European Economics: Microeconomics & Industrial Organization eJournal最新文献

{"title":"Spill-Overs in Data Governance: The Relationship Between the GDPR’s Right to Data Portability and EU Sector-Specific Data Access Regimes","authors":"Inge Graef, Martin Husovec, Jasper van den Boom","doi":"10.2139/SSRN.3369509","DOIUrl":"https://doi.org/10.2139/SSRN.3369509","url":null,"abstract":"A consensus is emerging that a flourishing European data economy requires effective portability of and access to data for individuals as well as businesses. Beyond the right to data portability introduced in the General Data Protection Regulation, a number of data access regimes are being developed in the energy, automotive, payment and digital content/services sectors. By comparing the key aspects of these instruments (including their objectives, scope, beneficiaries, configuration and modalities), the paper analyses the relationship of these sector-specific regimes with the right to data portability of the General Data Protection Regulation that applies to the entire economy. As such, the paper identifies possible spill-overs in order to establish a more horizontal, overarching approach to the governance of data sharing in the EU. With the rise of the Internet of Things and the digitisation of an increasing number of industries, these lessons are instrumental to reap the full potential of data from economic as well as social perspectives.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129205700","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":"Sendikasyon Kredilerinin Rekabet İktisadı Açısından İncelenmesi: Bilgi Ekonomisi, Risk Yönetimi ve İşbirliği (Assessing the Syndicated Loans from the Perspective of Competition Economics: Information Economics, Risk Management and Cooperation)","authors":"Emin Köksal, Şahin Ardıyok","doi":"10.2139/ssrn.3366129","DOIUrl":"https://doi.org/10.2139/ssrn.3366129","url":null,"abstract":"<b>Turkish Abstract:</b> Sendikasyon ve kulüp kredileri, verilecek kredi miktarının büyüklüğü ve alınacak risklerin yoğunluğu sebebiyle tek bir banka tarafından finanse edilemeyen çok taraflı kurumsal kredilerdir. Bu çalışma bilgi paylaşımına dayalı bir işbirliğinin bu tür kredi süreçlerindeki belirsizlik ve riske bağlı maliyetleri nasıl etkilendiği ortaya koymayı amaçlamaktadır. Çalışma boyunca özellikle cevaplanmaya çalışılan soru şudur: “Teşebbüslerin ancak ve ancak birlikte gerçekleştirebildikleri, aksi halde gerçekleşmesi mümkün olmayan ekonomik aktiviteler için bilgi paylaşımı ve işbirliğine dair rekabet kuralları nasıl yorumlanmalıdır?” Bu çalışmanın ilgili iktisat ve finans literatürüne dayalı olarak çok taraflı kurumsal krediler özelinde bu soruya sunduğu cevap, bilgi paylaşımını da içeren işbirliği süreçlerinin iki taraflı kredi süreçlerindeki bilgi paylaşımından farklı bir şekilde değerlendirilmesi gerektiğine işaret etmektedir.<br><br><b>English Abstract:</b> Syndicated loans are multilateral loans which cannot be financed by a single bank because of the magnitude and the intensity of the risks. This study aims to analyze how a cooperation between banks based on information exchange affects the uncertainty and risk associated costs in a multilateral lending process. During the study the main question to be answered is “How the antitrust rules related with information exchange may be treated for the economic activities that may only be performed jointly?” The study tries to answer this question based on the economics and finance literature. It concludes that information exchange in multilateral lending process should be treated different than the bilateral lending.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115181122","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":"Sendikasyon Kredilerinin İncelenmesinde Daha Geniş Bir Pazar Tanımının Gerekliliği (Necessity of a Broader Market Definition in the Analysis of Syndicated Loans)","authors":"Emin Köksal, Şahin Ardıyok","doi":"10.2139/ssrn.3366262","DOIUrl":"https://doi.org/10.2139/ssrn.3366262","url":null,"abstract":"The English version of this paper can be found at <a href=\"https://ssrn.com/abstract=3365828\">https://ssrn.com/abstract=3365828</a><br><br><b>Turkish Abstract:</b> Pazar tanımı, yapılacak değerlendirmelerin ürün ve coğrafya ekseninde sınırlarını belirlemesi sebebiyle, bir rekabet analizinin vazgeçilmez unsurlarından biridir. İlgili rekabet iktisadı literatüründe kabul gördüğü haliyle pazar tanımı, metodolojik açıdan pazardaki etkileşimin karmaşıklığını doğru şekilde azaltan bir araçtır. Olması gerekenden daha dar bir pazar tanımı rekabetçi baskı uygulayan ürün ve coğrafyaları ihmal ederken, olması gerekenden daha geniş bir pazar tanımı ise rekabete aykırı davranışların belirlenmesini engellemektedir. Bu çalışmanın amacı, sendikasyon ve kulüp kredilerini kapsayan çok taraflı kurumsal kredilerin rekabet boyutunun incelenmesinde doğru bir pazar tanımının gerekliliğini vurgulamaktadır.