A discussion paper by the O&A Research Group The purpose of this paper is to promote discussions and the exchange of ideas. Comments on the concepts presented are gratefully received.

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expresse...

Tourism lifestyle entrepreneurs play an essential role in the innovation and competitiveness of tourist destinations. However, existing knowledge about determinants they generate is far from being fully exploited. There still little spillover effect, which a determining factor for destination's competitiveness. One key factors results local management ability tourism to turn this into innovatio...

Control of animal waste has been a major policy challenge. We identify the properties of efficient regulation and suggest that effective policies to control animal waste will enhance utilization of manure in local production and may change land allocation among crops. We also show that policies that aim to control local environmental problems, ignoring spillover among regions, may be significan...

This study examines the relationship of firm-level corporate governance and firm value, proposing a moderating effect by country-level creditor protection rights in case of M&As. In order to analyse this setting a sample of 331 deals over the period of 14 years (2002-2015) was evaluated. Evidence for a negative relationship of corporate governance and firm value could be found and provides supp...

In the presence of high uncertainty and limited experience, can observing the actions of other acquiring predecessors help firms make better acquisition decisions? Using a sample of crossborder M&As conducted by US acquirers in developing countries, we document a positive and significant relationship between an acquirer’s performance and its predecessors’ acquisition activity. This relationship...

Empirical studies of innovation have found that end users frequently develop important product and process innovations. Defying conventional wisdom on the negative effects of uncompensated spillovers, innovative users also often openly reveal their innovations to competing users and to manufacturers. Rival users are thus in a position to reproduce the innovation in-house and benefit from using ...

We examine indicators of audit quality (as measured by abnormal accruals, the likelihood of reporting a profit and the likelihood of issuing modified audit opinions) for a sample of companies from 56 countries with non-US auditors during 2002-2011. For US-listed companies with non-US auditors, we find the audit quality to be higher after the non-US auditor is PCAOB-inspected. Further, in a samp...