June 2000 - This study of trade flows among and between nine Russian regions and 14 republics of the former Soviet Union shows a bias toward domestic trade in the reform period that is primarily the result of tariffs. In addition, old linkages - such as infrastructure, business networks, and...

In many countries, controlling shareholders are accused of tunneling, transferring resources from companies where they have few cash flow rights to ones where they have more cash flow rights. Quantifying the extent of such tunneling, however, has proven difficult because of its illicit nature....

We empirically examine two competing views of CEO pay. In the contracting view, pay is used to solve an agency problem: the compensation committee optimally chooses pay contracts which give the CEO incentives to maximize shareholder wealth. In the skimming view, pay is the result of an agency...