Timing Complex News to Target Attention
Investors have limited and time-varying attention. These constraints are heterogeneous across investors, which can create asymmetric information and...
The gap between law and practice in gender rights
In the past century, legal reforms for women’s rights improved economic and social outcomes for women and for society as a whole around the world...
The Halting Gender Reforms in Burundi
In the sixty years since its independence Burundi has taken some steps to improve the legal standing of women in the economy and society. These steps...
Research highlight
Why Do Boards Exist? Governance Design in the Absence of Corporate Law
Review of Financial Studies, 36 (5),1788–1836
Gender Legal Reform in Zimbabwe: Wanting
Zimbabwe has introduced some legal reforms towards women’s rights in the first three dozen years since its independence in 1980, though these changes...
Towards a new tax system in Ukraine
Ukraine’s tax system functions primarily on the basis of unofficial rules of tax collection. This divergence between law and practice predates Russia...
Gender Legal Reforms in Zambia: Motivated by International Conventions
In 2023, Zambia ranked 17th among African countries on the World Bank’s Women Business and the Law index, a notable decline over a half century. The...
Does Board Size Matter?
This paper uses legal board size requirements to test whether board size affects firm performance and value. Since 1976, the minimum size of German...
Informality as an Anti-Measure of Prosperity
In developing economies, the informal sector can account for upwards of 60% of GDP and over 90% of employment. The data show wide disparity in...
Gender Reform in Rwanda: Change Spurred by Tragedy
Rwanda is among Africa’s leaders in providing equal opportunity between women and men in the economy. Progress in achieving this substantial progress...
Economic backwardness in Russia
Western sanctions after Russia’s invasion of Ukraine have markedly changed the constitution of President Putin’s inner circle. This column argues that...
The all-out aggression requires an all-out response
As the war in Ukraine enters its second year, the need for increased global support becomes more apparent. This column illustrates this need with two...
How the war is increasing inequality in Russia
The economic sanctions on Russia have had wide-ranging debilitating effects, from asset freezes to individuals’ travel bans and the dissolution of...
The economic toll of attacks on Ukraine’s power grid
Electricity blackouts caused by Russian rocket attacks on the power grid have become a daily occurrence in Ukraine. This column estimates the economic...
Flat tax reform in Ukraine: Lessons from Bulgaria
Developing a tax system which limits tax evasion is a key challenge for many emerging markets. This column argues that introducing a flat tax as a...
