Nowadays, environmental protection has become the most public issue in the world. Thanks for the Kyoto Protocol that has established a trading system for greenhouse gas emissions worldwide; China has more chances to take part in environmental protection by carbon trading. But in recent years, carbon trading has been growing amazingly in China in volume but not in quality, which signs that it is...

This paper presents a political economy model where there is mutual feedback between investor protection and stock market development. Better investor protection induces companies to issue more equity and thereby leads to a broader stock market. In turn, equity issuance expands the shareholder base and increases support for shareholder protection. This feedback loop can generate multiple equili...

Intellectual property (IP) protection involves a trade-off between the undesirability of monopoly and the desirable encouragement of creation and innovation. Optimal policy depends on the relative strength of these two forces. We give a quantitative assessment of current IP policies. We focus particularly on the scale of the market, showing that as it increases, due either to growth or to the e...

In recent years, an increasing number of Chemical Engineering Software (CES), which play an important role in improving efficiency in the petroleum industry, has been introduced to the                market. Generally, software is the product of intellectual creativity, but protection of the intellectual property residing in software is the subject of some controversy.  This paper explores the ...

Abstract We study a Danish reform in 2002 that lowered the ex-ante probability of refugees receiving permanent residency by prolonging period before they were eligible to apply for such residency. Adherence new rules was determined date asylum application, and implemented retroactively. Using registry-based micro data, we effects on labor-market outcomes investments education. While proponents ...