LSN: Law & Economics: Public Law (Topic)最新文献_第7页

Banking Supervision Outsourcing: Economics, Rules and Drivers 银行业监管外包:经济学、规则和驱动因素

LSN: Law & Economics: Public Law (Topic) Pub Date : 2016-02-01 DOI: 10.2139/ssrn.2732633

D. Masciandaro

{"title":"Banking Supervision Outsourcing: Economics, Rules and Drivers","authors":"D. Masciandaro","doi":"10.2139/ssrn.2732633","DOIUrl":"https://doi.org/10.2139/ssrn.2732633","url":null,"abstract":"What are the pros and cons of involving external auditors in banking supervision? Which are the concrete rules of the game all around the world? How to evaluate them? The aim of this paper is to shed light on the relationship between the quality of banking supervision and the involvement of external auditors, considering the potential benefits and costs. On the one side, the involvement of private financial gatekeepers can improve overall credibility of the supervisory setting. On the other side, the involvement of private actors for the implementation of public tasks can give rise to a range of known risks.The article opens with economic analysis highlighting the pros and cons of involving external auditors and entrusting them with a measure of banking supervision. On the basis of the economic framework, the author constructs an original and systematic index of Auditors’ Involvement in Supervision – the AIS Index – based on 22 indicators, which is then applied to evaluate country by country the state of banking supervision in the world. The resulting data set is used for econometric testing of the existence of drivers that can explain the political choices made over auditors’ involvement in supervision.","PeriodicalId":231496,"journal":{"name":"LSN: Law & Economics: Public Law (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131322975","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}

引用次数: 0

Cournot, Stackelberg and Hotelling Competition Cournot, Stackelberg和Hotelling Competition

LSN: Law & Economics: Public Law (Topic) Pub Date : 2016-01-08 DOI: 10.2139/SSRN.2712958

Hak Choi

引用次数: 0

Comment of the Global Antitrust Institute, George Mason University School of Law, on the European Commission’s Public Consultation on the Regulatory Environment for Platforms 乔治梅森大学法学院全球反垄断研究所对欧盟委员会关于平台监管环境的公众咨询意见的评论

LSN: Law & Economics: Public Law (Topic) Pub Date : 2015-12-29 DOI: 10.2139/ssrn.2709188

Joshua D. Wright, Koren W. Wong-Ervin, D. Ginsburg, Bruce H. Kobayashi, James C. Cooper

引用次数: 1

Short and Long Term Investors (and Other Stakeholders Too): Must (and Do) Their Interests Conflict? 短期和长期投资者(以及其他利益相关者):他们的利益是否会发生冲突?

LSN: Law & Economics: Public Law (Topic) Pub Date : 2015-12-04 DOI: 10.4337/9781784711481.00034

C. Hill, Brett H. Mcdonnell

{"title":"Short and Long Term Investors (and Other Stakeholders Too): Must (and Do) Their Interests Conflict?","authors":"C. Hill, Brett H. Mcdonnell","doi":"10.4337/9781784711481.00034","DOIUrl":"https://doi.org/10.4337/9781784711481.00034","url":null,"abstract":"In this chapter for an edited volume, we review and analyze theoretical and empirical questions raised by the ongoing debate over whether American public corporations face undue legal and market pressure to pursue short term profits. Orthodox theory holds that the highest ‘bucks’ should not necessarily be the ‘quickest’ – that is, that markets correctly value a company’s prospects, no matter how far in the future they are. Of course, given the time value of money, a long-term prospect has to be much better than a short-term one to be worthwhile. But the argument made with respect to shareholder activists, and to a lesser but still considerable degree corporate raiders, was that cost-cutting was being encouraged even if doing so saved less than the discounted value foregone.This argument is not consistent with orthodox theory. Here, we explain why this is so, consider reasons why that theory might be wrong, and make some suggestions for ways to proceed. In our view, there is plausible, and perhaps sufficient, evidence of a problem from shareholders’ perspective – corporations may indeed be shunning some potentially higher-yielding long-term strategies, emphasizing instead the short-term strategies that yield cash and savings in the short term. There may be a problem from the societal perspective as well, which is separate from but related to the question of short-term strategies. The market may be addressing the shareholder problem, although perhaps not sufficiently, and probably not sufficiently quickly. The societal problem, the underprovision of public goods, and the imposition of negative externalities, is far trickier to address. We offer some suggestions which might help on both fronts. That being said, in some cases, the conflict between a shareholder value maximization perspective and a societal perspective may be intractable.","PeriodicalId":231496,"journal":{"name":"LSN: Law & Economics: Public Law (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116531398","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}

