This paper argues, both theoretically and empirically, that sometimes no security law may be better than a good security law that is not enforced. The first part of the paper formalizes the sufficient conditions under which this happens for any law. The second part of the paper shows that a...

In a country where individualism is not valued, we ask whether the CEO (shacho) of a Japanese corporation affects corporate behavior. To answer this question, we construct a shacho-firm matched panel data set in the period 1990 through 2002 of all listed 1,419 Japanese manufacturing firms and...