ERN: Institutions in Markets (Topic)最新文献

{"title":"An Economic Analysis of Restitution for Mistaken Payments","authors":"Dhammika Dharmapala, Nuno Garoupa","doi":"10.2139/ssrn.3902607","DOIUrl":"https://doi.org/10.2139/ssrn.3902607","url":null,"abstract":"The law of restitution and unjust enrichment has emerged as an important and independent branch of private law. However, it has attracted relatively little economic analysis. The aim of this paper is to develop a general conceptual framework for the economic analysis of the core example of restitution - mistaken payments. Our framework distinguishes between scenarios with unilateral and bilateral harms from mistakes, and unilateral and bilateral precaution by payers and recipients. Using this taxonomy, we develop a formal model in a parsimonious setting with two buyer-seller pairs. This model generates several novel insights, based on the idea that mistaken payments impose a “transaction tax” on contracting parties. It implies that full restitution is socially optimal when harm is unilateral (i.e., when a mistaken payment harms only the payer). When harm is bilateral (i.e., the recipient would suffer net harm from receiving the payment and making full restitution), partial restitution is generally optimal. However, we propose a hypothetical decoupled regime that would (if it were feasible) lead to more efficient outcomes than would partial restitution. The decoupling regime is intended as a thought experiment that can arguably shed light on some of the foundational debates surrounding the law of restitution.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115893197","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":"Deciphering Private Equity Incentive Contracting and Fund Leverage Choice","authors":"Timothy J. Riddiough","doi":"10.2139/ssrn.3897990","DOIUrl":"https://doi.org/10.2139/ssrn.3897990","url":null,"abstract":"I explain the standard carried interest contract as a mechanism to induce incentive compatible fund leverage while also satisfying LP return objectives. Fee, leverage and target return data from private equity real estate (PERE) funds are used to calibrate the model. Steps in the modeling process include developing a tradeoff model of fund capital structure that pits alpha against the costs of financial distress. Financial distress costs are shown to create endogenous upper bounds on fund debt levels. GPs with convex incentive fee payoff functions limit debt, even in the absence of distress costs. I also analyze how catch-up fee provisions arise endogenously to generate larger fees for high-skill fund managers.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131655322","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":"Geo-Economics Chapter 7: Data—The Oil of the 21st Century","authors":"Joachim Klement","doi":"10.2139/ssrn.3792550","DOIUrl":"https://doi.org/10.2139/ssrn.3792550","url":null,"abstract":"Chapter 7 of Geo-Economics: The Interplay between Geopolitics, Economics, and Investments focuses on globally connected economies, the economic damage caused by successful cyber attacks, and the potential impact of a large-scale cyber attack. Could a successful cyber attack cause a prolonged blackout of a major city or even trigger another financial crisis? If so, how bad would it be? These are the questions addressed in this chapter.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117200954","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":"ASEAN and the Contemporary Geopolitics of the Indo-Pacific Region: Agenda for Future Research","authors":"Darwis","doi":"10.31219/osf.io/w5y8q","DOIUrl":"https://doi.org/10.31219/osf.io/w5y8q","url":null,"abstract":"In June 2019, ASEAN adopted a document known as the ‘ASEAN Outlook on the Indo-Pacific.’ The document provided guidelines of how ASEAN will be relevant amid the great power politics in the Indian and Pacific Oceans, and how ASEAN will continue its vision of ASEAN centrality in the conduct of international relations in Southeast Asia. This article provides the foundational basis of possible research agendas related to the Indo-Pacific Region and its correlation to the regional norms of ASEAN. It concludes that several questions that have arisen in relation to the Indo-Pacific region and ASEAN includes, but not limited to; (1) what contemporary dynamics have occurred in the Indo-Pacific region? and (2) how is ASEAN still relevant in the context of the Indo-Pacific region?","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117350488","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":"Do Institutions and Happiness contribute towards Nonprofit Growth: A Cross Country Macroeconomic Analysis","authors":"Adnan Ahmed Khan, D. Siddiqui","doi":"10.2139/ssrn.3683019","DOIUrl":"https://doi.org/10.2139/ssrn.3683019","url":null,"abstract":"Nonprofit organizations are crucial, especially where neither government nor private organizations can sufficiently ease the often complex and extensive societal problems. They act as strategic partners in responding to problems, such as unemployment, poverty, and income inequality. The government provides them incentives in the form of tax relief, loan guarantees, and contracts to stimulate nonprofit growth, however, this growth is often triggered by other non-financial factors. This may be the reason for a flourishing nonprofit sector in less developed countries. Hence, this paper aims to highlight these other factors and assess their impact on nonprofit