International Review of Law and Economics最新文献

Illicit enrichment in Germany: An evaluation of the reformed asset recovery regime's ability to confiscate proceeds of crime 德国的非法致富：评估改革后的资产追回制度没收犯罪所得的能力

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2024-09-14 DOI: 10.1016/j.irle.2024.106230

{"title":"Illicit enrichment in Germany: An evaluation of the reformed asset recovery regime's ability to confiscate proceeds of crime","authors":"","doi":"10.1016/j.irle.2024.106230","DOIUrl":"10.1016/j.irle.2024.106230","url":null,"abstract":"<div><p>This study examines the effectiveness of Germany's reformed asset recovery regime, which was implemented in 2017, in terms of its ability to confiscate proceeds of crime and whether it qualifies as illicit enrichment legislation. The research utilizes Dornbierer's (2021) definition of illicit enrichment to evaluate the reformed asset recovery law and analyses trends in asset recovery by reviewing data on assets seized and confiscated since 2017. Additionally, the study compares the reformed asset recovery regime to its predecessor to determine whether weaknesses that reduced the effectiveness of the previous framework to confiscate PoC have been addressed, while also evaluating the reformed regime for any potential weaknesses that may hinder its ability to confiscate proceeds of crime. The study concludes that while the reformed regime introduces some elements of illicit enrichment, it does not satisfy the criteria for illicit enrichment legislation. Nonetheless, the reformed regime is more effective in confiscating proceeds of crime, as evidenced by the high value of assets seized since the reform was implemented. Additionally, most of the weaknesses that existed in the previous system have been resolved. However, the research highlights the remaining challenges regarding the confiscation of proceeds implicated in ML, fraud, and corruption, as well as profits from non-criminal offenses. Future studies could explore whether the increased confiscation of assets leads to a decrease in profit-driven crime.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0144818824000504/pdfft?md5=b1a15c15d6d4520b3ec0e687f248e681&pid=1-s2.0-S0144818824000504-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142272115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

On the strategic choice of overconfident lawyers 关于过于自信的律师的战略选择

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2024-09-12 DOI: 10.1016/j.irle.2024.106231

{"title":"On the strategic choice of overconfident lawyers","authors":"","doi":"10.1016/j.irle.2024.106231","DOIUrl":"10.1016/j.irle.2024.106231","url":null,"abstract":"<div><p>This paper analyzes how the plaintiff selects her lawyer based on lawyers’ confidence in their trial-effort productivity. The plaintiff’s lawyer works on a contingent fee and makes litigation decisions on the plaintiff’s behalf. When the lawyer’s preferences are decisive at both the settlement and the trial stage, the plaintiff must anticipate that a more confident lawyer evaluates settlement compared to trial differently and implies different equilibrium trial effort levels. When the lawyer implements the plaintiff’s ideal settlement demand, only the influence of the confidence level on trial effort levels is relevant. In both cases, the plaintiff prefers an <em>overconfident</em> lawyer but would be harmed by <em>excessive</em> overconfidence. In many circumstances, the optimal confidence level maximizes the plaintiff’s trial payoff. However, when the lawyer’s preferences are decisive at both the settlement and trial stage, the plaintiff may choose an even more confident lawyer to raise the settlement level her lawyer demands from the defendant.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0144818824000516/pdfft?md5=95492fe750bb30a2275d19a70cc39bc7&pid=1-s2.0-S0144818824000516-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142228626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Judiciary-driven finance: Quasi-experimental evidence from specialized financial adjudication institutions in China 司法驱动的金融：来自中国金融审判专门机构的准实验证据

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2024-09-04 DOI: 10.1016/j.irle.2024.106227

{"title":"Judiciary-driven finance: Quasi-experimental evidence from specialized financial adjudication institutions in China","authors":"","doi":"10.1016/j.irle.2024.106227","DOIUrl":"10.1016/j.irle.2024.106227","url":null,"abstract":"<div><p>The \"law and finance\" paradigm posits that legal institutions play a crucial role in financial development; however, China has long been considered an exception. This study challenges that assumption by examining how improvements in the judiciary affect financial development in China. Using a quasi-natural experiment (i.e., staggered difference-in-difference estimation) over a twenty-year period, we find that the establishment of specialized financial adjudication institutions (i.e., financial courts and tribunals) in certain prefecture-level cities significantly reduces financing constraints for local listed companies. Further heterogeneity tests show that these effects are more pronounced among private enterprises, small and medium-sized enterprises, and companies in the central and western regions. Through the analysis of representative practices and interviews with relevant judges and enterprises, we find that China's financial judiciary demonstrates efficiency and proactiveness. Additionally, political considerations enable courts to regulate finance and maintain stability, improving the local financial legal environments and reducing transaction costs for market participants. By investigating the causal relationship between judicial reforms and financial development, our findings provide new insights into the \"law and finance\" theory and offer policy implications for addressing financial development gaps and promoting financial inclusion in emerging markets.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0144818824000474/pdfft?md5=d562f1c3697f23a806d039440ec91876&pid=1-s2.0-S0144818824000474-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142163363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Mandatory disclosure of open-ended real estate fund shares that are registered for redemption? 强制披露登记赎回的开放式房地产基金份额？

