Order in the church: a property rights approach

Article Abstract:

A study investigates Christian churches in terms of their organizational structure. The churches are treated as business enterprises governed by religious constraints to produce religious goods. Churches should manage opportunistic behavior the way all companies would. Results show that churches have identical forms of organization when faced with identical theological constraints. Similarly, church organization differs when theologies differ and allow various ways to illegitimately transfer wealth.

Organization, Churches, Church buildings

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The medieval monastery as franchise monopolist

Article Abstract:

Medieval Cisterian monasteries were found to exhibit traces of being a Roman Catholic Church franchise monopolist. As such, the vertical integration of the church into franchise arrangements suggests that there was a motive of charging rent. The 12th-century Cisterians exemplify the opportunity cost of spiritual activities compared to economic activities. Their survival depended on the goods and services that society produced.

Economic aspects, Buildings and facilities, Monopolies, Monasteries, Cistercians

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All their eggs in one basket: portfolio diversification of US households

Article Abstract:

A study assessed the mean-variance efficiency in terms of its capacity to describe the portfolio diversification of US households. The data used, which came from the 1983 Survey of Consumer Finances, showed that the mean-variance efficiency appears to be a poor portfolio diversification indicator. In addition, the median stockholder is found to own a single publicly traded stock, which is usually in his company of employment.

Finance, Stocks, Consumers, Households

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