The development of the financial system is shown, both historically and in contemporary data, to be adversely affected by inequality in the distribution of land. To accommodate these empirical findings, a theory is developed that highlights the incentives of landowners to oppose competition in the financial sector. The theory provides an explanation for the co-incident development of the financ...

A single-strand-specific nuclease from rye germ (Rn nuclease I) was characterized as a tool for secondary and tertiary structure investigation of RNAs. To test the procedure, yeast tRNA(Phe) and tRNA(Asp) for which the tertiary structures are known, as well as the 3'-half of tRNA(Asp) were used as substrates. In tRNA(Phe) the nuclease introduced main primary cuts at positions U33 and A35 of the...

Although the 1940 Act restricts interfund lending within a mutual fund family, families can apply for regulatory exemptions to participate in interfund lending. We find that heterogeneity in portfolio liquidity and investor flows across funds, funds’ investment restrictions, and governance mechanisms influence the fund family’s decision to apply for interfund lending. We document several costs ...

This paper analyzes the pros and cons of both the integrated and the specialized approaches to financial supervision. The theoretical arguments are discussed considering some recent experiences around the world and having the Latin American and the Caribbean context as a frame. Based on the analysis of the efficacy and the efficiency of each approach to fulfill the main objectives of financial ...

Factoring is explicitly linked to the value of a supplier’s accounts receivable and receivables are sold, rather than collateralized, and factored receivables are not part of the estate of a bankrupt firm. Therefore, factoring may allow a high-risk supplier to transfer its credit risk to higher quality buyers. Empirical tests find that factoring is larger in countries with greater economic deve...

This paper examines the market’s reaction to news of corporate mergers and acquisitions (M&A) by Japanese bidders during the 1990s. Domestic versus global bids and pro-M&A legislation are considered as determinants of bidders’ abnormal returns. The results show that bidders for domestic targets earn significant abnormal returns after the institutions of pro-M&A legislation in Japan. These findi...

We analyze the welfare e¤ect of governmental regulation for individuals who consider anticipated regret in their decision making process. While governmental policies by directing choice distort individual decisions in the private market they can alleviate individuals’pain associated with the feeling of regret. We specify a general model to highlight this trade-o¤ and investigate two policies mo...