We examine the causal effect of natural resource discoveries on income inequality using the synthetic control method on data from 1947 to 2009. We focus on the natural discoveries in Denmark, Netherlands and Norway in the 1960-1970s and use top 1% and top 10% income share as the measure of...

Ukraine must first win the war. But if it can successfully expel Russia from all of its territories, it needs to accelerate its post-Maidan, pre-war tempo of reforms. Ukraine must build what it has long been lacking: the rule of law. In order to do this, it must build the rule of law from...

The two-dimensional value chain model has served business theorists for decades. Yet, we know that integrated companies in emerging markets combine many dimensions of service and product to generate customer value. What does CP All teach us about the new "value web" concept? Using a simple...

How should wealth managers and private bankers find and serve the wealthy – particularly in developing countries? Several banks and consulting firms provide market sizing estimates for the number of high net worth and ultra-high net worth individuals. However, it is still an open question...

The volatility of financial markets has been a relevant topic for transition economies, as the countries of Central and Eastern Europe and the former Soviet Union have seemingly en-dured high levels of volatility in their financial sectors during the transition process. But what have been the...

Even efficient financial markets may break down under periods of prolonged stress, especially when the ramification of an event is unclear. Political violence is such an event, sending immediate signals about possible impact on firm valuations but unclear information about the future viability...

A stock exchange and the presence of functioning equity markets are part and parcel of an advanced market-based financial system. Previous research has also established that equity markets function more efficiently in the presence of supporting institutions such as property rights and rule of...