IRPN: Innovation & Regulatory Law & Policy (Topic)最新文献

{"title":"Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016","authors":"Wulf A. Kaal","doi":"10.2139/ssrn.2998097","DOIUrl":"https://doi.org/10.2139/ssrn.2998097","url":null,"abstract":"Private investment fund regulation in the United States evolved substantially in the last two decades. Tracing the main regulatory developments, this article summarizes the author’s theoretical and empirical findings on the effects of changes in private investment fund regulation from 2006 to 2016, assessing the regulatory implications of the failure of Long-Term Capital Management L.P. in 1998 and the Dodd-Frank Act in 2010. More recent trends include the emerging confluence of private investment funds and mutual funds as well as private investment funds’ use of blockchain technology and smart contracts.","PeriodicalId":105752,"journal":{"name":"IRPN: Innovation & Regulatory Law & Policy (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132697215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Warning-Light of Automobile Securitisation: Credit Rating Agencies and Their Role in a Post-2016 World","authors":"D. Cash","doi":"10.54648/bula2017029","DOIUrl":"https://doi.org/10.54648/bula2017029","url":null,"abstract":"With 2016 providing arguably the most politically tumultuous year in recent history, the need for vigilance in the marketplace has never been greater. The proximity to the recent Financial Crisis means that any undeserved leniency now may have dramatic and irreversible effects. In this short article, the focus will be on the opportunity that the rise in automobile securitization is offering the credit rating agencies to transgress like in the 2000s. The article will discuss the dramatic rise in personal financing and the subsequent securitization and will ultimately suggest that action needs to be taken sooner rather than later, with the abiding caveat being that there must be a political appetite to do this – whether or not this appetite exists will be discussed.","PeriodicalId":105752,"journal":{"name":"IRPN: Innovation & Regulatory Law & Policy (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132091349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Reliability and Agreement of Credit Ratings in the Mexican Fixed Income Market","authors":"V. Charlin, Arturo Cifuentes","doi":"10.2139/ssrn.2696621","DOIUrl":"https://doi.org/10.2139/ssrn.2696621","url":null,"abstract":"Credit ratings play an important role in the fixed income market as the entire regulatory framework of this market segment is based on them and a significant part of what investors can and cannot do is dictated by ratings. Also, a number of ratings-based metrics are employed globally to estimate capital reserves, liquidity buffers, and solvency standards for many institutional investors such as insurance companies and pension funds. A critical assumption at the root of this regulatory architecture is that the credit-rating scales of the three leading agencies (Moody’s, Fitch, and Standard & Poor’s) are completely equivalent.In this study we focus on the Mexican fixed income market. We find that the ratings of all three rating agencies exhibit a very high degree of inter-rater reliability. This means that in terms of ranking a group of bonds based on creditworthiness the three rating agencies would produce very similar results.On the other hand, using a non-parametric statistic, the Wilcoxon matched-pairs test, we conclude that there are significant discrepancies among the ratings of the three agencies. This is consistent with a low level of inter-rater agreement detected. These findings challenge the suitability of credit ratings as a useful metric for regulatory purposes as they create the possibility of arbitrage.","PeriodicalId":105752,"journal":{"name":"IRPN: Innovation & Regulatory Law & Policy (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124315958","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Standard-Setting in Services – New Frontiers in Rule-Making and the Role of the EU","authors":"Panos Delimatsis","doi":"10.2139/ssrn.2616618","DOIUrl":"https://doi.org/10.2139/ssrn.2616618","url":null,"abstract":"Due to legislative and judicial developments, standard-setting has come to the forefront of public debates. Being for a long time considered as a 'no passing zone' for everyone but engineers and technical experts, standard-setting organizations (SSOs) have produced a rowing solid body of standards that affect and facilitate our everyday life, from wireless communications to household appliances. However, SSOs also drew the attention of many due to allegations about exclusion; undue increase of rivals’ costs; strategic behaviour; or unnecessary trade barriers. Anecdotal evidence suggests that standard-setting procedures may not always be in line with contemporary due process demands. If standardization in goods is vague, standard-setting in services is uncharted territory. This comes as no surprise; due to their tailor-made nature, services are harder to standardize. However, interest in this area is growing and the European Union (EU) has paved the way: In the controversial EU Services Directive, and, more recently, in the Single Market Act, the European Commission is called upon to lead the development of voluntary European standards to facilitate compatibility among services, whereas EU Regulation 1025/2012 provides the legal basis for a new era in service standard-setting in the EU. Based on these developments, this paper maps this new and promising area of rule-making