Kazakhstan has ranked consistently poorly on measures of property rights protection, and rule of law more generally (Heritage Foundation, 2015). Echoing these evaluations, existing literature emphasizes the degree to which informal institutions shape property relations in personalist, authoritarian regimes, including Kazakhstan; the expectation is that formal institutions like law and courts fa...

The relationship between pastoralists, their livestock, wildlife and the rangelands of East Africa is multi-directional, complex and long-standing. The tumultuous events of the past century, however, have rewritten the nature of this relationship, reshaping the landscapes that were created, and relied upon, by both pastoralists and wildlife. Presently, much of the interaction between wildlife a...

Asset appraisal is an important issue in any country. Interest in the appraisal field is justified by the large number of cases where the estimation of the value of the assets is needed: sales transactions, expropriations, heritage divisions, mortgages, etc. Due to the increasing economic development of the countries and to the increasing complexity of the appraisal problems, it becomes more an...

This article examines approaches to defining the concept and content of indirect expropriation, current state legislation law enforcement practice regarding protection foreign investments from above-mentioned actions. The findings show that judicial arbitral institutions often avoid need make clear conclusions presence/absence expropriation without adequate compensation in host state's analysis...

This study tests two opposing views of institutional investors—monitoring versus expropriation--by investigating whether institutional ownership is positively or negatively related to future firm-specific stock price crash risk. We present robust evidence that institutional ownership is positively associated with future stock price crash risk. After further classifying institutional investors i...

Fraus legis – defrauding or evading the application of law is a phenomenon well-known to students private law, but its in public including constitutional remains largely unconsidered. To consider whether transaction, or, it submitted, an enactment, instance fraus legis, interpreter must have regard substance and not merely form enactment. In 2018 Parliament resolved amend section 25 Constitutio...

This study examines whether firms issue capital expenditure forecasts as a commitment to not engage in expropriation of lenders through opportunistic investment activities. We find that firms with higher leverage and lower credit quality are more likely to issue capital expenditure forecasts and deviate less from the forecasts. Furthermore, for firms that issue capital expenditure forecasts, lo...

It is often argued that additional checks and balances provide economic agents with better protection from expropriation of their wealth or productive capital. We demonstrate that in a dynamic political economy model this intuition may be flawed. Surprisingly, increasing the number veto players or the majority requirement for redistribution may reduce property right protection on the equilibriu...