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on Law and Economics |
| By: | Pezone, Vincenzo |
| Abstract: | This paper shows that judicial enforcement has substantial effects on firms' decisions with regard to their employment policies. To establish causality, I exploit a reorganization of the court districts in Italy involving judicial district mergers as a shock to court productivity. I find that an improvement in enforcement, as measured by a reduction in average trial length, has a large, positive effect on firm employment. These effects are stronger in firms with high leverage, or that belong to industries more dependent on external finance and characterized by higher complementarity between labor and capital, consistent with a financing channel driving the results. Moreover, in presence of stronger enforcement, firms can raise more debt to dampen the impact of negative shocks and, in this way, reduce employment fluctuations. |
| Keywords: | Law Enforcement,Duration of Civil Proceedings,Financing Constraints,Finance and Employment |
| JEL: | G30 K42 D25 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:11&r= |
| By: | Schulte, Elisabeth; Friehe, Tim; Langlais, Eric |
| JEL: | K13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc21:242339&r= |
| By: | Spamann, Holger |
| Abstract: | This paper argues that the key mechanisms protecting retail investors' financial stake in their portfolio investments are indirect. They do not rely on actions by the investors or by any private actor directly charged with looking after investors' interests. Rather, they are provided by the ecosystem that investors (are legally forced to) inhabit, as a byproduct of the mostly self-interested, mutually and legally constrained behavior of third parties without a mandate to help the investors (e.g., speculators, activists). This elucidates key rules, resolves the mandatory vs. enabling tension in corporate/securities law, and exposes passive investing's fragile reliance on others' trading. |
| Keywords: | Investor Protection,Index Funds,Market Efficiency,Activism,Activist Hedge Fund,Private Equity,Plaintiff Lawyers,Contractarian Model of Corporate Law,Mandatory Law |
| JEL: | G34 G38 K22 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:18&r= |
| By: | Ajayi, Temitope Abraham |
| Abstract: | Nigeria returned to a democratic government in 1999. Evidence in the literature shows that democracy promotes economic development. In the recent past, the democratic trajectory of Nigeria has led to empirical debates about the democratization process of the developing states in particular, which is prone to multifaceted challenges. This study examines the impact of democratic government on Nigerian economic development using the VAR autoregressive approach. Our empirical work suggests that democracy has a long-run relationship with the economic development of Nigeria. Against our a priori expectations and established positions in some segments of the literature, this study identifies a negative impact of democracy on the economic development of Nigeria within our study period. On the other hand, the quality of the rule of law positively impacts economic development in Nigeria. Furthermore, the study finds a positive impact of corruption control in Nigeria with economic development, although observable evidence shows that the Nigerian government’s anti-corruption institution is weak. This research paper recommends institutional reforms for the democratization process of Nigeria to fully harness one of the most significant dividends of democracy-economic development. |
| Keywords: | Nigeria, Democracy, Development, Corruption, Cointegration. |
| JEL: | H1 H11 H12 H7 H77 K0 K2 K22 K4 K42 O1 O11 O43 O47 P5 P52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:110090&r= |
| By: | Enzo Dia; Jacques Melitz |
| Abstract: | We show that the heavy use of legal services relative to output in the US is not a peculiarity of the country but applies to common law countries in general. It stems largely from better ability to contract and easier access to justice. Yet in close association, common law also opens significantly more room for rentseeking by lawyers than civil law. Thereby the costs could outweigh the benefits. Both real GDP per capita and openness emerge as further factors making room for lawyers. |
| Keywords: | Common Law;Civil Law;Rent-Seeking;Openness |
| JEL: | K15 K00 |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:cii:cepidt:2021-08&r= |
| By: | Licht, Amir N.; Adams, Renee B. |