in services. Standard-setting procedures and institutions will be analysed with a view to identifying how successful this new endeavour can be in promoting trade in services. In this regard, the paper will revisit the groundwork already done in certain services sectors, putting an emphasis on financial and business (including professional) services.","PeriodicalId":105752,"journal":{"name":"IRPN: Innovation & Regulatory Law & Policy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123314026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financing Agriculture and Rural Areas in Sub-Saharan Africa: Progress, Challenges and the Way Forward","authors":"R. Meyer","doi":"10.2139/ssrn.2705948","DOIUrl":"https://doi.org/10.2139/ssrn.2705948","url":null,"abstract":"In spite of investments and policy reforms, Sub-Saharan African countries lag in supplying financial services for agriculture and rural areas. New products, delivery channels, and partnerships, along with greater attention to savings, provide fresh optimism that this situation will be corrected. This paper examines several examples, with special attention to developments with savings groups and financial innovations with mobile phones and information and communication technologies (ICT). The telecom revolution and other innovations suggest that their use may leapfrog some difficult transportation and communication problems that drive up transaction costs and risks, and restrict financial inclusion for the poor.","PeriodicalId":105752,"journal":{"name":"IRPN: Innovation & Regulatory Law & Policy (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134325558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effects of Non-Neutral Network Management Policies on the Price and Diffusion of Broadband in the Developing World","authors":"Michael Kotrous","doi":"10.2139/ssrn.2573308","DOIUrl":"https://doi.org/10.2139/ssrn.2573308","url":null,"abstract":"Increased global deployment of and access to the Internet are seen as vital to the advancement of developing economies. A 2014 report from the World Bank concludes the development of broadband has pervasive effects on the productivity of several essential sectors of a nation’s economy and increases a nation’s ability to attract foreign direct investment. Having affordable broadband prices are essential to increasing broadband access (Tajiri, 2009). Previous studies have looked at competition between broadband providers in Spain (Fageda et. al, 2014) and in the European Union (Calzada and Martinez-Santos, 2014) as determinants of price; however, research is lacking that analyzes how the network management policies of individual broadband providers affect Internet prices. Specifically, no previous research has looked at the effect bandwidth caps, or data caps, have on price. In this paper, cross-sectional data collected in 2013 surveying 1,590 broadband plans from 94 countries is used to analyze the effects of bandwidth caps on broadband prices. This study demonstrates that the use of bandwidth caps has a significant and differentially greater impact on broadband prices in developing countries. Specifically, equal decreases in the size of bandwidth caps are shown to have greater than twice the effect on decreasing broadband prices in developing countries than developed countries.","PeriodicalId":105752,"journal":{"name":"IRPN: Innovation & Regulatory Law & Policy (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116416586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Regulation and Competition on the Migration from Old to New Communications Infrastructure: Recent Evidence from EU27 Member States","authors":"Wolfgang Briglauer","doi":"10.2139/ssrn.2523353","DOIUrl":"https://doi.org/10.2139/ssrn.2523353","url":null,"abstract":"Fibre-deployment of next-generation communications networks is currently a major challenge for investing firms as well as for national regulators and is also subject to hot debates at EU level. This work examines the role of regulatory policies and competition controlling for relevant supply and demand side factors. Our econometric model employs dynamic panel data methods that take into account potential endogeneity due to omitted heterogeneity, reverse causality and the dynamic investment specification. Our results indicate that relevant forms of previous broadband access regulations have had a negative impact on investment in new infrastructure. Furthermore, infrastructure-based competition from mobile operators and the replacement effect stemming from the incumbents' existing infrastructure exert a negative impact on ex ante investment incentives. As regards the dynamics of the adjustment process, we find that there are both short-term and long-term effects towards the desired infrastructure level.","PeriodicalId":105752,"journal":{"name":"IRPN: Innovation & Regulatory Law & Policy (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134434694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Repacking and Inventorying Federal Spectrum: The Role of Federal Employees","authors":"Sarah Oh","doi":"10.2139/SSRN.2431268","DOIUrl":"https://doi.org/10.2139/SSRN.2431268","url":null,"abstract":"Federal radio engineers have the expertise and job description to perform federal spectrum repacking. However, these federal employees have high costs of coordination due to administrative constraints. The inter-agency structure of federal spectrum management creates fragmentation on spectrum decisions. Radio engineers are disaggregated from their counterparts in other agencies and removed from policy decisions