引用次数: 2

Net Neutrality and Inflation of Traffic 网络中立和流量膨胀

LSN: Law & Economics: Public Law (Topic) Pub Date : 2015-12-01 DOI: 10.2139/ssrn.2573466

M. Peitz, F. Schütt

引用次数: 50

Regional State Aid Control in Europe: A Legal and Economic Assessment 欧洲地区国家援助控制:法律和经济评估

LSN: Law & Economics: Public Law (Topic) Pub Date : 2015-12-01 DOI: 10.2139/ssrn.2698053

H. Friederiszick, Massimo Merola

引用次数: 1

Economies of Scale: Economics for Lawyers 规模经济:律师经济学

LSN: Law & Economics: Public Law (Topic) Pub Date : 2015-09-03 DOI: 10.2139/ssrn.2655545

M. Laskowska

引用次数: 0

Research Handbook on the Economics of Insurance Law: Introduction 保险法经济学研究手册:导论

LSN: Law & Economics: Public Law (Topic) Pub Date : 2015-08-21 DOI: 10.4337/9781782547143

D. Schwarcz, Peter Siegelman

引用次数: 3

On the Demand Effects of Rate Regulation - Evidence from a Natural Experiment 费率调控的需求效应——来自自然实验的证据

LSN: Law & Economics: Public Law (Topic) Pub Date : 2015-08-19 DOI: 10.2139/ssrn.2624486

Johannes G. Jaspersen, Andreas Richter, Sebastian Soika

引用次数: 0

Taxation and Liquidity: Evidence from Retirement Savings 税收与流动性:来自退休储蓄的证据

LSN: Law & Economics: Public Law (Topic) Pub Date : 2015-07-11 DOI: 10.2139/SSRN.2309924

E. Chorvat

{"title":"Taxation and Liquidity: Evidence from Retirement Savings","authors":"E. Chorvat","doi":"10.2139/SSRN.2309924","DOIUrl":"https://doi.org/10.2139/SSRN.2309924","url":null,"abstract":"This paper tests the response of a cross section of U.S. households to a reduction in the tax cost of holding liquid assets by the 2003 Jobs and Growth Tax Relief Reconciliation Act, whether that response was tax efficient, and the distribution of that response. Empirical results based on regression analyses of Survey of Consumer Finances data between 1998 and 2010 suggest that lower, middle, and high-income households responded to the enactment of the dividend preference in a tax-efficient manner, increasing allocations to liquid accounts and away from tax-preferred retirement accounts. Notwithstanding the conventional wisdom that behavioral responses to changes in the taxation of investments occur predominantly among the wealthy, the paper finds that the largest behavioral response to the 2003 dividend preference appears to have been among those households in the highest and lowest income groups, with the largest elasticity of response among the lowest income households. If household income is an important determinant to the value of liquidity, we might well understand that those with the highest need for liquidity might have the largest response to a reduction in the cost of that liquidity. Curiously, while middle-income households responded to the lower cost of liquidity in a tax-efficient manner, theirs was a distinctly smaller response, suggesting the possibility of a nonlinear relationship between taxation and liquidity response.","PeriodicalId":231496,"journal":{"name":"LSN: Law & Economics: Public Law (Topic)","volume":"112 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126078803","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}

引用次数: 49