 Subjects -> ARCHAEOLOGY (Total: 300 journals)
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- Foreword
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PubDate: 2023-11-30
- Coasian rights in a cap-and-trade mechanism with damage compensations
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Abstract: Abstract This paper revisits Coase’s ideas on property rights in a scenario where the law allows the establishment of mandatory limits - caps- to specific harmful effects of economic activity such as air pollution or traffic congestion. We propose a general equilibrium model with a cap-and-trade mechanism where agents suffering the harm share a portfolio of Coasian rights designed according to the caps. Equilibrium allocations must comply with the cap, reducing polluting emissions or switching from private to public transport. In addition, the monetary transfers that result from the sale of rights to polluters yield compensation to the harmed population, increasing the non-polluters income.
PubDate: 2023-11-22
- Probing the case for manufacturer liability for harms caused by
judgment-proof consumers to others-
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Abstract: Abstract We study whether it is socially desirable to hold a monopolistic firm liable for the harm its potentially judgment-proof consumers inflict on third parties. Consumers’ judgment-proofness limits potential product differentiation by pooling different consumer types with uniform liability exposure. The firm’s safety choices are distorted in both regimes under consideration: consumer-only liability and residual-manufacturer liability. We find that residual-manufacturer liability dominates consumer-only liability if the monopolistic firm can observe consumers’ types, or if consumers’ types are not observable but heterogeneity stems only from their asset levels. However, if the monopolistic firm cannot observe consumers’ types and heterogeneity stems from their harm levels, it is more difficult to make a case for residual-manufacturer liability.
PubDate: 2023-11-18
- The auditing game: the dark side of the private provision of a public good
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Abstract: Abstract The aim of auditing is to protect active and potential investors from accounting fraud. Nevertheless, as many auditing scandals have demonstrated, auditing has a dark side. Correct auditing is a public good provided by private auditing firms, but these firms are paid by the enterprise being audited. Therefore, audit firms may be dubbed as agents of two principals, the audited firm and the public. Reputation theory conjectures that auditors are disincentivized from performing shallow and fraudulent auditing because of reputational concerns and associated reputational costs. However, empirical evidence does not support this claim. While it may be irrational for a large audit firm (such as Arthur Andersen LLP) to sacrifice its reputational capital for a single client by doing superficial audits (such as WorldCom), it may be quite rational for the auditing firm’s engagement partners to do so. The result might be a conspiracy against the public and investors. Because of an inelastic supply of experienced auditors and a highly concentrated market of big auditing firms, reputational losses due to auditing scandals for the audit firms’ local partners and staff seem to be rather small. With a game theoretic model, we argue here that neither higher transparency nor higher fines for auditing failures may prevent such conspiracies. Therefore, legal regulations and court rulings can only change the expected fines for audit fraud, but they cannot solve the general problems arising from the symbiotic relationship between auditors and their client firms. As auditing firms may use the so-called expectation gap to protect themselves against legal claims of wrongdoing, avenues more suitable to deterring conspiracies by auditors and their client firms might include whistleblowing, short-selling investors and investigative journalism.
PubDate: 2023-11-16
- Plea bargaining and investigation effort: inquisitorial criminal procedure
as a three-player game-
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Abstract: Abstract This paper contributes to the question whether plea bargaining is compatible with the inquisitorial tradition. We stylize inquisitorial criminal procedure as a sequential game with two impartial investigators, judge and prosecutor. Both agents are subject to private investigation costs and seek a correct decision over a defendant of uncertain guilt. Our analysis shows that the introduction of plea deals in courtroom helps to overcome the problem of effort coordination between the two agents. Moreover, we demonstrate that the introduction of plea deals reduces the number of wrongful convictions, but this comes at the cost of some guilty defendants getting away unpunished. Our results are robust to small decision errors by the players and attorney moral hazard. We further consider the implications of imperfect verification skills by judges, different timing of deals, or prosecutors who just seek to maximize convictions and guilty pleas.
PubDate: 2023-10-31
- The flip side of the coin: how entrepreneurship-oriented insolvency laws
can complicate access to debt financing for growth firms-
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Abstract: Abstract This study examines the impact of the change towards a more debtor-friendly insolvency law on debt financing of growth firms. Prior studies rarely consider that insolvency laws not only impact entrepreneurship but can also impact the relationship between the firm and its various stakeholders. We consider the impact on the relationship with the key stakeholders of the firm, namely its creditors. Using the recent change in Belgian insolvency law as an exogenous policy shock, we investigate the changes in the use of debt for growth firms, considering the heterogeneity of debt. Our findings indicate that the financing mix for growth companies has altered after the change towards a more debtor-friendly insolvency law: they seem to be less likely to receive financing from financial institutions and trade creditors. However, we found that payments to the government and employees are delayed after the change, probably to compensate for this lack of debt financing.