growth at a macro level. Moreover, the relationship might not be linear. For example, you might see an exponential growth of nonprofits when Generosity level increases, hence, we also explored these curvilinear relationships. Specifically, this study investigates the effect of different non-financial factors on nonprofit growth. These included factors that relate to the quality of institutions like Rule of Law, as well as factors such as Social support, Freedom to make life choices, and Generosity that are responsible for an increase in happiness level. Other factors like tax, Interest rate, Inflation, GNI per capita, Government social spending, Population size, Urbanization, and Female workforce were taken as control. Nonprofit growth was measured by the consumption expenditure of nonprofit institutions serving households as a percentage of GDP. For this, a balanced panel Dataset was constructed and analyzed consisting of 54 countries for 14 years from 2005 to 2018. The results suggested that inflation, interest rates, tax rate seem to have a positive and significant effect on nonprofit expenditure, whereas female workforce, per capita income, urbanization, tax revenue, and population size seems to have a negative and significant impact. Government social spending along with social support in the public also has a significant and positive effect on nonprofit. Interestingly, higher levels of freedom to make life choices seem to inhibit nonprofit growth. Similarly, institutional quality in terms of the rule of law also seems to have a negative and significant effect. These two are normally higher along with female participation, in developed countries with the stronger and active government giving less room for nonprofits. Moreover, generosity in the public doesn’t seem to predict nonprofit growth both in linear as well as the curvilinear form of relationship. Findings imply that government direct like taxes and indirect response like social spending seems to benefit able for nonprofits. They thrive in stagnate economies with inflation and higher interest rate, but lower-income and taxes, chiefly because of inactivity of government in social areas give rise to the window on the opportunity for them to thrive.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126962776","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":"Informal Learning and WTO Renewal. Using Thematic Sessions to Create More Opportunities for Dialogue","authors":"Robert Wolfe","doi":"10.2139/ssrn.3683708","DOIUrl":"https://doi.org/10.2139/ssrn.3683708","url":null,"abstract":"Thematic sessions are a broad class of meetings that are sponsored by or associated with a WTO body in some way, but that are not part of its formal meetings. The WTO held over 100 such sessions in the three years from 2017 to 2019. They bring dynamism to WTO by allowing committees to consider what works well and what does not under an agreement, including by sharing experiences with implementation, and helping to define what is next on the agenda. This paper analyses how such meetings are organized, focusing on how themes are chosen, participation (who speaks), the degree of transparency, and funding, drawing on a database of all thematic sessions from the beginning of 2017 until the end of 2019. Enhanced use of thematic sessions can contribute to strengthening connections between Geneva delegations and capitals.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122096406","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 Model of Regional Development Based on Innovation: The Case of Alexander Innovation Zone S.A.","authors":"Charalampos Trasanidis, Vasiliki Delitheou, Evanthia Michalaki","doi":"10.2139/ssrn.3664276","DOIUrl":"https://doi.org/10.2139/ssrn.3664276","url":null,"abstract":"This paper provides the role of innovation in regional development. The most important factors and stakeholders for the success of regional development are presented, such as industries, SME’s and large companies, which do business in a specific region, local educational organizations, universities, institutes and research centers, which can provide the ordered scientific knowledge for the businesses to scale up and the Government, especially the local Authorities, which can support and boost the efforts of the other stakeholders to grow up. The collaboration of all these stakeholders based on the “Triple Helix model”, which is analyzed in the second part of this paper. In the third part of this paper is presented and described the Alexander Innovation Zone S.A., which is established in Thessaloniki, in Northern Greece, by providing its definition, scope, vision, and actions. Finally, some suggestions are presented for the Innovation zones in general and for the regional development.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"204 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132967387","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":"Textual Analysis as a Method of Identifying Museum Attributes Perceived by Tourists: An Exploratory Analysis of Thyssen-Bornemisza National Museum in Spain","authors":"Alicia Orea-Giner, Trinidad Vacas Guerrero","doi":"10.7200/esicm.167.0513.2","DOIUrl":"https://doi.org/10.7200/esicm.167.0513.2","url":null,"abstract":"Objective: The identification of museum attributes is essential when analyzing the different factors that attract visitors and studying it in order to improve efficiency in museums, as this could affect the use of funds for developing a marketing campaign to attract visitors. This paper offers a literature review that considers museum visits and museum attributes before proposing a methodology.