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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)
This paper describes Rama, a first generation experimental information retrieval and filtering system that attempts to recover useful information from various Internet sources including USENIX news and anonymous FTP servers. The focus of the Rama system to date has been on building a distributed query and information retrieval system, which provides an(More)
We perform comparative analysis on an optimal compensation contract comprised of stock options and a fixed salary for two types of managers. In a principal-agent framework, we obtain the pareto optimal solution for the level of stock options in a manager's compensation contract. We then analyze the sensitivity of this optimal contract to changes in the(More)
Here we present observations of 7 large Kuiper Belt Objects. From these observations, we extract a point source catalog with ∼ 0.01 " precision, and astrometry of our target Kuiper Belt Objects with 0.04 − 0.08 " precision within that catalog. We have developed a new technique to predict the future occurrence of stellar occultations by Kuiper Belt Objects.(More)