Browsing by Subject "H41"

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  • Goodell, John W.; Goyal, Abhinav; Hasan, Iftekhar (2020)
    Journal of International Financial Markets, Institutions and Money January
    Previous research finds market financing is favored over relationship financing in environments of better governance, since the transaction costs to investors of vetting asymmetric information are thereby reduced. For industries supplying public goods, for-profits rely on market financing, while nonprofits rely on relationships with donors. This suggests that for-profits will be more inclined than nonprofits to improve financial transparency. We examine the impact of for-profit versus nonprofit status on the financial transparency of firms engaged with supplying public goods. There are relatively few industries that have large number of both for-profit and nonprofit firms across countries. However, the microfinance industry provides the opportunity of a large number of both for-profit and nonprofit firms in relatively equal numbers, across a wide array of countries. Consistent with our prediction, we find that financial transparency is positively associated with a for-profit status. Results will be of broad interest both to scholars interested in the roles of transparency and transaction costs on market versus relational financing
  • Yakovlev, Andrei; Freinkman, Lev; Zolotov, Anton (2016)
    BOFIT Policy Brief 3/2016
    This paper considers the development and current state of Russia’s think tank sector. As in Eastern Europe, international technical assistance played an important in development of Russian think tanks in 1990s. However unlike Eastern Europe, especially new EU members, demand for economic policy input in Russia at the national level has remained strong. As a result, members of Russian expert community today commonly serve in government posts and act as first movers in the consensus-building process for government policy. Russia’s leading economic think tanks have organized professionally to secure a high standard of independent economic analytics and ethical behavior. In this sense, the sector seems more mature than local think tanks in Eastern Europe. While the sector today faces serious challenges from legislative changes that have largely limited the client base to government entities, the economic analysis provided by think tanks remains critical to policy-setting. The findings are based on two surveys of Russia’s leading think tanks. The surveys, conducted in 2012–2013 and 2015, are augmented with in-depth interviews with representatives of Russia’s top think tanks.
  • Pääkkönen, Jenni (2008)
    BOFIT Discussion Papers 30/2008
    This paper explores the optimal law enforcement strategy of a Leviathan government in the presence of organized crime. The government is considered too weak to prevent an upsurge in crime, so it allows the mafia to generate a positive payoff by extracting rents in the shadow economy. From a strategic standpoint, the government, if it has the possibility to monitor shadow production and fine offenders, may not want to shut down illegal production or kick out the mafia, but instead can use its policing activity to capture additional revenue through fines on illegal firm activities and an increased tax base when mafia-harassed firms return to the legal sector. The option of escaping into the shadow economy can benefit some firms, even when this utility is diluted by the presence of a mafia. Monitoring hurts both legal and illegal firms, while the government benefits. JEL Classification: H26, H41, K42. Keywords: organized crime, shadow economy, taxation.