International Review of Law and Economics最新文献

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Corporate control: Persistence and the shifting role of control-enhancing mechanisms in Italian listed firms (1978–2018) 公司控制:意大利上市公司控制增强机制的持久性和角色转换(1978-2018)
IF 0.9 3区 社会学
International Review of Law and Economics Pub Date : 2025-03-16 DOI: 10.1016/j.irle.2025.106260
Silvia Rigamonti
{"title":"Corporate control: Persistence and the shifting role of control-enhancing mechanisms in Italian listed firms (1978–2018)","authors":"Silvia Rigamonti","doi":"10.1016/j.irle.2025.106260","DOIUrl":"10.1016/j.irle.2025.106260","url":null,"abstract":"<div><div>This paper analyses the evolution of ownership and control of non-financial listed firms in Italy from 1978 to 2018. Corporate control is persistent in the Italian stock market, and this is a constant trait across time periods. Instead, ownership has changed over time. The use of control-enhancing mechanisms and, relatedly, the wedge has followed an irregular path. Legal and market conditions significantly influence how controlling shareholders structure their ownership and control over time. Family capitalism remains pervasive.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"82 ","pages":"Article 106260"},"PeriodicalIF":0.9,"publicationDate":"2025-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686342","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
(Not) Canceling out the cross-section: Mitigating the effect of peremptory challenges on jury selection (不)取消横截面:减轻强制性质疑对陪审团选择的影响
IF 0.9 3区 社会学
International Review of Law and Economics Pub Date : 2025-03-07 DOI: 10.1016/j.irle.2025.106259
Francis X. Flanagan
{"title":"(Not) Canceling out the cross-section: Mitigating the effect of peremptory challenges on jury selection","authors":"Francis X. Flanagan","doi":"10.1016/j.irle.2025.106259","DOIUrl":"10.1016/j.irle.2025.106259","url":null,"abstract":"<div><div>The Sixth Amendment to the U.S. Constitution guarantees a criminal defendant the right to an impartial jury. According to current precedent, this requires individual jurors to be unbiased and the jury to have a fair possibility of being a representative cross-section of the community. I show that current selection procedures systematically exclude certain types of jurors, making it impossible to achieve a representative cross-section. I argue that this violates the requirements for an impartial jury, and I propose an alternative jury selection procedure that is incentive compatible and eliminates the distortion created by the current system. The new procedure also reduces the variance of the seated jury relative to a random selection, when measuring variance by distance to the median jury, which makes the application of justice less arbitrary. Data from Mississippi and Louisiana are analyzed to illustrate the results.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"82 ","pages":"Article 106259"},"PeriodicalIF":0.9,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143620326","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
Balancing power and performance: The role of managerial rent in competitive advantage 权力与绩效的平衡:管理租金在竞争优势中的作用
IF 0.9 3区 社会学
International Review of Law and Economics Pub Date : 2025-03-05 DOI: 10.1016/j.irle.2025.106258
Chandra S. Mishra
{"title":"Balancing power and performance: The role of managerial rent in competitive advantage","authors":"Chandra S. Mishra","doi":"10.1016/j.irle.2025.106258","DOIUrl":"10.1016/j.irle.2025.106258","url":null,"abstract":"<div><div>We study whether managerial power enhances the firm’s competitive advantage (excess asset return). We find a positive impact of managerial power on excess asset return and management compensation, consistent with the managerial rent model. However, excess asset return (long-term performance) and management compensation increase at a decreasing rate with an increase in managerial power. We derive a novel measure of managerial power. Managerial power is positively associated with the firm’s shadow options and firm-specific risk. The managerial rent model strengthens managerial power theory in that managerial power enables managers to extract a share of the firm surplus, which in turn motivates managers to generate a firm surplus, suggesting a positive relationship between managerial power and firm performance. The excess asset return generated is shared between the shareholders and managers, resulting in an above-normal pay for management. However, we find that high managerial power reduces the positive impact of management compensation on the firm performance.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"82 ","pages":"Article 106258"},"PeriodicalIF":0.9,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143563059","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
When do governments attack the judiciary? The explanatory power of political corruption 政府什么时候攻击司法?政治腐败的解释力
IF 0.9 3区 社会学
International Review of Law and Economics Pub Date : 2025-02-19 DOI: 10.1016/j.irle.2025.106248
Aylin Aydin-Cakir , Ebru İlter Akarçay
