"We analyze the optimal combination of promotion tournaments and linear individual performance pay in an employment relationship. An agent's effort is nonobservable and he has private information about his suitability for promotion. Thus, the two incentive schemes need to be combined to serve...

Civil liability is becoming an important instrument in the field of competition policy to guarantee compensation of victims of anticompetitive behaviors and to increase the effectivity of punishment (i.e. deterrence). In 2008 the White Paper on Antitrust Damages Actions, new possibilities for...

This article discusses the role of the law in the structures of corporate governance and in the development of financial markets. It puts in evidence the effects of legal rules in performances of financial systems in common law and civil law countries. Relation between protection of investors...