We develop a model along the lines of Niskanen, articulating that under a soft government budget constraint the full production cost of the public good is not reflected in the tax price as perceived by the consumer-taxpayer-voter. Various proportions of non-tax financing and different degrees of...

Exploring a unique database on insider trading in Belgium, we investigate whether high-quality corporate communication contributes to reducing insider trading profitability and information asymmetry. Using disclosure scores of professional financial analysts as a proxy for communication quality,...