<br>Çalışmada çok taraflı kurumsal krediler için pazar tanımı değerlendirilmesinde, hem rekabet iktisadı literatüründe hem de rekabet otoritelerinin kılavuzlarında yer alan, talep ve arz ikamesi temel araçlar olarak kullanılmıştır. Çalışma boyunca ilgili bilimsel literatüre dayalı bir şekilde aşağıdaki bulgular ortaya koyulmuştur: <br>• Hem arz tarafı hem de talep tarafı açısından, çok taraflı kurumsal krediler üzerinde rekabetçi baskı yaratacak finansal ürünler bulunmaktadır. Örneğin, kredi talep eden işletmeler için sendikasyon kredileri ve şirket bonoları doğrudan ikame niteliğindedir. Özelikle büyük işletmeler için ikame edilebilirlik orta vadeli senetler gibi sofistike borç araçları ile çok daha yüksektir. Arz tarafında ise, iki taraflı kurumsal kredi verme faaliyetleri sendikasyon ve kulüp kredilerinin yakın ikameleri olarak karşımıza çıkmaktadır.<br>• Çok taraflı kurumsal krediler, uluslararası niteliklere sahip ve ulusal hudutlar ile sınırlanamayacak türde borçlanma araçlarıdır. İşletmeler veya finansal kurumlar yerli ve yabancı bankalara kredi talebinde bulunabilirken, talepte bulunulan bu bankalar da birçok ülkede kredi verebilmektedir. Finansal piyasaların coğrafi entegrasyonuyla birlikte, çok taraflı kredilerdeki yabancı varlığı kademeli bir artış göstermiştir. Özellikle Türkiye gibi gelişen ülkeler için uluslararası çok taraflı krediler, yatırımların finansmanı için kritik bir önem sahiptir.<br>Çalışmanın sunduğu bu bulgular eldeki soruşturmayı değerlendirmek için ise iki eksende -ürün ve coğrafya- pazarın nasıl doğru bir şekilde tanımlanmasına dair tespitlere dikkat çekmektedir:<br>• Sendikasyon ve kulüp kredilerini kapsayan çok taraflı kurumsal krediler, şirket bonoları ve orta vadeli senetler gibi yakın ikamelerinden ayrı bir bağımsız pazar olarak tanımlanmamalıdır. <br>• Bu tür krediler yabancı bankalardan ve yabancı piyasalardan yalıtılamaz. Etkin bir coğrafi pazar tanımı mutlaka uluslararası düzeyde hatta küresel seviyede olmalıdır.<br><br><b>English Abstract:</b> Market definition is the indispensable part of a competition analysis since it draws the","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129383602","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":"EU Merger Policy Predictability Using Random Forests","authors":"Pauline Affeldt","doi":"10.2139/ssrn.3379536","DOIUrl":"https://doi.org/10.2139/ssrn.3379536","url":null,"abstract":"I study the predictability of the EC’s merger decision procedure before and after the 2004 merger policy reform based on a dataset covering all affected markets of mergers with an official decision documented by DG Comp between 1990 and 2014. Using the highly flexible, non-parametric random forest algorithm to predict DG Comp’s assessment of competitive concerns in markets affected by a merger, I find that the predictive performance of the random forests is much better than the performance of simple linear models. In particular, the random forests do much better in predicting the rare event of competitive concerns. Secondly, postreform, DG Comp seems to base its assessment on a more complex interaction of merger and market characteristics than pre-reform. The highly flexible random forest algorithm is able to detect these potentially complex interactions and, therefore, still allows for high prediction precision.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127071123","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 Future of Competition Policy in Europe – Some Reflections on the Interaction Between Industrial Policy and Competition Law","authors":"I. Lianos","doi":"10.2139/ssrn.3383954","DOIUrl":"https://doi.org/10.2139/ssrn.3383954","url":null,"abstract":"The paper explores the interaction between industrial policy and competition law, in particular merger control in Europe. It reflects on the tensions, actual and perceived, between these two policies and critically assesses the substantive and institutional solutions that have been proposed, in particular in the recent Franco-German Manifesto for a European industrial policy fit for the 21st Century.