This paper reexamines the issue of optimal capital income taxation in an endogenous growth model with overlapping generations. By assuming costly state verification for capital producing projects, we show that the presence of the information asymmetry creates inefficiency in the credit market by...

We analyze in this paper the growth and welfare consequences arising from the lack of auditing commitment in a credit market with costly state verification. Specifically, two endogenous growth models, of which one allows lenders to commit to costly auditing strategies to identify borrowers'...

This paper considers a setting in which the acquisition of human capital entails a change of location in social space that causes individuals to revise their comparison groups. Skill levels are viewed as occupational groups, and moving up the skill ladder by acquiring additional human capital,...

This empirical research paper draws evidence from a database of UK independent private companies (n=250) and reports on the financial aspirations of owner-managers of family firms with respect to the flotation route. Following a brief review of the literature, the paper proceeds with an...

Family businesses and business families existed long before the genesis of historians and economists. In most economies, family business is estimated to represent over two–thirds of all enterprises and accounts for about half of the economic activity and private employment contributing to the...