| Abstract: | We present evidence on the way personal and institutional factors could together guide public company directors in decision-making concerning shareholders and stakeholders. In a sample comprising more than nine hundred directors originating from over fifty countries and serving in firms from twenty three countries, we confirm that directors around the world hold a principled, quasi-ideological stance towards shareholders and stakeholders, called shareholderism, on which they vary in line with their personal values. We theorize and find that in addition to personal values, directors' shareholderism level associates with cultural norms that are conducive to entrepreneurship. Among legal factors, only creditor protection exhibits a negative correlation with shareholderism, while general legal origin and proxies for shareholder and employee protection are unrelated to it. |
| Keywords: | shareholderism,stakeholders,directors,values,culture,social norms,law,institutions,corporate governance,CSR,ESG,entrepreneurship |
| JEL: | K22 M14 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:13&r= |
| By: | Bönisch, Peter; Inderst, Roman |
| Abstract: | When parties present divergent econometric evidence, the court may view such evidence as contradictory and thus ignore it completely, without conducting closer analysis. We develop a simple method for distinguishing between actual and merely apparent contradiction based on the statistical concept of the "severity" of the furnished evidence. Again using "severity", we also propose a method for reconciling divergent findings in instances of mere seeming contradiction. Our chosen application is that of damage estimation in follow-on cases. |
| Keywords: | Cartel damages,severity,statistical testing |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:3&r= |
| By: | Dirk Czarnitzki; Kristof Van Criekingen |
| Abstract: | From a firm’s perspective two competing forces are driving the decision to invest in innovation. On the one hand, innovative performance is an important driver of profitability and growth. On the other hand, investments in innovation suffer from negative externalities, i.e. spillovers to other firms, and hence imitation could be induced. To preempt imitation firms may protect their inventions by means of intellectual property rights, such as patents. By taking out a patent, however, a firm also conveys information about the functioning of the invention to competitors. In this empirical paper, we highlight the trade-off of patenting by setting up a recursive system of equations on knowledge leakage and imitation that, among other factors, may be partly determined by firms’ patenting activity. Thereby we contribute to the debate on the functioning of the contemporary patent system. We find that patenting firms are being less confronted with imitation. The effect of patents on the dissemination of R&D findings is, however, insignificant. Therefore, we conclude that patent disclosures do not significantly harm the appropriability conditions for inventions, but help to protect, at least partly, against imitation, as it has been originally envisaged by policy. |
| Keywords: | Innovation, R&D, Imitation, Dissemination, Patents |
| Date: | 2021–10–29 |
| URL: | http://d.repec.org/n?u=RePEc:ete:msiper:682983&r= |
| By: | Breuer, Matthias; Leuz, Christian; Vanhaverbeke, Steven |
| Abstract: | We investigate the impact of reporting regulation on corporate innovation. Exploiting thresholds in Europe's regulation and a major enforcement reform in Germany, we find that forcing firms to publicly disclose their financial statements discourages innovative activities. Our evidence suggests that reporting regulation has significant real effects by imposing proprietary costs on innovative firms, which in turn diminish their incentives to innovate. At the industry level, positive information spillovers (e.g., to competitors, suppliers, and customers) appear insufficient to compensate the negative direct effect on the prevalence of innovative activity. The spillovers instead appear to concentrate innovation among a few large firms in a given industry. Thus, financial reporting regulation has important aggregate and distributional effects on corporate innovation. |
| Keywords: | Financial Reporting,Disclosure,Regulation,Innovation,Patents,Growth |
| JEL: | K22 L51 M41 M42 M48 O43 O47 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:8&r= |
| By: | Bian, Bo; Meier, Jean-Marie; Xu, Ting |
| Abstract: | We identify strong cross-border institutions as a driver for the globalization of in-novation. Using 67 million patents from over 100 patent offices, we introduce novel measures of innovation diffusion and collaboration. Exploiting staggered bilateral in-vestment treaties as shocks to cross-border property rights and contract enforcement, we show that signatory countries increase technology adoption and sourcing from each other. They also increase R&D collaborations. These interactions result in techno-logical convergence. The effects are particularly strong for process innovation, and for countries that are technological laggards or have weak domestic institutions. Increased inter-firm rather than intra-firm foreign investment is the key channel. |
| Keywords: | Innovation,technology diffusion,globalization,cross-border institutions,bilateral investment treaties |