<br><br>Methodology: The use of big data applied to tourism research is vital, as it allows for the consideration of the opinions of museum visitors. The case study in this paper is the Thyssen-Bornemisza National Museum in Madrid, Spain. The method for identifying the attributes consists of a textual analysis of TripAdvisor reviews written in English (2500) and Spanish (2500). The information is captured using WebHarvy and is analysed using Nvivo12.<br><br>Results: After analyzing the thousand words that were used most frequently, the main attributes were detected, as well as whether the perception of these attributes was positive or negative. The museum’s location and the building itself were the most highly valued attributes. Other attributes that were valued positively were the peripheral services of the museum, such as its food and beverage services.<br><br>Limitations: The main limitation is that TripAdvisor is not an entirely reliable source of information, so it will be necessary to obtain more reviews to analyse.<br><br>Practical implications: The identification of attributes allows for improved decision making,<br>as well as facilitating a better understanding of the museum’s visitors’ perceptions.<br>Being aware of these aspects enables the modification of the museum’s services through<br>proposals for changes and improvements.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"54 97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127595844","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":"Transparency of Asset and Beneficial Ownership Information","authors":"Andres Knobel","doi":"10.2139/ssrn.3734400","DOIUrl":"https://doi.org/10.2139/ssrn.3734400","url":null,"abstract":"The goal of this paper is to describe the concept and explain the importance of beneficial ownership transparency, the evolution of relevant international standards and practices, and finally to propose recommendations on how to achieve better frameworks to tackle tax avoidance and evasion, corruption and money-laundering. The paper is based on relevant publications, especially by international organizations (e.g., the Financial Action Task Force) as well as the author’s previous research relating to analyzing loopholes in the beneficial ownership frameworks of more than 100 jurisdictions. <br><br>The section 2 of this paper will explain the concept of beneficial ownership and the importance that information about beneficial ownership has for country authorities trying to promote accountability and financial integrity. Section 3 will review the standards currently in place for maintaining beneficial ownership information, their implementation, and the gaps in the current system. Section 4 will discuss the availability of beneficial ownership information across borders and discuss the mechanisms for country authorities to obtain information on assets outside their own jurisdiction. It will also inform on the impediments to implementation of existing systems as well as gaps in the system. Section 5 will turn to proposals for addressing the gaps, vulnerabilities and impediments that have been identified.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122736807","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":"Building a Single Market for Sustainable Finance in the EU- Idealism, Policy and Mixed Messages","authors":"I. Chiu","doi":"10.2139/ssrn.3631946","DOIUrl":"https://doi.org/10.2139/ssrn.3631946","url":null,"abstract":"Since the European Commission adopted an action plan for promoting sustainable finance in 2018, legislative reform has been introduced for enhanced market building in sustainable finance products as well as to harmonize the regulative standards for them. Regulation is intended to mobilize the mainstream investment fund sector to develop and provide choice in their offers of sustainable financial products, hence it can be regarded as enabling in nature. It is also in the nature of harmonized European regulation to provide for sufficiently high-quality regulative and protective standards so that market development is carried out in a manner that inspires market confidence. This is consistent with the ordoliberal underpinnings of single market regulatory measures in the financial sector. However, regulative standards tend towards high-quality in order to underpin market credibility, but they may sometimes be counterproductive if ‘idealism’ becomes too demanding. <br><br>This article examines the Regulation on sustainability disclosures required of the financial services sector and the Taxonomy Regulation in their roles to make sustainable finance products widely marketised by the mainstream investment funds sector. It examines the finely balanced nature of the EU’s governance of sustainable finance as its enabling elements and regulative ones interact. We argue that the net result is mixed messages to the market which may not lead to significant development in market structures and product choice. We further interrogate a lacuna in law that investment advice is not adequately regulated in relation to sustainable financial product offerings.","PeriodicalId":245985,"journal":{"name":"ERN: Institutions in Markets (Topic)","volume":"154 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123313844","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}