The objective of this paper is to study the relationship between the demand for human rights and the demand for economic prosperity from the “exit” perspective, looking at migration patterns. We investigate intra-national migration in India, which is a federation of various states that...

The aim of the paper is to explicitly disentangle the role of political and cultural boundaries as factors of fragmentation of economies within large countries. On the one hand, local protectionism plays a substantial role in many federations and decentralized states. On the other hand, if the...

This paper presents a new value at risk (VaR) estimation model for equity returns time series and tests it extensively on Stock Indices of 14 countries. Two most important stylized facts of such series are volatility clustering, and non-normality as a result of fat tails of the return...

This paper investigates the role of boards in founder-managed firms with concentrated ownership in emerging markets. The existing literature suggests that this type of company, even if they decide to recruit high-profile individuals as directors, rarely empowers the boards in the corporate...

This note presents a simple model of how resource rents can affect economic growth of a region of a centralized country, where sub-national governments have no authority over resource industries. The growth effect of resources appears to be conditional on the quality of institutions in the...