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Advance disclosure of insider transactions: Empirical evidence from the Vietnamese stock market 内幕交易的提前披露:来自越南股票市场的经验证据
IF 1.1 3区 社会学
International Review of Law and Economics Pub Date : 2023-06-01 DOI: 10.1016/j.irle.2023.106137
Jérémie Lefebvre , Paolo Mazza
{"title":"Advance disclosure of insider transactions: Empirical evidence from the Vietnamese stock market","authors":"Jérémie Lefebvre ,&nbsp;Paolo Mazza","doi":"10.1016/j.irle.2023.106137","DOIUrl":"https://doi.org/10.1016/j.irle.2023.106137","url":null,"abstract":"<div><p>We investigate the impact of legal insider trading announcements on stock returns in Vietnam. Vietnamese insiders must announce their trading intentions in advance as well as after the actual trade, which contrasts with the vast majority of countries where only post-trade announcement is mandatory. This regulatory setting allows to put to test the predictions from the theoretical models of advance disclosures (Huddart et al., 2004, Lenkey, 2014). Consistent with the theoretical literature, we find that the abnormal returns are large and significant after the pre-trade announcement, showing that the market takes into consideration the information content of the insiders' intention to trade. In addition, no significant stock price effect is found after the announcement of the actual trade occurrence or cancellation. We argue in favor of the implementation of advance disclosure policies since they help mitigate the returns obtained by insiders, better share the profits with outsiders and contribute to a better information dissemination.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"74 ","pages":"Article 106137"},"PeriodicalIF":1.1,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49751189","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
Judicial compliance in district courts 区域法院的司法遵从
IF 1.1 3区 社会学
International Review of Law and Economics Pub Date : 2023-06-01 DOI: 10.1016/j.irle.2022.106122
Daniel L. Chen
{"title":"Judicial compliance in district courts","authors":"Daniel L. Chen","doi":"10.1016/j.irle.2022.106122","DOIUrl":"https://doi.org/10.1016/j.irle.2022.106122","url":null,"abstract":"<div><p>Are judges motivated only by policy preferences? Public enforcement of law relies on the use of public agents, such as judges, to follow the law. We use the random assignment of U.S. Federal judges setting geographically-local precedent to document the causal impact of court decisions in a hierarchical legal system. We examine lower court cases filed before and resolved after higher court decisions and find that lower courts are 29%–37% points more likely to rule in the manner of the higher court. The results obtain when the higher court case was decided in the same doctrinal area as the pending case and when the higher court case was decided on the merits. Reversals by the higher court have no significant effects. These results provide evidence that judges are motivated to follow the law and are not solely motivated by policy preferences.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"74 ","pages":"Article 106122"},"PeriodicalIF":1.1,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49751281","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
The effect of opioids on crime: Evidence from the introduction of OxyContin 阿片类药物对犯罪的影响:来自奥施康定引入的证据
IF 1.1 3区 社会学
International Review of Law and Economics Pub Date : 2023-06-01 DOI: 10.1016/j.irle.2023.106136
Yongbo Sim
{"title":"The effect of opioids on crime: Evidence from the introduction of OxyContin","authors":"Yongbo Sim","doi":"10.1016/j.irle.2023.106136","DOIUrl":"10.1016/j.irle.2023.106136","url":null,"abstract":"<div><p>Since the late 1990s, the U.S. has experienced a substantial rise in drug overdose and overdose deaths due to the increased use of opioid drugs. This study estimates the effects of the opioid epidemic on crime relying for identification on geographic variation in the distribution of OxyContin, which in turn was driven by initial state drug prescription policies. Using Uniform Crime Reports (UCR) data, I find that compared to states with stringent prescription policies, states more exposed to OxyContin had 25% higher violent crime rates. Thus, the supply shock of opioids combined with loose policies on prescription drugs created unintended and negative consequences beyond health and mortality. This conclusion is supported by suggestive evidence on mechanisms of mood instability, alcohol abuse, and illegal drug markets.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"74 ","pages":"Article 106136"},"PeriodicalIF":1.1,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47379588","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: 2
The dominance of skill in online poker 在线扑克技术的主导地位
IF 1.1 3区 社会学
International Review of Law and Economics Pub Date : 2023-06-01 DOI: 10.1016/j.irle.2022.106119
Jerome Hergueux , Gabriel Smagghue
