This paper analyzes theoretically and empirically the likely impact of the reduction in exchange rate uncertainty, due to European Monetary Union accession, on the intensity of foreign direct investment (FDI) inflow into candidate countries. Theoretical models give an ambiguous picture of how...

In this paper, we study the impact of fiscal rules, in the form of explicit deficit or debt constraints, on fiscal policy volatility. The main motivation behind this research is, on the one hand, a negative and robust correlation of fiscal policy volatility and long run growth documented in...

The three “spheres” of society (governments, markets, and communities) are widely acknowledged yet the overall organization is analyzed only rarely, and interactions between the spheres have perhaps never been modeled. Fiske’s four relational models (community-sharing, authority-ranking,...

The literature on nation-building and nationalism suggests that nation-building affects economic and political performance, mitigates the problems associated with ethnic hetero- geneity, but that nationalism, an indicator of successful nation-building, is linked to dismal performance via...

We examine a central result in corporate finance – the Modigliani-Miller capital structure irrelevance proposition – from a Coasian property rights perspective. Building upon the work of Coase, Demsetz and Cheung, we develop an enabling methodology to study the impact of positive Coasian...

The paper analyzes stock-price reactions to stock recommendations published in printed Swedish media and also trading volumes at and around the publication day, bid/ask spreads, and the post-publication drift in recommended stocks for the period 1995-2000. Its small size and limited number of...

There is a danger that the CDM will fail to live up to its goals, namely reduction of greenhouse gas emissions and enhanced sustainable development. Sustainability labeling is a promising strategy to hedge against such failures. Labels could also serve as a business risk-hedging tool. The...

There are several factors that may contribute to the decision to send a child to work, such as poverty, market imperfections and parental preferences. The aim of this paper is to determine empirically the relative importance of these diverse factors on the incidence of child labor in rural...