PubDate: 2023-10-29
- The anti-steering provision of Article 5 (4) of the DMA: a law and
economics assessment on the business model of gatekeepers and business
users-
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Abstract: Abstract Data is a success factor for digital platforms and the core of their business model. The rationale behind this is that data allows for improving the matching process between users which creates value for the platform. Since some large platforms act as gatekeepers, the Digital Markets Act (DMA) was introduced in Oct. 2022 to ensure a fairer business environment. This paper analyzes the consequences of the 4th obligation of Art. 5 of the DMA. Using a simple game theory model, we analyze the changes in incentives for different business models implied by the obligation. In fact, the obligation increases the incentives for the business users to use the platform because new customers can be acquired. The incentives for establishing an independent web shop also increase. Furthermore, more data is available, both for the platform and the business users. However, the platform is likely to benefit more from the increase in data collection and is incentivized to become vertically integrated. Finally, the fees imposed by the platform may increase.
PubDate: 2023-10-26
- You go first!: coordination problems and the burden of proof in
inquisitorial prosecution-
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Abstract: Abstract Prosecution of criminals is costly and subject to errors. In contrast to adversarial court procedures, in inquisitorial systems the prosecutor is regarded as an impartial investigator and an aide to the judge. We show in a sequential prosecution game of a Bayesian court that a strategic interaction between these two impartial agents exists where each player may hope to free ride on the other one´s investigative effort. This gives rise to inefficient equilibria. The model demonstrates that the effectiveness of some policy measures that intend to curb the free-riding problem critically depends on the assumed benevolence of the prosecutor. We find that, if policy makers are unable to infer the true preferences of the prosecutorial body, the high burden of proof in criminal law may reduce the probability of court errors. Our analysis, therefore, substantiates claims made in the literature that inquisitorial procedures are introduced to avoid wrongful acquittals.
PubDate: 2023-10-01
- Data portability and interoperability: An E.U.-U.S. comparison
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Abstract: Abstract Data portability (the ability to transfer data without affecting its content) and interoperability (the ability to integrate two or more datasets) significantly affect the use of data, with important implications for antitrust policy. Allowing for improved data portability can facilitate interoperability, which, in turn, will enable consumers to switch services, thereby substantially increasing competition. However, barriers to data portability and interoperability can increase market power and be a major source of social inefficiency. This paper lays out the pros and cons of a move towards requirements of data interoperability and portability and contrasts the move in the U.S. and in the EU.
PubDate: 2023-09-20
DOI: 10.1007/s10657-023-09781-w
- On the sociology of cartels
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Abstract: Abstract We analyze 15 German cartels, focusing on the personal characteristics of the individual participants, the methods and frequency of communication as well as the internal organizational structures within the cartels and their eventual breakup. Our results indicate that cartel members are highly homogeneous and often rely on existing networks within the industry, such as trade associations. Most impressively, only two of the 158 individuals involved in these 15 cartels were female, suggesting that gender plays a role for cartel formation. We further identify various forms of communication and divisions of responsibilities and show that leniency programs are a powerful tool in breaking up cartels. Based on these results we discuss implications for competition policy and further research.
PubDate: 2023-08-29
DOI: 10.1007/s10657-023-09780-x
- Corporate criminals in a market context: enforcement and optimal sanctions
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Abstract: Abstract By combining approaches from the economic theory of crime and of industrial organization, this paper analyzes optimal enforcement for three different forms of corporate misconduct that harm competition. The analysis shows why corporate crime is more harmful in large markets, why governments have a disinclination to sanction firms whose crime materializes abroad, and why leniency for those who self-report their crime is a complement, and not a substitute, to independent investigation and enforcement. As public authorities rely increasingly on self-reporting by companies to detect cartels, the number of leniency applications is likely to decline, and this is borne out by data. Upon a review of 50 cases of corporate liability from five European countries, competition law enforcement, governed by a unified legal regime, is more efficient than enforcement in bribery and money laundering cases, governed by disparate criminal law regimes. Sanction predictability and transparency are higher when governments cooperate closely with each other in law enforcement, when there are elements of supra-national authority, and when the offense is regulated by a separate legal instrument. Given our results, Europe would benefit from stronger supra-national cooperation in regulation and enforcement of transnational corporate crime, especially for the sake of deterrent penalties against crime committed abroad.