| JEL: | F21 F61 G18 G38 K33 O31 O33 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:23&r= |
| By: | Katelouzou, Dionysia; Siems, Mathias |
| Abstract: | n today's world, the transfer of laws and regulations between different legal systems is commonplace. The global spread of stewardship codes in recent years presents a promising, but yet untested, terrain to explore the diffusion of such norms. This paper aims to fill this gap. Employing the method of content analysis and using information from 41 stewardship codes enacted between 1991 and 2019, we systematically examine the formal diffusion of these stewardship codes. While we find support for the diffusion story of the UK as a stewardship norm exporter, especially in former British colonies in Asia, we also find evidence of diffusion from transnational initiatives, such as the EFAMA and ICGN codes, as well as regional clusters. We also show that the UK Stewardship Code of 2020 now deviates from these current models; thus, it remains to be seen how far a second round of exportation of the revised UK model into the transnational arena will follow. |
| Keywords: | institutional investors,stewardship codes,diffusion of norms,legal transplants,content analysis |
| JEL: | C38 K22 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:10&r= |
| By: | Gregor Dorfleitner; Lars Hornuf; Julia Kreppmeier |
| Abstract: | This article analyzes how the General Data Protection Regulation (GDPR) has affected the privacy practices of FinTech firms. We study the content of 308 privacy statements respectively before and after the GDPR became binding. Using textual analysis methods, we find that the readability of the privacy statements has decreased. The texts of privacy statements have become longer and use more standardized language, resulting in worse user comprehension. This calls into question whether the GDPR has achieved its original goal—the protection of natural persons regarding the processing of personal data. We also analyze the content of privacy statements and link it to company- and industry-specific determinants. Before the GDPR became binding, more external investors and a higher legal capital were related to a higher quantity of data processed and more transparency, but not thereafter. Finally, we document mimicking behavior among industry peers with regard to the data processed and transparency. |
| Keywords: | data privacy, FinTech, General Data Protection Regulation, privacy statement, textual analysis, financial technology |
| JEL: | K20 L81 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9359&r= |
| By: | Gunadi, Christian |
| Abstract: | This article examines the effect of recreational cannabis dispensary sales on traffic crashes by employing difference-in-differences model that exploits the variation in the timing of recreational marijuana dispensary entry across counties within Colorado. Using marijuana-related hospital discharge as a proxy for marijuana use, the results indicate a sizable rise in marijuana-related hospital discharges after the entry of retail cannabis stores. However, there is a lack of evidence that traffic crash incidents are affected by the entry. The preferred estimate suggests that, at 90% confidence level, a large increase in traffic crashes by more than 5% can be ruled out. |
| Keywords: | Recreational Marijuana Laws,Cannabis Access,Traffic Crashes |
| JEL: | K00 I1 R41 H23 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:964&r= |
| By: | Matti Sarvimäki (Matti Sarvimäki) |
| Abstract: | We review and interpret research on the economic and political effects of receiving asylum seekers and refugees in developed countries, with a particular focus on the 2015 European refugee protection crisis and its aftermath. In the first part of the paper, we examine the consequences of receiving asylum seekers and refugees and identify two main findings. First, the reception of refugees is unlikely to generate large direct economic effects. Both labor market and fiscal consequences for host countries are likely to be relatively modest. Second, however, the broader political processes accompanying the reception and integration of refugees may give rise to indirect yet larger economic effects. Specifically, a growing body of work suggests that the arrival of asylum seekers and refugees can fuel the rise of anti-immigrant populist parties, which may lead to the adoption of economically and politically isolationist policies. Yet, these political effects are not inevitable and occur only under certain conditions. In the second part of the paper, we discuss the conditions under which these effects are less likely to occur. We argue that refugees’ effective integration along relevant linguistic, economic, and legal dimensions, an allocation of asylum seekers that is perceived as ‘fair’ by the host society, and meaningful contact between locals and newly arrived refugees have the potential to mitigate the political and indirect economic risks. |
