Conrail, nationalised in 1976 and privatised in 1987, was the most significant nationalisation and privatisation by the US government in recent years. It was created from six bankrupt railroads under the pressure of interest groups, formed by customers, existing claimants, employees and related...

This paper examines the causal relationship between financial liberalization and income inequality using India as a case study. The results indicate that there exists a robust long-run relationship between financial liberalization and income inequality, and their causal relationship is a...

While many developing countries have reformed their financial systems over the last few decades, how an increased level of financial liberalization affects the saving-investment relationship remains unclear. This paper examines the dynamic relationship between the domestic saving and investment...

While financial liberalization has always been advocated in developing countries, experiences with it do not always produce desirable outcomes. In order to evaluate the costs and benefits associated with financial liberalization and repression, this study highlights that the overall...

This paper attempts to shed some light on the role of financial sector policies in generating new knowledge, drawing on the experience of one of the fastest growing and largest developing countries. Using relatively long time series data, the results in this paper indicate that interest rate...

Although the economy of China has grown very strongly over the last few decades, this spectacular performance has come at the expense of rapid environmental deterioration. Amidst animated debate on the issue of global warming, this study attempts to explore the determinants of CO2 emissions in...

We examine a large sample of mergers involving earnout payments made by bidders to target shareholders. Our findings suggest that earnouts serve two not mutually exclusive functions: as risk reduction mechanisms against misvaluation of high asymmetric information targets, and as retention...

The volume of acquisitions involving privately held firms has far surpassed that of publicly traded firms in recent years; yet this segment of the take-over market remains largely unexplored. In analysing the unique features of private target take-overs, we compare the mergers and acquisitions...

We empirically verify two predictions of asset pricing with a role for uncertainty: return premium to increase with uncertainty, and to decrease with the resolution of uncertainty over time and experience. These properties are found among Initial Public Offerings (IPOs) of new industries where...