According to conventional wisdom, family ownership, which signals a lack of social capital and trust in an economy, may impede innovation. This argument, however, fails to recognize that modern family firms can benefit from capitalist institutions that promote innovation. Using a comprehensive...

Although quite a lot is known about the economics of war and conflict,rather less is known about the economics of peace. In this article we address the question - What are the major factors likely to lead countries toward peacefulness? We categorize these factors in three groups: economic,...

Although quite a lot is known about the economics of war and conflict,rather less is known about the economics of peace. In this article we address the question - What are the major factors likely to lead countries toward peacefulness? We categorize these factors in three groups: economic,...

type="main" <p>Any adequate position on allocating rights over natural resources will recognise that as well as the general claims we have over them (simply as human beings), there are also often special claims, based on the ways in which we have improved them, perhaps, or become attached to...</p>

The doctrine of permanent sovereignty over natural resources is a hugely consequential one in the contemporary world, appearing to grant nation-states both jurisdiction-type rights and rights of ownership over the resources to be found in their territories. But the normative justification for...

This study investigates the relation between the use of compensation consultants and CEO pay levels. Using new proxy statement disclosures from 2,116 companies, we examine claims that pay is higher in clients of compensation consultants, and test whether any pay differences in users and...

This study estimates chief executive officers' (CEO) subjective valuation of their equity holdings using their revealed preferences conveyed by their decisions to hold or exercise their stock options and to hold or sell their equity shares. Using a random utility framework, I find that the...

Although stock options are commonly observed in chief executive officer (CEO) compensation contracts, there is theoretical controversy about whether stock options are part of the optimal contract. Using a sample of Fortune 500 companies, we solve an agency model calibrated to the...