{"title":"The dominance of skill in online poker","authors":"Jerome Hergueux ,&nbsp;Gabriel Smagghue","doi":"10.1016/j.irle.2022.106119","DOIUrl":"10.1016/j.irle.2022.106119","url":null,"abstract":"<div><p>Does skill dominate luck in online poker? In many countries around the world, the legality of the online poker industry rests on courts’ evaluation of the “skill dominance” criterion. Because it is not precisely defined, however, the skill dominance criterion may be misleading when it comes to the legal qualification of online gambling activities. We argue that this concept might be better framed as “do skilled players dominate the game” than as “does skill dominate game outcomes”. We introduce a novel, comprehensive dataset on online poker play – where we follow 91,439 players over 40 consecutive months (representing over 85 million hands played) – and develop simple tests to show that (i) skill in the game drives individual results, and (ii) players improve their skills with experience and quit playing the game as a function of starting ability. A lower bound estimate suggests that it takes at least 7 months of full-time training for a novice to acquire the basic skills exhibited by the most experienced players in our data. We conclude that the scholarly debate around this industry may move beyond that of its legality to focus instead on issues of regulation. Beyond the case of online poker, the procedures and tools we develop can be readily transferred to evaluate the skill dominance criterion in other purported games of skill, such as sports betting or stock trading.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"74 ","pages":"Article 106119"},"PeriodicalIF":1.1,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49242960","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: 2
Incentives for investments in defensive technology: An economic analysis of the Safety Act 防御技术投资的激励:安全法案的经济分析
IF 1.1 3区 社会学
International Review of Law and Economics Pub Date : 2023-03-01 DOI: 10.1016/j.irle.2022.106116
Mattias K. Polborn
{"title":"Incentives for investments in defensive technology: An economic analysis of the Safety Act","authors":"Mattias K. Polborn","doi":"10.1016/j.irle.2022.106116","DOIUrl":"10.1016/j.irle.2022.106116","url":null,"abstract":"<div><p>Civilian targets of terrorist or criminal attacks (e.g., sport stadiums, chemical or nuclear industry; infrastructure such as ports or pipelines) are often owned by the private agents who choose how to guard against potential attacks. This creates an important externality problem, as some of the benefits of better protection accrue to other private agents who would suffer from an attack. We analyze a model in which a social planner wants to provide incentives for the deployment of defensive technologies. Our results show that some features of the Safety Act, enacted after the 2001 terror attacks, are probably counterproductive.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"73 ","pages":"Article 106116"},"PeriodicalIF":1.1,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43626218","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
The Coase Theorem and the empty core: Inspecting the entrails after four decades 科斯定理与空洞：四十年后的内脏检验
IF 1.1 3区 社会学
International Review of Law and Economics Pub Date : 2023-03-01 DOI: 10.1016/j.irle.2022.106117
Varouj A. Aivazian , Jeffrey L. Callen
{"title":"The Coase Theorem and the empty core: Inspecting the entrails after four decades","authors":"Varouj A. Aivazian ,&nbsp;Jeffrey L. Callen","doi":"10.1016/j.irle.2022.106117","DOIUrl":"https://doi.org/10.1016/j.irle.2022.106117","url":null,"abstract":"<div><p>Ronald Coase pioneered the transaction cost approach to the modern analysis of institutions, contracts, and property rights. We argue that core theory enhances Coase’s transaction cost approach by injecting considerations of coalition formation and stability into the analysis. Analysis of coalitional stability also provides additional insights regarding the nature of transaction costs and the efficiency of institutional arrangements when there are such costs. Overcoming the empty core is potentially an important function of contracts, institutions, and property rights. Empty cores complement transaction costs in rationalizing real-world institutional arrangements.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"73 ","pages":"Article 106117"},"PeriodicalIF":1.1,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49748258","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
How stock market reacts to environmental disasters and judicial decisions: A case study of Mariana’s dam collapse in Brazil 股市对环境灾难和司法判决的反应:以巴西马里亚纳大坝坍塌为例
IF 1.1 3区 社会学
International Review of Law and Economics Pub Date : 2023-03-01 DOI: 10.1016/j.irle.2022.106105
T.P. Assis, F.F. Cordeiro, L.C. Schiavon
{"title":"How stock market reacts to environmental disasters and judicial decisions: A case study of Mariana’s dam collapse in Brazil","authors":"T.P. Assis,&nbsp;F.F. Cordeiro,&nbsp;L.C. Schiavon","doi":"10.1016/j.irle.2022.106105","DOIUrl":"10.1016/j.irle.2022.106105","url":null,"abstract":"<div><p>This study examines the stock market reaction to one of the major environmental disasters of the world mining industry: the Mariana dam collapse in Brazil. Based on an event study, we evaluated the impact on the mining companies’ abnormal returns surrounding the disaster and also investigated whether post-event judicial decisions affected the companies. Our results show a significant negative effect around the days of the event, reporting a 5 % drop in daily returns. Regarding the legal efforts, our findings suggest the coordination time and the benefits granted by authorities as being interpreted positively, reducing market’s expectation of an agile or severe punishment following Mariana’s dam disaster.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"73 ","pages":"Article 106105"},"PeriodicalIF":1.1,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43027186","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: 2
