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The Multiplicity of Regulatory Responses to Remedy the Gender Imbalance on Company Boards 纠正公司董事会性别失衡的监管反应的多样性
ERN: Regulation (European) (Topic) Pub Date : 2014-12-12 DOI: 10.18352/ULR.300
L. Senden
{"title":"The Multiplicity of Regulatory Responses to Remedy the Gender Imbalance on Company Boards","authors":"L. Senden","doi":"10.18352/ULR.300","DOIUrl":"https://doi.org/10.18352/ULR.300","url":null,"abstract":"In this article the variation in regulatory and enforcement regimes, strategies and styles that have developed in European countries with a view to tackling the problem of the underrepresentation of women on company boards and to bring about actual change will be charted. By providing a comparative analysis it seeks to offer insights into the following issues: how do public and private regulators and regulation interact with each other to solve this problem; what self- and co-regulation/enforcement regimes can one identify and what hard law approaches; what are relevant factors or principles determining the chosen strategy and types of instruments; are hard quota law approaches more effective than soft(er) public or private approaches; more generally, what are important conditions or elements for ensuring that the chosen instruments will be effective in the light of the goal to be achieved? The article concludes with some lessons that can be drawn from the analysis when it comes to ensuring the effectiveness of regulatory and enforcement approaches in this area, also for policymakers, and as to what might be a possible optimal mix.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131805559","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: 8
Institutional Competition as an Alternative Mechanism for Harmonization in Monetary and Banking Unions 制度竞争作为货币和银行联盟协调的替代机制
ERN: Regulation (European) (Topic) Pub Date : 2014-11-01 DOI: 10.2139/ssrn.2529165
S. Khoury, C. Wihlborg
{"title":"Institutional Competition as an Alternative Mechanism for Harmonization in Monetary and Banking Unions","authors":"S. Khoury, C. Wihlborg","doi":"10.2139/ssrn.2529165","DOIUrl":"https://doi.org/10.2139/ssrn.2529165","url":null,"abstract":"The latest election for the European Parliament in May 2014 resulted in substantial gains for EU-skeptical parties across the EU. We argue on economic grounds that more flexible integration within the EU could increase the support for the integration process across the heterogeneous group of member states. In many areas the more flexible integration process could develop as a result of institutional competition. In other areas a minimum degree of harmonization may have to be imposed on all members. Costs and benefits from harmonization and requirements for efficient institutional competition are discussed generally as well as specifically for central banking in the EMU and for the regulatory framework for a Banking Union. There are indications that the EU has become more flexible with respect to new membership in the EMU but the push towards harmonized banking regulation is strong for members of the EMU. An alternative route to a banking union would be to impose minimum standards for bank insolvency procedures while other aspects of regulation would develop in institutional competition.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129319224","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
Knowledge Work in Inspection: Structures for Learning, Knowledge and Judgement 检验中的知识工作:学习、知识和判断的结构
ERN: Regulation (European) (Topic) Pub Date : 2014-10-18 DOI: 10.2139/SSRN.2511570
J. Brady
{"title":"Knowledge Work in Inspection: Structures for Learning, Knowledge and Judgement","authors":"J. Brady","doi":"10.2139/SSRN.2511570","DOIUrl":"https://doi.org/10.2139/SSRN.2511570","url":null,"abstract":"Nearly all inspectors are employed for their professional expertise but, paradoxically, being an inspector distances them from that expertise. Inspectors need knowledge on which to base inspection judgements. Knowledge is the basis of implementing policy or of innovating. How do they update knowledge? Inspector knowledge work draws on flexible informal and formal learning structures in the organisation. These range from relationship based person contact groups, professional development groups, team meetings and then on to more formal means of learning. Much of the knowledge reported is explicit (formal) but there is strong evidence of process knowledge, know-how or tacit knowledge. The concept of ‘community of practice’ is important in understanding the personal basis of these groups and the role of friendship and trust amongst inspectors. The inspector, in the organisation and in the wider regulatory environment, has a mix of motivations and strategies for knowledge work. Some respondents undertook learning activities to protect reputation or credibility, for others it included a strategy of improving services. The study reveals the substructure of knowledge work hidden in scholarly accounts of inspection behaviour and how sources and types of knowledge may well offer different inspection outcomes. The findings are valuable to organisations seeking to optimise their inspection capability especially around improvement.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132048964","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
