The passage of the Nigerian petroleum industry Act was accomplished 20 years after the conception of the law. On one hand, it aims to drive investment into the petroleum industry, owing to the power it seeks to afford oil companies to determine oil price at the downstream sector through...

Exploiting interstate branching deregulations as exogenous shocks to banking market competition, we examine the impact of increased market competition on shareholder voting in the U.S. banking industry. Voting is one of the primary mechanisms through which shareholders participate in corporate...

This paper examines competition among commercial banks following deregulation in a small open economy. I jointly estimate a system of differentiated product demand and pricing equations, and use conduct parameters to identify market structure. The empirical results show that the banking sector...

We study empirically and theoretically the effects of international capital flows on resource allocation. Using the universe of firms in Hungary, we show that financial openness triggers input-cost and consumption channels, with the latter dominant and reallocating resources toward high...

We study the abilities of competitive markets to produce sufficient energy capacities to meet a fixed energy demand. Renewable energy producers with stochastic outputs and no variable costs compete against conventional energy producers with deterministic, pollutant outputs and increasing...

Evidence shows that the economic assumption of efficient “free markets”—which underpins the “market versus state” debate—is questionable. Market efficiency is a significant foundation theory for neoliberal economists. Prove it wrong, and the neoliberals’ philosophy of market based...