{"title":"When do governments attack the judiciary? The explanatory power of political corruption","authors":"Aylin Aydin-Cakir ,&nbsp;Ebru İlter Akarçay","doi":"10.1016/j.irle.2025.106248","DOIUrl":"10.1016/j.irle.2025.106248","url":null,"abstract":"<div><div>In recent decades, the world has witnessed various examples of elected governments verbally attacking the judiciary, accusing judges of bias, or claiming that court decisions are politically motivated. Despite the prevalence of such court-curbing practices, we know very little about when exactly governments decide to verbally attack the judiciary. Focusing on the effect of political corruption, the objective of this study is to understand 1) whether and, if so, how corruption affects governments’ attacks on the judiciary and 2) whether and, if so, how its effect changes across different political contexts. We argue that in countries with fully or partially independent media, verbal attacks on the judiciary would increase with the level of corruption. However, in regimes where the media is not independent, political corruption would not have a significant effect on attacks on the judiciary. We conduct a time-series cross-sectional analysis across 165 countries (1991–2022) to test our hypotheses. The empirical results support our hypotheses. To better understand the causal mechanisms through which corruption and media independence together trigger governments’ verbal attacks on the judiciary, we compare the cases of Argentina, Brazil, and Venezuela in the second part of the study.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"82 ","pages":"Article 106248"},"PeriodicalIF":0.9,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143436673","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
Allocating the common costs of a public service operator: An axiomatic approach 公共服务经营者的公共成本分配:一种公理方法
IF 0.9 3区 社会学
International Review of Law and Economics Pub Date : 2025-02-03 DOI: 10.1016/j.irle.2025.106247
David Lowing , Léa Munich , Kevin Techer
{"title":"Allocating the common costs of a public service operator: An axiomatic approach","authors":"David Lowing ,&nbsp;Léa Munich ,&nbsp;Kevin Techer","doi":"10.1016/j.irle.2025.106247","DOIUrl":"10.1016/j.irle.2025.106247","url":null,"abstract":"<div><div>Accurate cost allocation is a challenge for both public service operators and regulatory bodies, given the dual objectives of ensuring essential public service provision and maintaining fair competition. Operators have the obligation to provide essential public services for all individuals, which may incur additional costs. To compensate this, the operators receive state aids, which are determined by an assessment of the net cost associated with these obligations. However, these aids introduce the risk of distorting competition, as operators may employ them to subsidize competitive activities. To avoid this risk, a precise cost allocation method that adequately assess the net cost of these obligations becomes necessary. Such a method must satisfy specific properties that effectively prevent cross-subsidization. In this paper, we propose a method grounded in cooperative game theory that offers a solution for allocating common costs between activities and obligations in public service provision. We adopt a normative approach by introducing a set of desirable axioms that prevent cross-subsidization. We provide two characterizations of our proposed solution on the basis of these axioms. Furthermore, we present an illustration of our method to the allocation of common costs for a public service operator.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"81 ","pages":"Article 106247"},"PeriodicalIF":0.9,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143221261","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
Did recreational marijuana legalization increase crime in the long run? 从长远来看,娱乐性大麻合法化会增加犯罪吗?
IF 0.9 3区 社会学
International Review of Law and Economics Pub Date : 2025-01-17 DOI: 10.1016/j.irle.2025.106246
Sunyoung Lee
{"title":"Did recreational marijuana legalization increase crime in the long run?","authors":"Sunyoung Lee","doi":"10.1016/j.irle.2025.106246","DOIUrl":"10.1016/j.irle.2025.106246","url":null,"abstract":"<div><div>This study comprehensively examines the long-term effects of state-level recreational marijuana legalization on crime rates by employing a difference-in-differences with multiple time periods methodology. The findings of this study do not yield conclusive evidence supporting a reduction in crime rates after legalizing recreational marijuana. Rather, they underscore notable positive associations with property crimes and suggest potential correlations with violent crimes, highlighting the critical need for continued research to help policymakers better understand the complex implications of cannbis policy and develop more nuanced, evidence-based approaches. Robustness checks, including synthetic control method and sensitivity analyses, confirm the reliability of these results.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"82 ","pages":"Article 106246"},"PeriodicalIF":0.9,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143420783","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
Jury priors and observable defendant characteristics 陪审团先验和可观察的被告特征
IF 0.9 3区 社会学
International Review of Law and Economics Pub Date : 2025-01-06 DOI: 10.1016/j.irle.2025.106245
Jesse Bull