| Date: | 2021–11 |
| URL: | http://d.repec.org/n?u=RePEc:crm:wpaper:2131&r= |
| By: | Nigro, Casimiro Antonio; Stahl, Jörg R. |
| Abstract: | This paper investigates the implications of the fair value protections contemplated by the standard corporate contract (i.e., the standard contract form for which corporate law provides) for the entrepreneur-venture capitalist relationship, focusing, in particular, on unavoidable value-destroying trade sales. First, it demonstrates that the typical entrepreneur-venture capitalist contract does institutionalize the venture capitalist's liquidity needs, allowing, under some circumstances, for counterintuitive instances of contractually-compliant value destruction. Unavoidable value-destroying trade sales are the most tangible example. Next, it argues that fair value protections can prevent the entrepreneur and venture capitalist from allocating the value that these transactions generate as they would want. Then, it shows that the reality of venture capital-backed firms calls for a process of adaptation of the standard corporate contract that has one major step in the deactivation or re-shaping of fair value protections. Finally, it argues that a standard corporate contract aiming to promote social welfare through venture capital should feature flexible fair value protections |
| Keywords: | Private equity,Venture capital,Start-ups,Entrepreneurship,Innovation,Corporate governance,Private ordering,Drag-along rights,Trade sales,Corporate law,Fair value,Appraisal rights,Law and economics,Law and finance |
| JEL: | K22 M13 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:1&r= |
| By: | Granja, João; Leuz, Christian |
| Abstract: | An important question in banking is how strict supervision affects bank lending and in turn local business activity. Supervisors forcing banks to recognize losses could choke off lending and amplify local economic woes. But stricter supervision could also change how banks assess and manage loans. Estimating such effects is challenging. We exploit the extinction of the thrift regulator (OTS) to analyze economic links between strict supervision, bank lending and business activity. We first show that the OTS replacement indeed resulted in stricter supervision of former OTS banks. Next, we analyze the ensuing lending effects. We show that former OTS banks increase small business lending by roughly 10 percent. This increase is concentrated in well-capitalized banks, those more affected by the new regime, and cannot be fully explained by a reallocation from mortgage to small business lending after the crisis. These findings suggest that stricter supervision operates not only through capital but can also correct deficiencies in bank management and lending practices, leading to more lending and a reallocation of loans. |
| Keywords: | Bank regulation,Enforcement,Loan losses,Aggregate outcomes,Prudential oversight,Business lending,Entry and exit |
| JEL: | E44 E51 G21 G28 G31 G38 K22 K23 L51 M41 M48 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:4&r= |
| By: | Bian, Bo |
| Abstract: | This paper documents that resource reallocation across firms is an important mechanism through which creditor rights affect real outcomes. I exploit the staggered adoption of an international convention that provides globally consistent strong creditor protection for aircraft finance. After this reform, country-level productivity in the aviation sector increases by 12%, driven mostly by across-firm reallocation. Productive airlines borrow more, expand, and adopt new technology at the expense of unproductive ones. Such reallocation is facilitated by (i) easier and quicker asset redeployment; and (ii) the influx of foreign financiers offering innovative financial products to improve credit allocative efficiency. I further document an increase in competition and an improvement in the breadth and the quality of products available to consumers. |
| Keywords: | Creditor Rights,Allocative Effciency,Reallocation,Productivity and Growth,Law and Finance |
| JEL: | D22 D24 G32 G33 K12 K33 L11 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:6&r= |
| By: | James Drummond (OECD); Daniel Shephard (Columbia University); Daniel Trnka (OECD) |
| Abstract: | Governments are created and run by humans, who can experience the same behavioural biases and barriers as individuals in society. Therefore, it makes sense to explore how behavioural insights (BI) can be applied to the governance of regulatory policy making, and not just to the design of regulations themselves. Applying BI can help improve the efficiency and effectiveness of the decision-making process, which can, in turn, help improve regulatory decisions. This paper maps the ways in which barriers and biases can affect the institutions, processes and tools of regulatory governance, with a focus on regulatory oversight bodies and regulatory management tools. It concludes with practical ways governments can translate these findings into research and reforms that can help future-proof regulatory policy making and ensure it is agile, responsive and fit for tackling important and complex policy challenges. |