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125432697","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":"Firm Heterogeneity, Productivity, and the Extensive Margins of Trade – Differences Between Manufacturing Firms in East and West Germany","authors":"Astrid Krenz","doi":"10.2139/ssrn.3377154","DOIUrl":"https://doi.org/10.2139/ssrn.3377154","url":null,"abstract":"I investigate the relationship between the extensive margins of imports and exports (the number of countries traded with and the number of goods traded) and firm productivity using a newly constructed and rich panel data set of German manufacturing firms for the years 2009-2014. I do for the first time construct a data set based on German trade data and firm data that accounts for the substantial change in the German register of firms statistics after 2012. The extensive margins are significantly and positively associated with firm-level productivity both for West and East German firms in cross-sectional estimations, which is in line with the previous literature. Productivity is higher in firms that import and export more goods and trade with more countries. However, results based on panel analyses reveal that especially for East German firms the relationship becomes insignificant when unobserved firm heterogeneity is controlled for. The results point to a high degree of firm heterogeneity, of factors that are relevant and differ within the firm only, for firms in East Germany.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"586 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114531701","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":"To Open the Box or to Close the Box? 'Patent Box' Regimes in the EU Between R&D Incentives and Harmful Tax Practices","authors":"D. Fabris","doi":"10.37974/ALF.327","DOIUrl":"https://doi.org/10.37974/ALF.327","url":null,"abstract":"During the last few years, several EU Countries have enacted preferential tax regimes for the taxation of corporate income deriving from the exploitation of IP-rights, known as “Patent Box”. The declared aim of these regulations is to foster domestic R&D. However, these new regimes may also constitute harmful tax practices, so far as multinational enterprises can exploit them for international tax planning purposes. To tackle this issue the OECD, with Action 5 of its Action Plan on Base Erosion and Profit Shifting, has suggested its Member States to modify their Patent Boxes in accordance with the so-called Nexus Approach, in order to align the fiscal advantages with a substantial R&D activity. This paper aims at assessing the foreseeable effects of the Patent Boxes and of the implementation of the Nexus Approach, as well as the compatibility of the latter with the principles of EU law.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126519539","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":"You Might Be a Robot","authors":"B. Casey, Mark A. Lemley","doi":"10.2139/SSRN.3327602","DOIUrl":"https://doi.org/10.2139/SSRN.3327602","url":null,"abstract":"As robots and artificial intelligence (AI) increase their influence over society, policymakers are increasingly regulating them. But to regulate these technologies, we first need to know what they are. And here we come to a problem. No one has been able to offer a decent definition of robots and AI — not even experts. What’s more, technological advances make it harder and harder each day to tell people from robots and robots from “dumb” machines. We’ve already seen disastrous legal definitions written with one target in mind inadvertently affecting others. In fact, if you’re reading this you’re (probably) not a robot, but certain laws might already treat you as one. \u0000 \u0000Definitional challenges like these aren’t exclusive to robots and AI. But today, all signs indicate we’re approaching an inflection point. Whether it’s citywide bans of “robot sex brothels” or nationwide efforts to crack down on “ticket scalping bots,” we’re witnessing an explosion of interest in regulating robots, human enhancement technologies, and all things in between. And that, in turn, means that typological quandaries once confined to philosophy seminars can no longer be dismissed as academic. Want, for example, to crack down on foreign “influence campaigns” by regulating social media bots? Be careful not to define “bot” too broadly (like the California legislature recently did), or the supercomputer nestled in your pocket might just make you one. Want, instead, to promote traffic safety by regulating drivers? Be careful not to presume that only humans can drive (as our Federal Motor Vehicle Safety Standards do), or you may soon exclude the best drivers on the road. \u0000 \u0000In this Article, we suggest that the problem isn’t simply that we haven’t hit upon the right definition. Instead, there may not be a “right” definition for the multifaceted, rapidly evolving technologies we call robots or AI. As we’ll demonstrate, even the most thoughtful of definitions risk being overbroad, underinclusive, or simply irrelevant in short order. Rather than trying in vain to find the perfect definition, we instead argue that policymakers should do as the great computer scientist, Alan Turing, did when confronted with the challenge of defining robots: embrace their