Six main characteristics of an economic order are discussed and empirically evaluated for the case of Slovenia. All of them pertain to the institutional setting ab urbe condita; they comprise the legal and jurisdictional situation, the role of private property, the institutionalised strive at...

Nicht nur Politik und Gesetzgebung, sondern auch Gerichte greifen in die Spielregeln der Wirtschaft ein und definieren damit die Rahmenbedingungen der Marktakteure mit. Durch ihre Entscheidungen können sie die Erwartungen und damit das Handeln der Akteure signifikant beeinflussen und einerseits...

Many firms are making net-zero and carbon neutral pledges. In principle, these pledges should help consumers identify sustainable options, but often they do not correspond to meaningful actions. In response, both in the U.S. and in Europe, courts and policymakers are requiring firms to disclose...

Many firms are making net-zero and carbon neutral pledges. In principle, these pledges should help consumers identify sustainable options, but often they do not correspond to meaningful actions. In response, both in the U.S. and in Europe, courts and policymakers are requiring firms to disclose...

IntroductionThe "revolving door" is a practice quite widely in use in the United States, in which heads of state agencies, after completing their bureaucratic terms, are entering the very sector they have regulated. This phenomenon is also frequent in France, where it is coined "pantouflage",...

I show that legal uncertainty, i.e., uncertainty about the legality of a specific action, has positive welfare effects. Legal uncertainty works as a screening device provided that the threshold of legality is uncertain. The uncertainty discourages controversial actions, while it encourages...

This paper proposes and empirically validates four theories of why legal origin influences growth and welfare through finance. It is a natural extension of "Law and finance: why does legal origin matter?" by Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine (2003). We find only partial support...

This paper assesses how legal origin influences financial development through regulation quality and the rule of law. It employs all the dimensions identified by the Financial Development and Structure Database of the World Bank. The law channels are instrumented with legal origins to account...

The "revolving door" phenomenon has become very common in most industrialised countries, and is leading to conflicts of interest as well as economic distortions. The purpose of this paper is to develop an indicator of the distortionary effects of the revolving door - The Revolving Door Indicator...