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on Law and Economics |
| By: | Ibáñez Colomo, Pablo; Kalintiri, Andriani |
| Abstract: | This article describes, and puts in context, the evolution of the enforcement practice of the European Commission in the area of EU antitrust law (Articles 101 and 102 TFEU). It considers all formal decisions adopted in the period between 1966 – when the European Court of Justice delivered the two seminal rulings that marked the discipline – and the end of 2017. The article classifies Commission decisions in accordance with four enforcement paradigms. The descriptive statistics show that the cases that the Commission chooses to prioritise have changed over the years. First, enforcement has progressively moved towards the core and the outer boundaries of the system. Second, it has become policy-driven rather than law-driven. Third, the nature of the cases chosen by the Commission is consistent with its commitment to a ‘more economics-based approach’ to enforcement. Finally, these cases signal a move towards a more ambitious stage in the process of the integration of Member States’ economies. |
| JEL: | N0 |
| Date: | 2020–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:101582&r=all |
| By: | Grogger, Jeffrey; Ivandic, Ria; Kirchmaier, Thomas |
| Abstract: | We compare predictions from a conventional protocol-based approach to risk assessment with those based on a machine-learning approach. We first show that the conventional predictions are less accurate than, and have similar rates of negative prediction error as, a simple Bayes classifier that makes use only of the base failure rate. A random forest based on the underlying risk assessment questionnaire does better under the assumption that negative prediction errors are more costly than positive prediction errors. A random forest based on two-year criminal histories does better still. Indeed, adding the protocol-based features to the criminal histories adds almost nothing to the predictive adequacy of the model. We suggest using the predictions based on criminal histories to prioritize incoming calls for service, and devising a more sensitive instrument to distinguish true from false positives that result from this initial screening. |
| Keywords: | domestic abuse; risk assessment; machine learning |
| JEL: | K42 |
| Date: | 2020–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:104159&r=all |
| By: | Wojciech Hardy |
| Abstract: | Much like the music and movie industries before, the comic book industry has entered the digital markets and faces the unfair competition of unauthorized sources. I conduct a survey among comic book readers to infer whether the unpaid channels harm the sales of comic books from the top American publishers. My data allows me to construct a time panel of comics readers and calculate the substitution rate between the paid and unpaid channels of comics acquisition. Moreover, I show that the digital comics – both paid and unpaid – are typically considered as inferior by the readers. With the price of digitally released new comics set at the same level as their print versions, this suggests that readers who do not want to pay the full price for print copies are more likely to use pirate sources than to switch to legal digital channels. Indeed, among the surveyed sample, lowering the price of digital comics could help convert some of the unpaid acquisitions into paid digital ones. |
| Keywords: | comic books, media, digital formats, piracy, file-sharing |
| JEL: | C83 K42 O34 Z11 |
| Date: | 2020–03 |
| URL: | http://d.repec.org/n?u=RePEc:ibt:wpaper:wp012020&r=all |
| By: | Raphael A. Auer; Stijn Claessens |
| Abstract: | Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events related to general bans on cryptocurrencies or to their treatment under securities law have the greatest adverse effect, followed by news on combating money laundering and the financing of terrorism, and on restricting the interoperability of cryptocurrencies with regulated markets. News pointing to the establishment of specific legal frameworks tailored to cryptocurrencies and initial coin offerings coincides with strong market gains. These results suggest that cryptocurrency markets rely on regulated financial institutions to operate and that these markets are segmented across jurisdictions. |
| Keywords: | digital currencies, cryptocurrencies, bitcoin, ethereum, distributed ledger technology, regulation, financial markets, event studies |
| JEL: | E42 E51 F31 G12 G28 G32 G38 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_8228&r=all |
| By: | Tatsiana Kliatskova; Loïc Baptiste Savatier |
| Abstract: | This paper investigates the effect of reforms of insolvency regulations on cross-border debt and equity investments at a sectoral level. Using disaggregated data from the Securities Holdings Statistics by Sector (SHSS) and OECD-indicators on the efficiency of insolvency regulations, we find that investors prefer to invest more in countries with more efficient insolvency frameworks. The effect, however, differs across sectors, with households and institutional investors being particularly sensitive. In addition, share-holders are mostly responsive to prevention and streamlining tools, while debt-holders respond more to availability of restructuring tools. Finally, we show that countries with developed financial markets and effective government are the ones that see the largest debt and equity inflows after reforms of insolvency regulations. |
| Keywords: | Capital market integration, insolvency law, sectoral effects |
| JEL: | F21 G15 G33 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1862&r=all |
| By: | Fasani, Francesco (Queen Mary, University of London); Frattini, Tommaso (University of Milan); Minale, Luigi (Universidad Carlos III de Madrid) |
| Abstract: | This article investigates the medium to long-term effects on refugee labour market outcomes of the temporary employment bans being imposed in many countries on recently arrived asylum seekers. Using a newly collected dataset covering almost 30 years of employment restrictions together with individual data for refugees entering European countries between 1985 and 2012, our empirical strategy exploits the geographical and temporal variation in employment bans generated by staggered introduction and removal coupled with frequent changes at the intensive margin. We find that exposure to a ban at arrival reduces refugee employment probability in post-ban years by 15%, an impact driven primarily by lower labour market participation. These effects are not mechanical, since we exclude refugees who may still be subject to employment restrictions, are non-linear in ban length, confirming that the very first months following arrival play a key role in shaping integration prospects, and last up to 10 years post arrival. We further demonstrate that the detrimental effects of employment bans are concentrated among less educated refugees, translate into lower occupational quality, and seem not to be driven by selective migration. Our causal estimates are robust to several identification tests accounting for the potential endogeneity of employment ban policies, including placebo analysis of non-refugee migrants and an instrumental variable strategy. To illustrate the costs of these employment restrictions, we estimate a EUR 37.6 billion output loss from the bans imposed on asylum seekers who arrived in Europe during the so-called 2015 refugee crisis. |
| Keywords: | asylum policies, economic assimilation, asylum seekers |
| JEL: | F22 J61 K37 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp13149&r=all |
| By: | Maurizio Irrera (Department of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino, Italy); Giuseppe Antonio Policaro (Department of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino, Italy) |
| Abstract: | The paper analyzes the main provisions of D.L. no. 18 of 17 March 2020 regarding financial support to SMEs by the banking system. |
| Keywords: | liquidity support; SME; banking system |
| JEL: | K29 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:tur:wpapnw:066&r=all |
| By: | Pregoner, Joseph Dave Mendoza (University of the Immaculate Conception); Ebrahim, Ayesha; Mojares, Elijah; Montes, Reiner |
| Abstract: | This qualitative research through phenomenological approach in which it is made to gather important data and information based on the participant’s experiences of the Tax Reform for Acceleration and Inclusion (TRAIN) Act. The interview collected data using in-depth interview where the questions were semi-structured for deeper clarification and further discussions. After the data was being collected, there were three themes formulated as the effects after the implementation of TRAIN law on poor income class families. According to the findings, the impact of TRAIN law to the poor are mostly the basic need such as food in which it is needed to reduce their budget for them to survive since there are other things that needed to be paid such like utility bills and debts. Furthermore, it also affects the mental and well-being of a person such as anxiety, stress, and depression due to financial problems. It is therefore concluded that after the implementation of TRAIN the poor income class families becomes poorer. |
| Date: | 2020–04–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:edarxi:k2n6r&r=all |