Off-Exchange Intermediation - Price Aggressiveness of Systematic Internalisers 场外中介——系统内部人的价格攻击性
ERN: Regulation (European) (Topic) Pub Date : 2014-07-04 DOI: 10.2139/ssrn.2462479
P. Gomber, K. Zimmermann
{"title":"Off-Exchange Intermediation - Price Aggressiveness of Systematic Internalisers","authors":"P. Gomber, K. Zimmermann","doi":"10.2139/ssrn.2462479","DOIUrl":"https://doi.org/10.2139/ssrn.2462479","url":null,"abstract":"We study the pricing behavior of Systematic Internalisers (SIs), bilateral trading intermediaries that enable investment firms for explicit transaction cost savings and further price improvement opportunities as trading is executed outside traditional securities exchanges. Under the current European regulatory obligations, SIs are exposed to similar risk structures like exchange market makers, questioning an SI's willingness to actually provide beneficial executions and therefore relinquish appropriate risk compensation. Based on SI trade execution in 2009, we empirically analyze SI price aggressiveness and find beneficial executions in about 60 percent of our sample executions. However, we find indications that SIs actively manage their risk positions via their provision of price improvements and deteriorations. Inventory risk consideration strongly confine the provision of price improvements, while market risk considerations do not affect SI price aggressiveness negatively.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115476101","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
'Financial Fair Play' or 'Oligopoleague' of Football Clubs?: A Preliminary Review Under European Union Competition 足球俱乐部的“财政公平竞争”还是“寡头垄断”?:欧盟竞争的初步审查
ERN: Regulation (European) (Topic) Pub Date : 2014-06-15 DOI: 10.2139/SSRN.2450719
N. Petit
{"title":"'Financial Fair Play' or 'Oligopoleague' of Football Clubs?: A Preliminary Review Under European Union Competition","authors":"N. Petit","doi":"10.2139/SSRN.2450719","DOIUrl":"https://doi.org/10.2139/SSRN.2450719","url":null,"abstract":"This short paper offers a first analysis of the UEFA's \"break even requirement\" under the EU competition rules. It shows that there are good reasons to believe that the UEFA Financial Fair Play regulation violates Article 101 of the Treaty on the Functioning of the EU, in particular because it limits investments in the sense of Article 101(1) b) TFEU and in turn risks ossifying the market structure to the benefit of a tight oligopoly of football clubs.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128318346","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: 6
Organizational Design, Competition, and Financial Exchanges 组织设计、竞争和金融交流
ERN: Regulation (European) (Topic) Pub Date : 2014-05-25 DOI: 10.1111/sjoe.12325
Steffen Juranek, U. Walz
{"title":"Organizational Design, Competition, and Financial Exchanges","authors":"Steffen Juranek, U. Walz","doi":"10.1111/sjoe.12325","DOIUrl":"https://doi.org/10.1111/sjoe.12325","url":null,"abstract":"We investigate the incentives for vertical and horizontal integration in the financial securities service industry. Our analysis shows that the incentives for vertical integration depend on industry characteristics revealing, for example, that incentives increase in the demand for liquidity. Decentralized decisions might lead to an industry equilibrium with lower aggregate profits for all participants. This problem can be overcome by horizontal integration. We link our results to recent regulatory and institutional developments, and argue that multilateral trading facilities and algorithmic trading lead to lower incentives for vertical integration whereas the regulatory push towards mandatory clearing of over-the-counter trades increases the profitability of vertical integration.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126122475","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
Market Infrastructure Regulation and the Financial Transaction Tax 市场基础设施监管与金融交易税
ERN: Regulation (European) (Topic) Pub Date : 2014-05-05 DOI: 10.2139/SSRN.2433009
Caroline Heber, Christian Sternberg
{"title":"Market Infrastructure Regulation and the Financial Transaction Tax","authors":"Caroline Heber, Christian Sternberg","doi":"10.2139/SSRN.2433009","DOIUrl":"https://doi.org/10.2139/SSRN.2433009","url":null,"abstract":"Based on the sensitivity of the European Financial Markets highlighted by the last financial crisis, the European Union is pushing for reforms of the existing regulatory framework and has also proposed a Financial Transaction Tax. Until now, the European Union has already adopted a Regulation on short selling and certain aspects of credit default swaps and a European Market Infrastructure Regulation aiming at over‐the‐counter derivatives markets. It currently debates reforming the Markets in Financial Instruments Directive and adopting a Markets in Financial Instruments Regulation and a Regulation on Central Securities Depositories. This strand of financial market regulation shall be complemented by a Financial Transaction Tax pushed forward through the enhanced cooperation mechanism. This article analyses the interplay between the financial market regulation, including the European Union’s reform proposals, and the proposed Financial Transaction Tax. The authors will conclude that both strands of financial market regulation are not sufficiently coordinated.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114101548","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
