Belarusian Economic Research and Outreach Center

Yuri Tserlukevich

Trust, institutions and economic growth in Belarus

Trust in the society promotes cooperative behavior outside inner circle and can be associated with socio-economic development. This paper considers the current level and dynamics of trust in Belarusian society, the interaction of trust and the quality of institutions, and the role of trust in achieving economic growth. A number of mechanisms promoting the development of trust are presented.

Is Market Timing Good for Shareholders?

We challenge the view that equity market timing always bene ts shareholders. By distinguishing the e ect of a rm's equity decisions from the e ect of mispricing itself, we show that market timing can decrease shareholder value. Additionally, the timing of equity sales has a more negative e ect on existing shareholders than the timing of share repurchases. Our theory can be used to infer rms' maximization objectives from their observed market timing strategies. We argue that the popularity of stock buybacks and the low frequency of seasoned equity o erings are consistent with managers maximizing current shareholder value.

Tax Amnesty

This paper explores international experience of tax amnesties.

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