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  Subjects -> ARCHAEOLOGY (Total: 300 journals)
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European Journal of Law and Economics
Journal Prestige (SJR): 0.375
Citation Impact (citeScore): 1
Number of Followers: 53  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1572-9990 - ISSN (Online) 0929-1261
Published by Springer-Verlag Homepage  [2468 journals]
  • How judicial efficiency impacts trade credit and doubtful receivables

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      Abstract: Abstract Judicial efficiency has been widely identified as a factor that has an impact on credit markets and firms’ financial decisions. In this paper, we study the relationship between judicial efficiency and trade credit granted by firms to their customers, as well as how the judicial system influences the proportion of those credits that are deemed ‘doubtful’. We test our assumption by analysing a sample of 1526 listed, ‘non-financial’ firms located in countries in the eurozone, during the period 2011–2021. The proxies of judicial efficiency are the length of judicial proceedings and rule of law, obtained from the World Bank’s ‘Doing Business’ and the World Bank Governance Indicators (WGI) databases, respectively. The empirical findings confirm our hypotheses that efficient justice allows for increased supplier confidence when extending financing to their customers and reduces doubtful trade credit.
      PubDate: 2024-02-27
       
  • Product liability for defective AI

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      Abstract: Abstract This paper studies the efficient definition of product defects for AI systems with autonomous capabilities. It argues that defining defects in product liability law is central to distributing responsibility between producers and users. The paper proposes aligning the standard for defect with the relative control over and awareness of product risk possessed by the producer and the user. AI systems disrupt the traditional balance of control and risk awareness between users and producers. The paper provides suggestions for defining AI product defects in a way that promotes an efficient allocation of liability in AI-related accidents. It assesses whether the recent EU policy proposal on product liability aligns with this approach.
      PubDate: 2024-02-27
       
  • Settlement growth and military conflict in early colonial New England
           1620–1700

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      Abstract: Abstract Property rights are secure, and violence over land can be attenuated when the treatment and delineation of the property are consistent, stable, and interpreted similarly by each party. In the absence of a mutual understanding of property rights, land-use stability becomes strained as the area of contested land between two rival parties expands—when one party (or group) is perceived as asymmetrically and rapidly accumulating land at another’s expense. While relations between Algonquian tribes and English settlers were generally peaceful in the first half of the 17th century, subsequent colonial growth accelerated and lead to violent conflict. The latter half of the 17th century experienced some of the most devastating conflicts during early colonial American development—beginning with Pequot’s War, peaking during King Philip’s War, and ending with a European proxy war in North America during King William’s War. Using probate data for 72 settlements in New England to measure the growth of farmers as a proxy for colonial territorial growth, I find a general pattern that English settlements with higher rates of population and territorial growth experienced more violent conflict during King Philip’s War. The same relationship between territorial growth and violent conflict was not as strong for wars that preceded and succeeded King Philip’s War.
      PubDate: 2024-02-07
       
  • Property rights theory, bundles of rights on IoT data, and the EU Data Act

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      Abstract: Abstract With the advance of smart IoT devices (Internet of Things) the amount of valuable data will increase dramatically. With its recently enacted Data Act (DA) the EU introduces new data access and sharing rights for the users of IoT devices. This article analyzes how the DA will change the bundle of rights on non-personal IoT data regarding who can control, access, use, share, and monetize this data. In a first step, we apply the property rights theory (esp. the approach of Barzel) for explaining the status quo of IoT data governance. Here the manufacturers can get through the technical design of their IoT devices exclusive de facto control over IoT data ("capture" of data). In a second step, we analyze how the DA changes this de facto bundle of rights in order to unlock more IoT data for innovation, competition, and empowerment of users. Since the DA is not very clear and partly contradictory, three different concepts for the design of this bundle of rights are analyzed and compared: A data holder-centric IP-like concept, a user-centric concept, and the concept of co-generated data. The article analyzes all three concepts from an economic perspective including relevant market failures regarding IoT data in B2B and B2C contexts. For achieving the objectives of the DA, especially regarding unlocking of data for innovation, bundles of rights should be chosen which reject notions of exclusivity and enable broad access and sharing of IoT data. The enacted Data Act, which still clings too much to the exclusivity of data and includes too many hurdles for data sharing, cannot be expected to contribute much to achieving these objectives.
      PubDate: 2024-01-19
       
  • Industrial data sharing and data readiness: a law and economics
           perspective