Regulating Accounting for Sustainable Companies: Some Considerations on the Forthcoming EU Directive 规范可持续发展公司的会计:对即将出台的欧盟指令的一些考虑
ERN: Regulation (European) (Topic) Pub Date : 2014-04-01 DOI: 10.54648/eucl2014024
David Monciardini
{"title":"Regulating Accounting for Sustainable Companies: Some Considerations on the Forthcoming EU Directive","authors":"David Monciardini","doi":"10.54648/eucl2014024","DOIUrl":"https://doi.org/10.54648/eucl2014024","url":null,"abstract":"On April 2013 the EU Commission published its much anticipated proposal for a new Directive on 'non-financial reporting'. The article suggests that the framework used by the Commission is rather weak and improvements are proposed. It maintains that national sustainability codes could be developed and the attention should shift to regulate large institutional investors' reporting","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"105 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132650658","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: 6
The Effect of Legal Quality on Accounting Quality in the European Union Has East Met West? 法律质量对欧盟会计质量的影响东西方相遇了吗?
ERN: Regulation (European) (Topic) Pub Date : 2014-03-15 DOI: 10.2139/ssrn.2447690
Frederick W. Lindahl, Hannu Schadewitz
{"title":"The Effect of Legal Quality on Accounting Quality in the European Union Has East Met West?","authors":"Frederick W. Lindahl, Hannu Schadewitz","doi":"10.2139/ssrn.2447690","DOIUrl":"https://doi.org/10.2139/ssrn.2447690","url":null,"abstract":"Among the global efforts to improve the operation of financial markets, one is better accounting standards (i.e., IFRS). Research has shown that besides high quality accounting standards there is also a need for functional institutions, regulations, incentives and enforcement to achieve financial reporting quality (Holthausen, 2009). A factor often included in accounting research is the legal system, but the research has yielded little information about the law’s effect. This paper connects, theoretically and empirically, the operation of law with the quality of reporting in 25 EU countries. The setting is Europe, which is a “natural experiment” for analyzing the effect of law on financial reporting. For more than 40 years, ten countries in eastern Europe that are now part of the EU were communist countries. The rest of the EU maintained legal systems based on capitalist principles of property rights. If remnants of communism remain that still affect the legal climate in the eastern EU, it is possible to test whether and how different legal conditions are reflected in managers’ reporting decisions. The “natural experiment” is strengthened by the adoption of IFRS throughout the EU. This eliminates the possibility that financial reporting quality varies according to different national accounting rules. It does not, however, eliminate the possibility of earnings management. Different legal climates can reasonably be linked to different levels of truthfulness in reporting to investors. Results show empirically that legal climates are not uniform within the EU, and that the legal quality is associated with reporting quality.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128736125","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
A Short Note on the Regulation of Broadcasting in an Independent Scotland 关于苏格兰独立后广播监管的简要说明
ERN: Regulation (European) (Topic) Pub Date : 2014-02-27 DOI: 10.2139/SSRN.2402208
E. Sutherland
{"title":"A Short Note on the Regulation of Broadcasting in an Independent Scotland","authors":"E. Sutherland","doi":"10.2139/SSRN.2402208","DOIUrl":"https://doi.org/10.2139/SSRN.2402208","url":null,"abstract":"The Scottish Government has issued a prospectus for independence, should it win a plebiscite in September 2014. It plans independence to be in March 2016, together with accession to membership of the European Union. Its proposed arrangements for the regulation of broadcasting are presently very weak, with omission of a media regulator, a spectrum regulator, an advertising standards authority and the bodies for protecting children when using the Internet. Given the need to re-issue broadcasting and spectrum licences, it would be necessary to have laws and at least senior staff for regulatory bodies in place one year before independence. Complex arrangements have been proposed to replace the BBC with a Scottish Broadcasting Service, while maintaining BBC broadcasts. In order to be ready for independence, considerable further work is required to address essential institutions, their independence and systems of appeal and oversight.","PeriodicalId":382921,"journal":{"name":"ERN: Regulation (European) (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128240793","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
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