Performance in retailing is usually evaluated by routine use of ratio analysis, but due to the univariate nature of this simple management tool there are many drawbacks to the obtained results. Therefore, the aim of this study is to demonstrate successful employment of parametric and...

I examine the effect of the Sarbanes-Oxley Act of 2002 (SOX) on the structure of executive pay. Specifically, I consider the increased board oversight implied by SOX, which is expected to weaken the pay-for-performance link under traditional agency models. Alternatively, if entrenched CEOs...

This essay is a contribution to the empirical literature on the effect of inflation tax on capital structure. A simple empirical model considering the main results of the current theoretical development is studied, using microdata from a number of American corporations.

Using a dynamic model of a step-by-step innovation race between financially constrained firms, I study how financial constraints affect innovation activity. The novel theoretical results derive from an analysis of the interaction between the incentive effect of competition on innovation and the...

I present a model of a proprietary regime with opportunities for direct production (e.g.,plantation cultivation, mining extraction). The premise is that direct production is a superiormethod of appropriation than taxation. The tax and spending policy of the regime distorts the resource...

This paper provides new evidence for dollarization in Georgia during the period from 1996 to 2007 using implications of dynamic money-in-utility-function models. Partial effects of foreign and domestic inflation, exchange rate, and foreign and domestic currency deposits’ interest rates on...

I present a model in which the employment contract includes severance payment as an instrument for achieving optimal separation between the firm and the worker. I show that the privately optimal severance payment from the model can replicate the level and the variation in actual severance...

This paper presents an analog to Cournot duopoly in a model of the local public sector, with one city and a suburb. Reaction functions are derived for the mayor of the city and of the suburb, and properties of the Nash equilibria are analyzed. The translation of the Cournot duopoly model is not...

Learning is a subject of intense research in experimental economics. We contribute to this debate by presenting persuasive evidence that learning took place among uninformed heterogeneous agents on a quasi-stock market during a large-scale natural experiment that by size, incentives, and...

Transition countries hoping to join the European Union are in the process of introducing western-type anti-discrimination policies aimed at reducing the gender wage gap. The efficacy of these policies depends on the relative size of the gap's elements they target; therefore, it is important to...