Leslie Young

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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)
  • Franklin Allen, Rajesh Chakrabarti, Sankar De, Jun Qj, Qian, Meijun Qian +13 others
  • 2007
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)
Development of the New Horizons mission to Pluto and the Kuiper Belt is now fully funded by NASA (Stern and Spencer, this volume). If all goes well, New Horizons will be launched in January 2006, followed by a Jupiter gravity assist in 2007, with Pluto arrival expected in either 2015 or 2016, depending on the launch vehicle chosen. A backup launch date of(More)
Without the rule of law, traders who incur trading costs can be held up by counter-parties who are stronger in anarchic bargaining. The favourable terms which the latter extract can overcrowd that side of the market, dissipating the benefits. We establish plausible necessary and sufficient conditions for a move from anarchy toward the rule of law to benefit(More)