We provide international evidence on the relationship between the extent of underpricing related to initial public offerings (IPOs) and the distance of the issuing firm from the financial centre of a country: for France, Germany and Italy, the higher the distance, the higher the level of...

In a model of competing managerial .rms I show that the equilibrium number of firms decreases with uncertainty if entry is relatively more costly than monitoring. The result adds to the earlier theoretical contributions and is consistent with the available evidence.

We analyze the problem of a Legislator dealing with privately informed whistleblowers. We identify their incentives to release distorted testimonies and characterize the second-best policy limiting this behavior. The key finding is that there exists a positive externality between criminal...