Journal of Economic Studies: Volume 44 Issue 5

Does transparency mitigate the political budget cycle?

Bodo Herzog

The purpose of this paper is to study the impact of transparency on the political budget cycle (PBC) over time and across countries. So far, the literature on electoral cycles…

The search for new drugs: a theory of R&D in the pharmaceutical industry

Massoud Khazabi, Nguyen Van Quyen

The purpose of this paper is to use a dynamic model of optimal patent design and, in the presence of information externalities, to study the evolution of technological progress in…

Dynamic endogeneity and corporate governance-performance relationship: Lessons from the microfinance sector

Sujani Thrikawala, Stuart Locke, Krishna Reddy

The purpose of this paper is to examine the relationship between corporate governance (CG) and microfinance institution (MFI) performance, using a dynamic panel generalised method…

The impact of sovereign ratings on euro zone SMEs’ credit rationing

Michael Demoussis, Konstantinos Drakos, Nicholas Giannakopoulos

The purpose of this paper is to investigate credit rationing across firms in euro zone countries, as it relates to its own sovereign credit ratings.

Impact of trade facilitation reforms on tax revenue

Sena Kimm Gnangnon

The purpose of this paper is to contribute to the empirical literature of the macroeconomic effect of trade facilitation reforms by examining the impact of the latter on tax…

The foreign exchange regime in a small open economy: Armenia and beyond

Aleksandr V. Gevorkyan

Offering an example of a small open developing economy, the purpose of this paper is to explore the reasons for relative stability in Armenia’s foreign exchange market. Relying on…

Option valuation and hedging in markets with a crunch

Youssef El-Khatib, Abdulnasser Hatemi-J

Option pricing is an integral part of modern financial risk management. The well-known Black and Scholes (1973) formula is commonly used for this purpose. The purpose of this…

Evaluating the individual- and country-level variations in tax morale: Evidence from 35 Eurasian countries

Colin C. Williams, Besnik Krasniqi

Recently, a small but burgeoning literature has argued that tax non-compliance cannot be fully explained using the conventional rational economic actor approach which views…

Firms’ investment decisions – explaining the role of uncertainty

Abdul Rashid, Muhammad Saeed

The purpose of this paper is twofold. First, based on the value optimization problem of the firm, the authors proposed a theoretical model for firms’ investment decisions, which…

Inter-firm differences in mergers and acquisitions: a study of the pharmaceutical sector in India

Santosh Kumar Sahu, Nitika Agarwal

Mergers and acquisitions (M&A) are common strategies of firms to increase its performance. Although the motives of M&A are different, the determinants are discreet. The purpose of…