's most diverse ecosystems. The prevalence of illegal forest extraction in the tropics suggests that understanding the … incentives of local bureaucrats and politicians who enforce forest policy may be critical to combating tropical deforestation. We … find support for this thesis using a novel satellite-based dataset that tracks annual changes in forest cover across eight …

liquidity and certification agencies to become aggressive competitors in a new speculative grade market. …

Standard & Poor's provides corporate governance ratings to firms who can, upon learning those, decide to reveal them or … uncertain of their quality at the time of hiring a certification intermediary and if the decision to get a rating is not …

convince consumers of the high quality of its products. Alternatively, a firm can rely on external certification of the quality … external certification. We also show that the potential to signal quality is improved if consumers condition their beliefs on … the source of information, namely whether information comes from external certification or from random detection. …

Who does, and who should initiate costly certification by a third party under asymmetric quality information, the buyer …--induced certification acts as an inspection device, whence seller--induced certification acts as a signalling device. Seller …--induced certification maximizes the certifier's profit and social welfare. This suggests the general principle that certification is, and …

-profit entrepreneurs: kings, lords, or mafia dons. Though self-governance is best for the population, it faces problems of long …

Recent events in several countries have underscored the importance of good governance in private occupational pension …. Under complete contracting, governance can be shown to be neutral: DC and DB plans differ only on risk allocation. If …

shareholders) engage in corporate governance. In classical models, blockholders exert governance through direct intervention in a … governance by extracting private benefits of control or pursuing objectives other than firm value maximization. I highlight the …