This article shows that investors financing a portfolio of projects may use the depth of their financial pockets to overcome entrepreneurial incentive problems. Competition for scarce informed capital at the refinancing stage strengthens investors' bargaining positions. And yet, entrepreneurs'...

Advances in information and communication technology and especially the Internet have increasingly facilitated the provision of services across national borders. To a growing extent, foreign trade in services is also indispensable to the proper functioning of international value-added chains in...