made by spectrum policy committees. Several proposals for institutions to manage federal spectrum have been advanced this year to bring federal spectrum into a modern organizational service. Institutional reform requires a closer analysis of the role of federal employees who perform repacking and inventory of federal spectrum. Institutional reform is needed to incorporate best practices from federal property management to federal radio spectrum reallocation to better align incentives of federal employees, particularly engineers who manage custom and localized federal radio equipment.","PeriodicalId":105752,"journal":{"name":"IRPN: Innovation & Regulatory Law & Policy (Topic)","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114708226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"SEC Crowdfunding Rulemaking Under the Jobs Act -- An Opportunity Lost?","authors":"Samuel Guzik","doi":"10.2139/SSRN.2393897","DOIUrl":"https://doi.org/10.2139/SSRN.2393897","url":null,"abstract":"On April 5, 2012, President Barack Obama signed into law the JOBS Act of 2012, intended to facilitate capital formation for small business, widely viewed as the principal engine of job creation in the United States. One of the JOBS Act’s more controversial provisions, Title III, created an exemption from registration of the offer and sale of \"crowdfunded\" securities under the Securities Act of 1933, allowing the sale of securities to an unlimited number of unaccredited investors without registration, on an Internet-based platform, through intermediaries which are either registered broker-dealers or SEC licensed \"funding portals.\" Title III provided for a number of built-in investor protections, including limitations on the amount invested, limitation on the amount an issuer may raise in a 12 month period ($1 million), detailed financial and non-financial disclosure in connection with the offering, and ongoing annual issuer disclosure. Congress left much of the details of Title III in the hands of the SEC, to be fleshed out in the rulemaking process.More than 18 months later, on October 23, 2013, in a 585 page release, the Commission approved the issuance of proposed Title III rules for public comment, with the comment period expiring in February 2014.The following commentary addresses certain choices and challenges of the SEC in the ongoing Title III rulemaking process, evaluating a number of key areas where proposed rulemaking has in many instances exacerbated the inherent cost and complexity inherent in the Title III structure created by Congress, and suggesting alternative approaches in the rulemaking process as the SEC undertakes to finalize Title III rules.","PeriodicalId":105752,"journal":{"name":"IRPN: Innovation & Regulatory Law & Policy (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126420879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mobile Traffic Off-Load and Fixed-Mobile Competition","authors":"J. S. Marcus, Ilsa Godlovitch","doi":"10.2139/ssrn.2342639","DOIUrl":"https://doi.org/10.2139/ssrn.2342639","url":null,"abstract":"A key question for European regulation going forward is the degree to which a third physical broadband access medium might substitute for broadband offered over traditional telecommunications and cable. Only if a third effective facilities-based competitor were to emerge would it appear to be practical to eliminate the current, rather intensive asymmetric regulatory obligations imposed only on network operators that possess Significant Market Power (SMP). The most promising option for this “third wire” is mobile broadband. A recent study for the European Commission revealed somewhat unexpectedly that the majority of broadband data originated by smart phones and tablets today (i.e. by the devices that we typically regard as mobile) is in fact transmitted over Wi-Fi, primarily using private Wi-Fi services at home and at work. By 2016, it seems likely that 80% or more of the traffic originated by smart phones and tablets will be transmitted using private Wi-Fi off-load. This has profound implications for fixed-mobile convergence. First, this result implies that most of the data that we think of as being mobile is in fact being transmitted over the fixed network (typically using the consumer’s Wi-Fi DSL or cable router). Second, it implies that fixed network back-haul capability plays a huge role in the transmission of data that we typically think of as being mobile. Taken as a whole, the data off-load ecosystem turns out to be much larger, richer, and more complex than expected. This assessment implies in turn that the ability of the mobile network to substitute for the fixed network is ripe for some re-thinking. The mobile network could not carry anywhere close to the load that consumers already impose on it without effective mobile off-load, which depends on the fixed network. The fixed and mobile networks are far more intertwined than has been assumed by most experts to date. Our preliminary assessment is that off-load implies (consistent with many other aspects of the mobile environment) that the mobile network is a significantly less-than-perfect substitute for the fixed network, and vice versa. This in turn probably implies that it is not going to be practical to phase out asymmetric SMP-based regulation any time soon as a result of convergence between the fixed network and the mobile.","PeriodicalId":105752,"journal":{"name":"IRPN: Innovation & Regulatory Law & Policy (Topic)","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116394092","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}