| Keywords: | Behavioural economics, Behavioural insights, Regulation, Regulatory governance, Regulatory policy |
| JEL: | A1 H11 K23 Z18 F00 N40 D7 E03 |
| Date: | 2021–11–11 |
| URL: | http://d.repec.org/n?u=RePEc:oec:govaah:16-en&r= |
| By: | Inderst, Roman; Thomas, Stefan |
| Abstract: | Our starting point is the following simple but potentially underappreciated observation: When assessing willingness to pay (WTP) for hedonic features of a product, the results of such measurement are influenced by the context in which the consumer makes her real or hypothetical choice or in which the questions to which she replies are set (such as in a contingent valuation analysis). This observation is of particular relevance when WTP regards sustainability, the "non-use value" of which does not derive from a direct (physical) sensation and where perceived benefits depend heavily on available information and deliberations. The recognition of such context sensitivity paves the way for a broader conception of consumer welfare (CW), and our proposed standard of "reflective WTP" may materially change the scope for private market initiatives with regards to sustainability, while keeping the analytical framework within the realm of the CW paradigm. In terms of practical implications, we argue, for instance, that actual purchasing decisions may prove insufficient to measure consumer appreciation of sustainability, as they may rather echo learnt but unreflected heuristics and may be subject to the specific shopping context, such as heavy price promotions. Also, while it may reflect current social norm, the latter may change considerably over time as more consumers adopt their behavior. |
| Keywords: | Antitrust,Consumer Welfare,Sustainability |
| JEL: | A13 K21 K32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:14&r= |
| By: | Cyprien Batut (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, DGTPE - Direction Générale du Trésor et de la Politique Economique - Ministère de l'Economie, des Finances et de l'Industrie); Caroline Coly (Bocconi University - Bocconi University [Milan, Italy], PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, AXA - Groupe AXA, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sarah Schneider-Strawczynski (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Sexual harassment and sexists behaviors are pervasive issues in the workplace. Around 12% of women in France have been subjected to toxic behaviors at work in the last year, including sexist comments, moral, sexual or physical harassment, or violence. Such toxic behaviors can not only deter women from entering the labor market, but can also lead them to leave toxic workplaces at their own expense. This article is one of the first to examine the relationship between toxic behaviors and worker flows. We use the #MeToo movement as an exogenous shock to France's workplace norms regarding toxic behaviors. We combine survey data on reported toxic behaviors in firms with exhaustive administrative data to create a measure of toxic behaviors risk for all French establishments. We use a tripledifference strategy comparing female and male worker flows in high-risk versus low-risk firms before and after #MeToo. We find that #MeToo increased women's relative quit rates in higher-risk workplaces, while men's worker flows remained unaffected. This demonstrates the existence of a double penalty for women working in high-risk environments, as they are not only more frequently the victims of toxic behaviors, but are also forced to quit their jobs in order to avoid them. |
| Keywords: | Occupational Gender Inequality,Workflows,Sexual harassment,Social Movement |
| Date: | 2021–10 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03403513&r= |
| By: | Jang, Yungshin (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)); Kang, Gu Sang (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP)) |
| Abstract: | In 2018, the largest yet cross-border M&A deal between digital platforms in Southeast Asia was reached, namely the Grab-Uber M&A case. The local digital platform Grab consolidated the regional operations of San Francisco, California-based Uber, a development which had significant effects on competition and consumer welfares in the Southeast Asia digital market. The competition authorities in the region independently initiated their investigation and started to deliberate the merger case to determine the anti-competitive effects on their domestic market, and to decide whether this transaction should be restricted or approved. Even though the two merging and merged firms completed their transactions, each authority applied different logic and imposed different remedies in deciding the case. Authorities in some member states such as Singapore and the Philippines decided that the Grab-Uber merger was anti-competitive, while others such as Indonesia and Viet Nam considered the merger not anti-competitive. Upon this backdrop, this article reviews the competition policies and laws of four major ASEAN countries – Indonesia, Singapore, Viet Nam, and the Philippines – from institutional and legal perspectives, focusing on M&A review regimes. Then, we briefly introduce how these com-petition authorities decided on the Grab-Uber merger case, also analyzing the competition effects of the case on the ride-hailing market in the countries. Based on the analysis results, we propose overseas competition policies for Korea. |
