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Whereas most US corporations are widely-held, the predominant form of ownership in East Asia is control by a family, which often supplies a top manager. These features of " crony capitalism " are actually more pronounced in Western Europe. In both regions, the salient agency problem is expropriation of outside shareholders by controlling shareholders.(More)
We develop a simple model of trade with imperfect contract enforcement. Courts force the execution of defaulted contracts with parametric probability. In political economic equilibrium, the enforcement of contracts between agents of sovereign nations must be at a level mutually agreed between nations. The enforcement probability may be low, with the(More)
Organisations are increasingly being scrutinised and pressured by Government regulators and legitimate environmental watchdogs to align their business with environmental sustainability practices. Specifically, the advent of agreements like the Kyoto Protocol has meant that organisations are now motivated more than ever to monitor their carbon emissions.(More)
This paper uses a single-country setting, India, to examine the complex linkages between legal and business environments, financing channels, and growth patterns of different types of firms. Despite the English common-law origin, a British-style judicial system and a democratic government, Indian firms appear to be beset by weak investor protection in(More)
to promote the health and wellness of persons with disabilities in North Carolina. The Center serves as a national research, information, and technical assistance center that evaluates, develops, and promotes accessible and universal design in housing, public and private facilities, and consumer products. We would like to thank the following individuals for(More)