{"title":"Jury priors and observable defendant characteristics","authors":"Jesse Bull","doi":"10.1016/j.irle.2025.106245","DOIUrl":"10.1016/j.irle.2025.106245","url":null,"abstract":"<div><div>Although prohibited, jurors sometimes condition, consciously or subconsciously, their belief that a defendant is guilty on the defendant’s race or ethnicity or other observable characteristics. This can be viewed as a juror forming a prior or pre-trial/evidence disclosure belief of guilt. In doing this, they rely on their perceptions of education, socio-economic status, religion, beliefs, networks, etc. for the defendant’s race (or other observable characteristic) and how they perceive those to influence the probability the defendant is guilty. This is consistent with aversive discrimination, which suggests that people want to be egalitarian and not condition on race but have a tendency to base decisions on factors that are discriminatory when race is not salient. When this prior or pre-trial/evidence disclosure belief of guilt overestimates the prior probability of guilt for those in the minority group, it underestimates the prior probability of guilt for those in the majority group. Prohibiting conditioning on observable defendant characteristics can be viewed as requiring the use of the population prior/pre-trial probability of guilt. Conditions for when such prohibition improves accuracy are provided. While it is difficult to effectively prohibit this, studies of aversive discrimination suggest that making race salient in a trial can reduce implicit bias on race. So these results may provide some guidance on when such activity should be permitted.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"81 ","pages":"Article 106245"},"PeriodicalIF":0.9,"publicationDate":"2025-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143180526","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
An inspector calls: On the optimality of warning firms about ongoing inspections in antitrust policy 一名检查员呼吁:在反垄断政策中警告公司正在进行的检查的最优性
IF 0.9 3区 社会学
International Review of Law and Economics Pub Date : 2024-12-28 DOI: 10.1016/j.irle.2024.106244
María C. Avramovich
{"title":"An inspector calls: On the optimality of warning firms about ongoing inspections in antitrust policy","authors":"María C. Avramovich","doi":"10.1016/j.irle.2024.106244","DOIUrl":"10.1016/j.irle.2024.106244","url":null,"abstract":"<div><div>This paper investigates the effects of disclosing information about the likelihood of an inspection on the sustainability of cartels. To this end, I develop a model in which the Antitrust Authority can credibly disclose this type of information before firms make strategic decisions. In this way, the Antitrust Authority can distort the optimal behavior of the cartel firms related to production and cartel activities between inspection periods and non-inspection periods. I show how this can destabilize some cartel agreements, but it can also create productive inefficiencies not considered in standard models of collusion, to the extent that it induces cartel firms to devote costly resources to cartel activities.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"81 ","pages":"Article 106244"},"PeriodicalIF":0.9,"publicationDate":"2024-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143180527","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
Norms as obligations 作为义务的规范
IF 0.9 3区 社会学
International Review of Law and Economics Pub Date : 2024-11-26 DOI: 10.1016/j.irle.2024.106235
Leonard Hoeft , Michael Kurschilgen , Wladislaw Mill
{"title":"Norms as obligations","authors":"Leonard Hoeft ,&nbsp;Michael Kurschilgen ,&nbsp;Wladislaw Mill","doi":"10.1016/j.irle.2024.106235","DOIUrl":"10.1016/j.irle.2024.106235","url":null,"abstract":"<div><div>Economists model legal compliance as the process of maximizing utility while weighing the consequences from norm violation against other (monetary and non-monetary) considerations. Legal philosophers, on the other hand, believe that the normative side of law is central. Citizens comply because they have an obligation to do so. Legal norms provide exclusionary reasons that prevent weighing up on other issues. We test and compare both models in a controlled online experiment. We conduct a modified dictator game with partially unknown yet ascertainable payoffs, and vary between treatments the presence and content of authoritative norms. Our experimental results show that – in the presence of a norm – participants follow norms without searching for information that they deem important in the absence of a norm. This pattern is independent of the specific content of the norm. Our results are consistent with the legal model of norm compliance.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"81 ","pages":"Article 106235"},"PeriodicalIF":0.9,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142720569","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
Case law in European merger control 欧洲兼并控制判例法
IF 0.9 3区 社会学
International Review of Law and Economics Pub Date : 2024-11-16 DOI: 10.1016/j.irle.2024.106236
Johan Callermo
{"title":"Case law in European merger control","authors":"Johan Callermo","doi":"10.1016/j.irle.2024.106236","DOIUrl":"10.1016/j.irle.2024.106236","url":null,"abstract":"<div><div>This paper studies references to case law in merger control decisions by the EC Directorate General for Competition (DG COMP) in 1990–2022. I use the full set of references to Court of Justice of the European Union (CJEU) judgments in DG COMP decisions to examine implementation, industry dynamics and effects of the 2004 merger control reform. New case law is shown to be immediately incorporated into the merger control practice without a learning period, subsequent citations correlate with industry-specific merger activity and the 2004 ECMR reform changed which judgments are frequently cited. European merger control should thus be viewed as a dynamic framework rather than constant in time and across industries. When controlling for quantifiable determinants of case law citations, the <em>ceteris paribus</em> relevance of case law is constant for 20–25 years, implying that judgments do not intrinsically lose relevance over time.</div></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"81 ","pages":"Article 106236"},"PeriodicalIF":0.9,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142700071","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
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