PubDate: 2023-08-18
DOI: 10.1007/s10657-023-09773-w
- Litigation and settlement under loss aversion
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Abstract: Abstract In this paper, we investigate how loss aversion affects people’s behavior in private litigation. We find that a loss-averse plaintiff demands a higher settlement for intermediate claims to maintain her threat to proceed to trial following rejection compared to a loss-neutral plaintiff. For larger claims, a loss-averse plaintiff demands a lower offer to increase the settlement probability as loss pains her extra in trial. We also investigate how various policies affect loss-averse litigants’ settlement decisions. Only a reduction in the asymmetry of information about trial odds uniformly leads to higher settlement rates.
PubDate: 2023-08-15
DOI: 10.1007/s10657-023-09777-6
- Does criminalizing the purchase of sex reduce sex-buying' Evidence from a
European survey on prostitution-
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Abstract: Abstract Whether to criminalize or legalize the purchase of sex has given rise to heated discussions and different policy initiatives. Opponents of the criminalization of sex-buying argue that prohibition pushes the sector underground, increasing the harm for women in prostitution. Proponents instead view prostitution as violence against women, calling for prohibition. Despite these debates, few studies examine the effect of prostitution laws on the quantity of sex bought. By employing unique data on attitudes to, and experiences of sex-buying behaviour in different prostitution regimes in eight European countries, the paper examines the relationship between prostitution law and sex-buying. The results are robust to the inclusion of a list experiment, and the findings suggest that people living in countries where purchasing sex is criminalized buy less sex than people living in countries where sex-buying is legal.
PubDate: 2023-08-13
DOI: 10.1007/s10657-023-09778-5
- Law, human capital, and the emergence of free city-states in medieval
Italy-
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Abstract: Abstract This paper considers how the foundation of the first universities in Italy affected the emergence of free city-states (the communes) in the period 1000–1300 CE. Exploiting a panel dataset of 121 cities, we show that the time variant distance of the sample cities to their closest university is inversely correlated with the probability of their transition to communal institutions. Our evidence is consistent with the hypothesis that the medieval universities provided the useful juridical knowledge and skills for building legal capacity and developing communal institutions.
PubDate: 2023-08-06
DOI: 10.1007/s10657-023-09779-4
- Motor Vehicle Registration Taxes (MVRT) across EU countries: MNEs’
profitability and the role of market concentration-
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Abstract: Abstract This paper discusses the effects of one-off Motor Vehicle Registration Taxes (MVRT) and market concentration level on the profitability of multinational enterprises (MNEs) operating in the European Union motor vehicle industry. Our simple theoretical framework shows that firm profits depend on the demand function and therefore on taxes applied to prices. We overcome empirically the challenges of making informative theoretical predictions on the pass-through rate under imperfect competition. We find that MVRT,—both as ad valorem taxes and as specific taxes,—have a significant negative effect on MNEs’ profitability. Our findings show a statistically significant positive effect of market concentration on profitability. Finally, our results suggest that the degree of competitiveness in the motor vehicle market moderates the effect of MVRT on firm profitability only in EU countries where the MVRT is an ad valorem tax, with the negative effect of the ad valorem MVRT becoming higher as the motor vehicle market becomes less competitive.
PubDate: 2023-07-19
DOI: 10.1007/s10657-023-09775-8
- Punishing terrorists in the Spanish Supreme Court: has ideology played any
role'-
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Abstract: Abstract Traditionally, the conventional views in legal and comparative literature portray civil-law judiciaries as legalistic bureaucracies insulated from political preferences. We investigate decisions on appeal for terrorist actions at the Spanish Supreme Court in the period 2000–2021. Our findings show that ideology (proxied by conservative/progressive affiliation of judges) is a predictor of prodefendant outcomes. Specifically, the results detect a pattern of behavior mediated by panel composition: a more conservative panel is less likely to be prodefendant than a more progressive panel in adjudicating terrorism criminal appeals. These findings confirm previous empirical studies about decisions by the Spanish Supreme Court in other areas of law and provide additional evidence to raise doubts about the conventional literature’s account of civil-law judiciaries.
