Recent research has documented large differences among countries in ownership
concentration in publicly traded firms, in the breadth and depth of capital markets, in …

The state of development of the financial sector does not change monotonically over time. In
particular, by most measures, countries were more financially developed in 1913 than in …

In the last decade, economists have produced a considerable body of research suggesting
that the historical origin of a country's laws is highly correlated with a broad range of its legal …

" Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking
and comprehensive account of corporate finance Recent decades have seen great …

A conceptual and analytical framework for understanding economic institutions and
institutional change. Markets are one of the most salient institutions produced by humans …

Corporate governance is concerned with the resolution of collective action problems among
dispersed investors and the reconciliation of conflicts of interest between various corporate …

Are market-based or bank-based financial systems better at financing the expansion of
industries that depend heavily on external finance, facilitating the formation of new …

Saving Capitalism from the Capitalists is a groundbreaking book that will radically change
our understanding of the capitalist system, particularly the role of financial markets. They are …

We present a simple model of an entrepreneur going public in an environment with poor
legal protection of outside shareholders. The model incorporates elements of Becker's (J …

Recent empirical research shows evidence of a positive relationship between the quality of
firm‐specific corporate governance and firm valuation. Instead of looking at one single …