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2024-09-04 DOI: 10.1016/j.irle.2024.106229

{"title":"Mandatory disclosure of open-ended real estate fund shares that are registered for redemption?","authors":"","doi":"10.1016/j.irle.2024.106229","DOIUrl":"10.1016/j.irle.2024.106229","url":null,"abstract":"<div><div>Open-ended funds that invest in long-term assets face constant liquidity transformation risk, which can lead to financial instability. German lawmakers have responded to the liquidity crisis of open-ended real estate funds by introducing mandatory minimum holding and notice periods of 24 and 12 months, respectively. Since the new regulations were enacted in July 2013, the management companies of German open-ended real estate funds have received detailed information on the expected cash outflows from share redemptions. This article explores the question of whether the number of shares registered for redemption should be disclosed. A teleological analysis of German fund accounting law and regulation reveals a mismatch between the current nondisclosure and the stated objective to provide decision-useful information. However, a trade-off must be made between investors’ need for information and the risk of self-reinforcing panic effects, which is investigated using agent-based modeling. Parameterizing the model with historical fund data shows that disclosure would increase the probability of a redemption suspension but that such suspensions would occur timelier; thus, fewer investors would be trapped in a fund that has to suspend the redemption of shares. In addition, such disclosure would shift not only risk from uninformed, life-cycle, saving investors to sophisticated investors but also investment returns from sophisticated investors to saving investors. Such disclosure would thus constitute the opposite of what Georgakopoulos (1996, 2017) calls a disclosure subsidy for informed traders, i.e., a disclosure subsidy for uninformed investors that is borne by informed investors. However, the model in this article is distinguishable from the one outlined in Georgakopoulos (1996, 2017) because it does not model noise traders. The framework provided in this article is also relevant to the legislature in the United Kingdom and its recently created fund category of long-term asset funds.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142426323","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Predicting patent lawsuits with machine learning 用机器学习预测专利诉讼

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2024-09-02 DOI: 10.1016/j.irle.2024.106228

引用次数: 0

Fighting free with free: Freemium vs. Piracy 以免费对抗免费：免费与盗版

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2024-08-30 DOI: 10.1016/j.irle.2024.106226

引用次数: 0

Selling and abandoning legal rights 出售和放弃合法权利

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2024-08-14 DOI: 10.1016/j.irle.2024.106219

引用次数: 0

Strict liability versus negligence in the case of data breach 数据泄露情况下的严格责任与过失

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2024-08-12 DOI: 10.1016/j.irle.2024.106218

引用次数: 0

ESG disclosure, investor awareness, and carbon risk pricing: Evidence from the Chinese market ESG信息披露、投资者意识和碳风险定价：来自中国市场的证据

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2024-07-25 DOI: 10.1016/j.irle.2024.106217

{"title":"ESG disclosure, investor awareness, and carbon risk pricing: Evidence from the Chinese market","authors":"","doi":"10.1016/j.irle.2024.106217","DOIUrl":"10.1016/j.irle.2024.106217","url":null,"abstract":"<div><p>This article examines the relationship between carbon disclosure, equity returns, and investor awareness in the Chinese A-share market. The study uses firm-disclosed and proprietary vendor-estimated carbon emissions data for A-share listed companies and investigates whether the presentation of carbon risks affects the cross-sectional equity returns of Chinese domestically listed firms. The results indicate that main-board listed companies with higher unscaled carbon emissions tend to earn higher equity returns, even after controlling for factors such as size, book-to-market ratio, momentum, and firm characteristics. Moreover, the observed carbon risk premium associated with carbon-emitting companies decreases as investor awareness improves following the launch of policy agendas promoting carbon neutrality in China. These findings support the research hypothesis that investors seek higher returns for equity investments in carbon-emission-intensive companies to compensate for the higher carbon risks associated with such firms. The study also highlights the importance of carbon disclosure, as companies generally disclose their ESG information when they have improved performance in reducing their carbon emissions.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141853770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Environmental liability and product differentiation: Strict liability versus negligence revisited 环境责任与产品差异化：重新审视严格责任与过失

IF 0.9 3区社会学

International Review of Law and Economics Pub Date : 2024-07-25 DOI: 10.1016/j.irle.2024.106214

引用次数: 0