PubDate: 2023-07-18
DOI: 10.1007/s10657-023-09776-7
- Freedom through taxation: the effect of fiscal capacity on the rule of law
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Abstract: Abstract This paper explores the effects of fiscal capacity on the rule of law. We view the question as a natural outgrowth of the stationary bandit model, that rulers are incentivized to make investments in public goods when they are able to extract wealth effectively. We test the relationship using fiscal capacity and rule of law data from the Varieties of Democracy dataset. We leverage the lengthy time-series found in the dataset by employing the dynamic common correlated effects (DCCE) estimator to supplement standard panel methods. Unlike the widely used fixed effects method, DCCE method adjusts for the presence of econometric issues including cross-sectional dependence, heterogeneous slopes, and unobservable common factors that plague the error-structure in panel data. We observe small, positive effects of fiscal capacity on the rule of law, but robustness checks lead us to conclude that our findings, overall, only weakly support the hypothesis.
PubDate: 2023-06-19
DOI: 10.1007/s10657-023-09772-x
- Assessment of formal proceedings and out-of-court reorganisation: results
from a survey among turnaround professionals in Austria-
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Abstract: Abstract This study analyses the decision criteria for a specific form of reorganisation in a creditor-friendly bankruptcy system such as that of Austria. From a neoinstitutional perspective, we present different forms of bankruptcy law and the specifics of reorganisation in Austria. Next, we show several distinctive criteria and influencing factors for formal reorganisation and workouts. We group these factors into constitutions and institutional settings, process and handling, and implementation of the reorganisation. Using a sample of 411 survey responses from turnaround professionals, our empirical study analyses the decision criteria for a specific form of reorganisation. We apply a multivariate approach comprising two-sided paired samples Wilcoxon tests to assess the derived hypotheses and a hierarchical cluster analysis. Our results indicate significant differences in the valuation of the two forms: the turnaround professionals rate public perception much higher for out-of-court reorganisation, whereas legal certainty is rated significantly better for formal proceedings. Regarding process and handling, transparency and the handling of blocking positions are arguments for formal reorganisation, whereas flexibility is valuated better for workouts. In terms of implementation, respondents see advantages for out-of-court reorganisation, as it facilitates the implementation of both financial and operational measures. Taxation, the handling of blocking positions, and the improvement of public perception were identified as key development aspects for the legal framework conditions of the various reorganisation forms.
PubDate: 2023-06-14
DOI: 10.1007/s10657-023-09771-y
- Cartel formation and detection: the role of information costs and
disclosure-
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Abstract: Abstract Firms that self-report cartels risk having their information exposed. If the costs associated with these risks are large then it will have a “chilling effect" on self-reporting. This effect can sustain cartels even without trigger strategies in a Bertrand duopoly. Thus, we show that disclosure rules, which determine how much information from AA proceedings is revealed publicly or to private plaintiffs, must be structured carefully to reduce this chilling effect. Further, if firms can hide information, they can strategically utilize this to sustain collusion. Accordingly, policies that limit information disclosure can fight cartels even though they make it harder for private plaintiffs to sue. Thus, disclosure rules must be structured in conjunction with self-reporting policies.
PubDate: 2023-06-13
DOI: 10.1007/s10657-023-09770-z
- How does public policy impact trafficking victimization': An exact
matching study in the EU-
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Abstract: Abstract Trafficking in human beings (THB) is a widespread, transnational issue in the European Union (EU). Member states act as source, transit, and destination countries for intra-EU trafficking, in addition to being a major destination region for external THB victims. This study presents a new dataset of THB victims observed in each EU member state per year and by type of exploitation going back as far as 2001 and employs exact matching methods to test the link between different prostitution policies and Roma secondary education attainment rates on observed THB victimization. The paper also builds off previous literature to compare how different legal prostitution models and THB supply factors are expected to influence various types of THB. The results indicate that legalized prostitution and lower educational attainment among the Roma community increase observed THB victimization, especially THB for the purpose of sexual exploitation. The paper does not find that the Swedish model significantly increases or decreases observed THB victimization. In demonstrating how matching methods can be utilized to uncover policy patterns in THB outcomes, this study provides a blueprint for how other hidden phenomena, such as corruption or migration, can be robustly and empirically tested.
PubDate: 2023-06-03
DOI: 10.1007/s10657-023-09768-7
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