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      Abstract: Abstract We study the incentives and welfare properties of industrial data sharing taking into account the data (economy) readiness of companies. We differentiate between two regulatory settings. First, there is no compulsion for companies to provide data. Companies, which also use the data for other corporate purposes, decide whether to share their data voluntarily. Second, there is a regulatory requirement on the minimum amount of data to be shared by the data provider. We assume that data sharing affects the data provider’s value of the data. The magnitude and sign of this effect have an impact on the optimal investment level of data generation and overall welfare in the different cases under study. Our results suggest that the implementation of a data-sharing policy has ambiguous welfare properties. It has positive welfare properties if (a) the data receiving firm does not pay too much for the data, (b) the data receiving firm benefits enough from the data provider’s data generating effort, and (c) the intensified competition due to data sharing is not too harmful to the data provider. In contrast, it will always have negative welfare properties if the data provider’s minimum amount of data to be shared under the policy is prohibitively high such that no data is created in the first place. Our results also suggest that a positive effect of data sharing on the data-generating company’s value of the data and its data economy readiness positively affect the incentives to share data. Finally, we find that data sharing under a data-sharing policy leads to a lower data quality if the data economy readiness of the data-generating company is too low.
      PubDate: 2023-12-26
       
  • Intellectual property and fourth industrial revolution technologies: how
           the patent system is shaping the future in the data-driven economy

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      Abstract: Abstract Using the classification system from the European Patent Office (EPO), we identify almost 600,000 patent applications for fourth industrial revolution technologies from 1986 to 2015. We contribute to the economic literature by seeking to answer two research questions: (1) What is the effect of legal breath (and other indicators) on the quality of innovations in the fourth industrial revolution, (2) How does the IP culture (utilitarism vs. natural law) explain these differences' We find that the legal breadth of a patent positively affects the quality of innovations in the fourth industrial revolution. Interestingly, this impact of legal breadth may be driven by historical path dependencies and ways in which the two philosophical schools (utilitarism vs. natural law) have shaped the patent system in Anglo-Saxon countries versus continental Europe.
      PubDate: 2023-12-16
       
  • How to improve consumers’ understanding of online legal information:
           insights from a behavioral experiment

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      Abstract: Abstract Past research has shown that online information notices often fail to inform consumers well, even if transparency-enhancing measures are implemented. However, the studies in question have employed research designs that were restricted to pre-contract conclusion scenarios and ad hoc, text-only attempts to optimize disclosures. While these results point to the general limitations of disclosures, they leave open whether optimizing information notices can be of substantial value to consumers in other settings. Our study tests the effectiveness of multimodal disclosure optimization techniques in both the pre- and post-contract conclusion scenarios. The post-contract conclusion scenario is the situation where a consumer has a dispute with a business. While this setting is not the primary target of disclosure legislation, it is a more realistic instance of the actual use of legal information online. Here the consumer has a real incentive to obtain information about his or her rights and obligations. We show that under these conditions, consumers do in fact read, retain and understand more when the attempt has been made to optimize disclosures.
      PubDate: 2023-12-01
       
  • You can’t export that! Export ban for modern and contemporary
           Italian art

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      Abstract: Abstract Since 1939, an artwork in Italy can be subject to an “export veto” if it was created more than 50 years before the date of sale by an artist who is no longer living at the time of the sale. When the Italian bureau decides to exercise its right to veto exportation, these artworks cannot circulate outside the territory of Italy. Using original data from a hand-collected dataset covering all artworks made by non-living modern and contemporary Italian artists, auctioned at Christie’s and Sotheby’s in London and Milan between 2012 and 2016, we estimate a threshold model to consider the effect of the export veto law on price while controlling for the potential presence of a sample selection bias. We found that, while artwork prices are increasing in the time span between the year of creation and the date of sale, this effect reverses for artworks sold in Italy and created more than 50 years before the sale date. A similar pattern is also found in pre-sale estimates fixed by the auction houses, suggesting they exhibit rational behaviour in anticipating the export veto effect.
      PubDate: 2023-12-01
       
  • Foreword

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      PubDate: 2023-11-30
      DOI: 10.1007/s10657-023-09790-9
       
  • 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
      DOI: 10.1007/s10657-023-09788-3
       
  • 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
      DOI: 10.1007/s10657-023-09786-5
       
  • 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
      DOI: 10.1007/s10657-023-09785-6
       
  • 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
      DOI: 10.1007/s10657-023-09782-9
       
  • 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
      DOI: 10.1007/s10657-023-09783-8
       
  • 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
      DOI: 10.1007/s10657-023-09784-7
       
  • 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
      DOI: 10.1007/s10657-022-09757-2
       
  • 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
       
  • 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
       
  • 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
       
 
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  Subjects -> ARCHAEOLOGY (Total: 300 journals)
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