ERN: Regulation (European) (Topic)最新文献_第3页

Costs and Benefits of Internet Gambling for Society (Evidence from the United Kingdom) 网络赌博对社会的成本和收益(来自英国的证据)

ERN: Regulation (European) (Topic) Pub Date : 2018-07-09 DOI: 10.2139/ssrn.3242987

Artur Chalaguine

引用次数: 1

A Regulatory Sandbox for Robo Advice 机器人咨询的监管沙盒

ERN: Regulation (European) (Topic) Pub Date : 2018-05-31 DOI: 10.2139/ssrn.3188828

W. Ringe, Christopher Ruof

{"title":"A Regulatory Sandbox for Robo Advice","authors":"W. Ringe, Christopher Ruof","doi":"10.2139/ssrn.3188828","DOIUrl":"https://doi.org/10.2139/ssrn.3188828","url":null,"abstract":"Robo advice, the automated provision of financial advice without human intervention, holds the promise of cheap, convenient and fast investment services for consumers – freed from human error or bias. However, retail investors have limited capacity to assess the soundness of the advice, and are prone to make hasty, unverified investment decisions. Moreover, financial advice based on rough and broad classifications may fail to take into account the individual preferences and needs of the investor. On a more general scale, robo advice may be a source of new systemic risk. At this stage, the existing EU regulatory framework is of little help. Instead, this paper proposes a regulatory \"sandbox\" – an experimentation space – as a step towards a regulatory environment where such new business models can thrive. A sandbox would allow market participants to test robo advice services in the real market, with real consumers, but under close scrutiny of the supervisor. The benefit of such an approach is that it fuels the development of new business practices and reduces the \"time to market\" cycle of financial innovation while simultaneously safeguarding consumer protection. At the same time, a sandbox allows for mutual learning in a field concerning a little-known phenomenon, both for firms and for the regulator. This would help reducing the prevalent regulatory uncertainty for all market participants. In the particular EU legal framework with various layers of legal instruments, the implementation of such a sandbox is not straightforward. In this paper, we propose a \"guided sandbox\", operated by the EU Member States, but with endorsement, support, and monitoring by EU institutions. This innovative approach would be somewhat unchartered territory for the EU, and thereby also contribute to the future development of EU financial market governance.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130351951","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: 23

Private Equity Buyouts: Anti- or Pro-Competitive? 私募股权收购:不利于还是有利于竞争?

ERN: Regulation (European) (Topic) Pub Date : 2018-02-23 DOI: 10.2139/ssrn.3128858

Pehr‐Johan Norbäck, L. Persson, Joacim Tåg

引用次数: 1

Private Road Supply in Networks with Heterogeneous Users 异构用户网络中的专用道路供给

ERN: Regulation (European) (Topic) Pub Date : 2017-12-12 DOI: 10.2139/ssrn.2920424

Xinying Fu, E. Verhoef, Vincent A.C. van den Berg

{"title":"Private Road Supply in Networks with Heterogeneous Users","authors":"Xinying Fu, E. Verhoef, Vincent A.C. van den Berg","doi":"10.2139/ssrn.2920424","DOIUrl":"https://doi.org/10.2139/ssrn.2920424","url":null,"abstract":"We study different mixes of private and public supply of roads in a network with bottleneck congestion and heterogeneous users. There are two parallel links for one origin and destination pair and two groups of travellers, where the group with the higher value of time also has higher schedule delay values. Previous scholars argued that as users become more heterogeneous, they benefit more from product differentiation, making private supply of roads more efficient. However, we find that local monopoly power might also increase if there is a ‘separating equilibrium’, which is an equilibrium where at least one group only uses one private road due to the different combinations of toll and congestion of the two roads. The private road can thus increase its toll without worrying about the competition from the other road for this group: it has a local monopoly over them. This lowers the efficiency of private supply. The problem is especially severe with flat tolls, which are constant over the peak. With fine tolls – which vary continuously over the day – there tends to be a pooling equilibrium – where both types use both roads – and competition remains intense. Flat tolling is also worse for users than fine tolling, as it has higher generalized prices.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124617003","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: 3

'Centrifugal and Centripetal Forces in the Marketing and Cultivation of GMOs in the EU' 欧盟转基因生物营销和种植中的离心力和向心力

ERN: Regulation (European) (Topic) Pub Date : 2017-08-16 DOI: 10.2139/ssrn.3020059

N. de Sadeleer

引用次数: 1

Behavioural Aspects of Benchmark Quotation – The WIBOR Case 基准报价的行为方面- WIBOR案例

ERN: Regulation (European) (Topic) Pub Date : 2017-06-30 DOI: 10.18778/0208-6018.335.13

Piotr Mielus

引用次数: 4

A Comparative Analysis of the Secondary Liability of Online Service Providers 网络服务提供者次要责任的比较分析

ERN: Regulation (European) (Topic) Pub Date : 2017-05-17 DOI: 10.1007/978-3-319-55030-5_1

Graeme Dinwoodie

引用次数: 13

Big Data and Competition Policy: Market Power, Personalised Pricing and Advertising 大数据与竞争政策:市场力量、个性化定价和广告

ERN: Regulation (European) (Topic) Pub Date : 2017-02-16 DOI: 10.2139/ssrn.2920301

M. Bourreau, Alexandre de Streel, Inge Graef

引用次数: 36

The Effect of IFRS on Investment Decisions: European Evidence during Crisis and Non Crisis Economic Conditions 国际财务报告准则对投资决策的影响:危机和非危机经济条件下的欧洲证据

ERN: Regulation (European) (Topic) Pub Date : 2017-02-01 DOI: 10.2139/ssrn.3020094

L. Doukakis, Konstantinos Kapellas, Georgia Siougle

{"title":"The Effect of IFRS on Investment Decisions: European Evidence during Crisis and Non Crisis Economic Conditions","authors":"L. Doukakis, Konstantinos Kapellas, Georgia Siougle","doi":"10.2139/ssrn.3020094","DOIUrl":"https://doi.org/10.2139/ssrn.3020094","url":null,"abstract":"This study investigates the effect of a change in financial reporting regulation, the adoption of International Financial Reporting Standards (IFRS), on investment decisions in Europe. It further investigates whether capital investment decisions were influenced by the adverse macroeconomic conditions that took place during the crisis period in the Eurozone in years 2008-2010. Moreover, we control for the fact that the impact of the IFRS adoption may differ depending on a) the timing of the adoption i.e. voluntary versus mandatory adopters and b) the legal enforcement and corruption levels. We provide evidence that financial reporting practices of mandatory versus voluntary adopters cause significant differences in (a) the cost of equity capital, (b) the level of capital investments and (c) the return on invested capital. Our evidence suggest that mandatory adopters improved the level of capital investments and the return on invested capital in the post IFRS period and that the cost of equity capital was reduced. These evidence are more pronounced under the strong legal enforcement environment. For the group of voluntary adopters, we verify also a significant reduction in the cost of equity capital in the post IFRS adoption period. Regarding their investment practices, we document higher level of capital investment relative to mandatory adopters in both the pre and post IFRS period and even after controlling for the legal enforcement environment. We provide evidence that during the crisis period the cost of equity capital was increased for both groups. Nevertheless, our results suggest that both groups keep their investment policy unchanged by not reducing the level of capital investments.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126782711","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: 1

To Rebate or Not to Rebate: Fuel Economy Standards vs. Feebates 退税或不退税:燃油经济性标准与收费

ERN: Regulation (European) (Topic) Pub Date : 2016-11-09 DOI: 10.2139/ssrn.2870917

Isis Durrmeyer, M. Samano

引用次数: 8