Scholars define the rule of law in many different ways, but they generally agree that it requires at least two elements: one, that the ruler be subject to, or at least not above, the law; and two, that the law be applied equally, or at least equitably, to all members of society.The received...

How do corruption and the state apparatus interact, and how are they connected to the political and economic dimensions of state capacity? Motivated by historians' analysis of powerful empires, we build a model that emphasizes the corrosive effect of corruption on state power. Under general...

Banks, financial statement users, and accounting standard setters have long disagreed on the informativeness of banks' statements of cash flows (SCFs) and there is a lack of relevant evidence in the literature. This paper examines the informativeness of the SCFs of U.S. commercial banks in two...