestic...

Dino Falaschetti and Michael Orlando unify the treatment of the many deeply related topics in money and banking in this wide-ranging book. By continually building on the assumption that economic actors are maximizers, they explain how monetary and financial services, as well as related...

Conventional wisdom warns that unaccountable political and business agents can enrich a few at the expense of many. But logically extending this wisdom implies that associated principals – voters, consumers, shareholders – will favor themselves over the greater good when ‘rules of the...