We examine whether a large shareholder can alleviate conflicts of interest between managers and shareholders through the credible threat of exit on the basis of private information. In our model [...]
This paper evaluates the effects of patent protection on pharmaceutical innovations for 26 countries that established pharmaceutical patent laws during 1978–2002. Controlling for country characteristics through matched sampling techniques to [...]
Numerous studies have revealed little, if any, improvement in service quality from compulsory licensing. Oftentimes, licensing laws actually reduce service quality and public safety. There are a number of reasons [...]
This paper examines the role of local housing market conditions for social capital accumulation and neighborhood club good provision. A model of individual investment decisions predicts that in a setting [...]
By some projections, the United States will add 100 million people faster than any country on the planet except India. This translates into a net increase of about 40 million [...]
This paper contrasts the intergovernmental structures and development goals of state growth programs initiated since 1970 in thirteen states. Many of these state and nonlocal growth management strategies seek to [...]
This article presents a partial evaluation of local growth controls as applied in seven mid-size California cities: Camarillo, Livermore, Lodi, Red-lands, San Luis Obispo, Thousand Oaks, and Walnut Creek. Through [...]
As the role of mortgage brokers in mortgage origination grew from insignificant in the 1980s to dominant in recent years, questions have arisen about whether its services help or harm [...]
Combining data from several sources, we build a database of home values, the cost of housing structures, and residential land values for 46 large US metropolitan areas from 1984 to [...]
This paper contributes to the growing literature that aims at identifying and measuring the impact of social context on individual economic behavior. We develop a model of housing structure demand [...]