Long-term Liability and the Choice of Liquidation

Corruption and the Curse: The Dictator's Choice

“…Pay-offs to leaders of states in order to secure preferred access to resources lies near the foundation of the problem of the resource curse. 21 Note that we may at times obtain different signs compared to the literature. Thus, unlike Treisman (2000), we find a negative relationship between the proportion of protestants in a country and corruption.…”

“…That explains why we use his measure of resource wealth (mineral exports) in Column (1) sociological, and historical determinants referred to in the literature matter-especially for the CPI measure in Table 4 and to a lesser extent for the CCI measure in Table 3. 21 Once we augment the standard corruption model with our measure of looting together with resource rents, none of the social (proportion of Protestants), historical (formerly British colonies) and institutional (Common Law) determinants remain statistically significant. On the other hand, we find that the economic determinants for perceived corruption are all that matters.…”

“…His choice resembles that of the manager of a firm who is strategically choosing the point in time of the liquidation of a limited liability corporation (Mason and Swanson, 1996). The basic decision comes down to whether to abscond with maximum liquidity today, or whether to stay and invest in tenure and productivity in order acquire a return from holding control over the productive capacities of the enterprise in the future.…”

On the looting of nations

“…His choice resembles that of the manager of a firm who selects strategically the point in time of the liquidation of a limited liability corporation (Mason and Swanson 1996). The basic decision comes down to whether to abscond with maximum liquidity today, or whether to stay and invest in tenure and productivity in order acquire a return from holding control over the productive capacities of the enterprise in the future.…”

Analyse économique de la responsabilité étendue en cas d’insolvabilité des pollueurs

“…En d'autres termes, une entreprise peut limiter son exposition au risque de responsabilité en désagrégeant l'activité présentant un risque important, celle-ci relevant désormais d'une unité spécifique et indépendante. De telles stratégies de sous-traitance des activités les plus risquées mettent le mécanisme préventif de la responsabilité civile en échec aussi sûrement que la stratégie du butin mise en évidence par Mason and Swanson (1996) consistant pour l'entreprise à se liquider de manière stratégique avant que sa responsabilité ne soit juridiquement reconnue. L'important est ici que la probabilité de faillite devient totalement endogène (i.e.…”