ineffable nature. We offer several strategies to do so. First, whenever possible, laws should regulate behavior, not things (or as we put it, regulate verbs, not nouns). Second, where we must distinguish robots from other entities, the law should apply what we call Turing’s Razor, identifying robots on a case-by-case basis. Third, we offer six functional criteria for making these types of “I know it when I see it” determinations and argue that courts are generally better positioned than legislators to apply such standards. Finally, we argue that if we must have definitions rather than apply standards, they should be as short-term and contingent as possible. That, in turn, suggests regulators—not legislators—should play the defining rol","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128002096","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":"Cluster Externalities, Firm Capabilities, and the Recessionary Shock: How the Macro-to-Micro-Transition Shapes Firm Performance During Stable Times and Times of Crisis","authors":"Christian Hundt, L. Holtermann, Jonas Steeger, Johannes Bersch","doi":"10.2139/ssrn.3356527","DOIUrl":"https://doi.org/10.2139/ssrn.3356527","url":null,"abstract":"In this paper, we examine the macro-to-micro-transition of cluster externalities to firms and how it is affected by the macroeconomic instability caused by the recessionary shock of 2008/2009. Using data from 16,166 manufacturing and business services firms nested in 390 German regions, we employ within-firm regression techniques to estimate the impact of cross-level interactions between firm- and cluster-level determinants on phase-related differences in firm performance between a pre-crisis (2004-2007) and a crisis period (2009-2011). The empirical results validate the existence of a macro-to-micro-transition that evolves best in the case of broad firm-level capabilities and variety-driven externalities. Furthermore, the results indicate that the transition strongly depends on the macroeconomic cycle. While the transition particularly benefits from a stable macroeconomic environment (2004-2007), its mechanisms are interrupted when being exposed to economic turmoil (2009-2011). Yet, the crisis-induced interruption of the transition is mainly restricted to the national recession in 2009. As soon as the macroeconomic pressure diminishes (2010-2011), we observe a reversion of the transmission mechanisms to the pre-crisis level. Our study contributes to the existing literature by corroborating previous findings that the economic performance of firms depends on a working macro-to-micro transition of external resources, which presupposes sufficient cluster externalities and adequate firm-level combinative capabilities. In contrast to previous studies on this topic, the transition mechanism is not modeled as time-invariant. Instead, it is coupled to the prevailing macroeconomic regime.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"574 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133598665","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":"Europeanisation of the Polish Leniency Programme","authors":"Paulina Korycińska-Rządca","doi":"10.7172/1689-9024.yars.2018.11.18.3","DOIUrl":"https://doi.org/10.7172/1689-9024.yars.2018.11.18.3","url":null,"abstract":"Leniency programmes in competition law make it possible to grant immunity from fines, or a reduction of any fine that would otherwise have been imposed on an undertaking who was a party to an unlawful agreement restricting competition. This immunity or fine reduction is granted as a reward for the cooperation with the competition authority and the provision of evidence of an unlawful agreement restricting competition. Legal rules regarding the application of leniency programmes have been introduced at the EU level as well as in the national legislations of numerous countries, including Polish law. The author makes an attempt to establish the degree to which the Polish leniency programme is an effect of the impact of EU law or the application of law within the EU (for instance, by its institutions). The analysis has been made on three levels. Examined first was the degree to which the Polish leniency programme is a result of spontaneous harmonisation. Second, the impact of legislative harmonisation in the area of leniency programmes was taken into consideration. Finally, it was verified whether those Polish authorities that apply Polish competition law are inspired by judgements issued by EU courts in cases regarding leniency programmes.","PeriodicalId":434487,"journal":{"name":"European Economics: Microeconomics & Industrial Organization eJournal","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128528796","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}