This paper provides evidence on the value of the vote hypothesis with stock price analysis around liberalization of foreign ownership restrictions in the private Indian banks. In May 2005, the Indian government removed the cap of 10 percent ownership by foreign banks, which had made takeover of Indian banks impossible for foreign banks. We hypothesize that removal of the voting cap would increa...

For many libertarians, the thesis of self-ownership is the foundation of their political philosophy. Natural rights to life, liberty, and propertyÑthe protection of which is, according to the libertarian, governmentÕs sole legitimate functionÑderive from self-ownership, in particular oneÕs ownership of his body and its parts, of his capacities and labor, and, by extension, of whatever he can ac...

Hospitals operate in markets with varied demographic, competitive, and ownership characteristics, yet research on ownership tends to examine hospitals in isolation. Here we examine three hospital ownership types -- nonprofit, for-profit, and government -- and their spillover effects. We estimate the effects of for-profit market share in two ways, on the provision of medical services and on oper...

Foreign direct investment in developing countries has recently received a renewed attention as a major determinant of financial development. Indeed, where markets are financially constrained, foreign investment offers a viable financing opportunity assorted with a transfer of technological and managerial know-how. In this paper, we examine the determinants of foreign investors’ participation in...

This paper develops a theoretical model to study features of the spontaneous growth of private enterprises in China’s Zhejiang province. The model predicts that in a developing economy where the market environment is immature or unstable, the ownership structure of a typical private enterprise involves a cooperative arrangement between a party with management skills and another party with Guanx...

This article challenges evolutionary accounts of property transformation in postcommunist Hungary, which hold that novel property forms based on interenterprise ownership have emerged in that country. It shows that private property has emerged as the predominant category of ownership in Hungary and explains the rapid diffusion of private ownership by focusing on the actions of the state and int...

Regulating an export firm (or a homogeneous industry) with private information about emission technology is analysed, when the firm, owned partly by foreigners, has an option to bypass domestic regulation through costly relocation. If the firm chooses to relocate, it will set up a new plant in a region practicing environmental dumping, at a cost that is correlated with emission efficiency, so a...