| Keywords: | ASEAN; Grab-Uber; merger; M&A; Southeast Asia; Indonesia; Singapore; Viet Nam; the Philippines |
| Date: | 2021–09–03 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kiepwe:2021_039&r= |
| By: | Thiemann, Matthias; Tröger, Tobias |
| Abstract: | This paper contributes to the debate on the adequate regulatory treatment of non-bank financial intermediation (NBFI). It proposes an avenue for regulators to keep regulatory arbitrage under control and preserve sufficient space for efficient financial innovation at the same time. We argue for a normative approach to supervision that can overcome the proverbial race between hare and hedgehog in financial regulation and demonstrate how such an approach can be implemented in practice. We first show that regulators should primarily analyse the allocation of tail risk inherent in NBFI. Our paper proposes to apply regulatory burdens equivalent to prudential banking regulation if the respective transactional structures become only viable through indirect or direct access to (ad hoc) public backstops. Second, we use insights from the scholarship on regulatory networks as communities of interpretation to demonstrate how regulators can retrieve the information on transactional innovations and their risk-allocating characteristics that they need to make the pivotal determination. We suggest in particular how supervisors should structure their relationships with semi-public gatekeepers such as lawyers, auditors and consultants to keep abreast of the risk-allocating features of evolving transactional structures. Finally, this paper uses the example of credit funds as non-bank entities economically engaged in credit intermediation to illustrate the merits of the proposed normative framework and to highlight that multipolar regulatory dialogues are needed to shed light on the specific risk-allocating characteristics of recent contractual innovations. |
| Keywords: | shadow banking,regulatory arbitrage,principles-based regulation,credit funds,prudential supervision,non-bank financial intermediation |
| JEL: | G21 G28 H77 K22 K23 L22 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:lawfin:2&r= |
| By: | Georgieva, Daniela; Bankova, Diyana |
| Abstract: | Different types of crimes are factors negatively affecting tourism worldwide. However, managers and even tourists themselves are refraining from submitting crime reports and whistleblows. The main goal of the study is to analyze the attitude of the hotels’ managers on the Bulgarian Black Sea coast, regarding the submission of whistleblows to the competent authorities. In particular, managers of hotels in Albena, Golden Sands, Dunes, St. Constantine and Helena, and Sunny Beach are studied. The main research hypothesis is that hotel managers should ensure the safety of guests by reducing gaps in the control environment, preventing financial frauds, helping for environmental protection, and supporting the process of reporting crimes and suspicious behavior in the hotels. However, the current management policy relies mainly on the installed security devices and the Security Department staff. This results in applying no specific internal rules, procedures, and training for non-security department employees, regarding crime identification and timely reporting. The adopted research methods are based on the logical, deductive, and comparative methods, as well as on the methods of analysis and synthesis. For the empirical study, the method of in-depth interviews is used. The results of the study support the literature by presenting more in-depth data regarding the used security devices and assets by Bulgarian Black Sea resort hotels. Also, more data on the attitude of hotel managers on the safety and security of tourists and the submission of whistleblows, as a factor for sustainable development of tourism on the Bulgarian Black Sea coast, is presented |
| Keywords: | hotels’ security devices, crime reports, whistleblow, national safety, audit |
| JEL: | K14 L83 M42 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:110345&r= |
| By: | Strazzeri, Maurizio |
| JEL: | J61 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc21:242395&r= |
| By: | Thomas Barnay; Éric Defebvre |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:eru:erudwp:wp21-14&r= |