Strengthening worker benefits or destroying jobs: Effect of the 2008 Labor Contract Law in China 强化职工福利还是破坏就业——2008年《劳动合同法》对我国的影响
IF 1.1 3区 社会学
International Review of Law and Economics Pub Date : 2023-03-01 DOI: 10.1016/j.irle.2022.106121
Chih-Hai Yang
{"title":"Strengthening worker benefits or destroying jobs: Effect of the 2008 Labor Contract Law in China","authors":"Chih-Hai Yang","doi":"10.1016/j.irle.2022.106121","DOIUrl":"10.1016/j.irle.2022.106121","url":null,"abstract":"<div><p>This study examines the effect of strict enforcement of the 2008 Labor Contract Law (LCL) on firm employment in China. Although the LCL caused a substantial increase in labor cost<span>, there are no negative repercussions on employment. By contrast, surviving firms continue to increase employment driven by the strong labor demand of the fast-growing Chinese economy. However, compared with non-exposed firms, exposed firms suffered negative repercussions on employment after the enforcement of LCL. Exposed firms exhibited reduced wages after the LCL relative to non-exposed firms, suggesting that wage has a mediation effect on reducing the insurance expenditures of both employers and employees; they also raised productivity considerably after the LCL to absorb the incremental labor costs and survive in the market. However, there are heterogeneous effects of wage and productivity among firms of various ownerships and exporting behaviors.</span></p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"73 ","pages":"Article 106121"},"PeriodicalIF":1.1,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41835505","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: 2
A macrohistory of legal evolution and coevolution: Property, procedure, and contract in early-modern English caselaw 法律演化与协同演化的宏观历史:近代早期英国判例法中的财产、程序与契约
IF 1.1 3区 社会学
International Review of Law and Economics Pub Date : 2023-03-01 DOI: 10.1016/j.irle.2022.106113
Peter Grajzl , Peter Murrell
{"title":"A macrohistory of legal evolution and coevolution: Property, procedure, and contract in early-modern English caselaw","authors":"Peter Grajzl ,&nbsp;Peter Murrell","doi":"10.1016/j.irle.2022.106113","DOIUrl":"10.1016/j.irle.2022.106113","url":null,"abstract":"<div><p>We provide a quantitative macrohistory of the evolution and coevolution of three fundamental elements of English caselaw: property, contract, and procedure. Our dataset is derived from a comprehensive corpus of reports on early-modern English court cases. Leveraging existing topic-model estimates, we construct annual time series of attention to each of the three legal domains between the years 1552 and 1764 and estimate a structural VAR. Property and procedure are affected for decades by their own shocks. Procedure and property coevolve. In contrast, contract adjusts quickly to its own shocks and does not coevolve with the other two areas of caselaw. We identify the episodes and events outside the legal system that correspond to systemic shocks. Edward Coke was a shock to procedure. The commercial revolution raised attention to contract. The Glorious Revolution, interestingly, did not lead to elevated attention to property issues, but the Civil War and Interregnum did. The evolution of contract, while relatively autonomous from the internal dynamics of the legal system, was, of the three legal domains, least autonomous from society.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"73 ","pages":"Article 106113"},"PeriodicalIF":1.1,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46264666","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: 2
Law enforcement with rent-seeking government under voting pressure 执法部门和寻租政府在投票压力下
IF 1.1 3区 社会学
International Review of Law and Economics Pub Date : 2023-03-01 DOI: 10.1016/j.irle.2022.106118
Ken Yahagi , Yohei Yamaguchi
{"title":"Law enforcement with rent-seeking government under voting pressure","authors":"Ken Yahagi ,&nbsp;Yohei Yamaguchi","doi":"10.1016/j.irle.2022.106118","DOIUrl":"10.1016/j.irle.2022.106118","url":null,"abstract":"<div><p>This paper investigates how political accountability with voting pressure disciplines rent-seeking behaviors of the government (i.e., fine revenue maximization) by incorporating a two-period retrospective voting model into a law enforcement setting. For minor/major crimes where the pure rent-seeking enforcement is too strict/weak, the democratic process that provides disciplining incentives (e.g., lower discount rates, higher political rents, and fewer forgone collected fines the government must give up in exchange for reelection) makes the rent-seeking government weaken/strengthen enforcement. However, such discipline can still be insufficient and cause inefficient consequences. Additionally, for intermediate crimes, the democratic process can lead to the government’s inefficient pandering to voters and cause welfare deterioration, even compared to the pure rent-seeking enforcement case. The result shows that different types of distortions happen from previous studies when we consider the conflict between the rent-seeking government and citizens.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":"73 ","pages":"Article 106118"},"PeriodicalIF":1.1,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44627973","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
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