|
on Law and Economics |
| By: | Jens-Uwe Franck; Till Seyer |
| Abstract: | If an antitrust fine has been imposed on a company, the question of managerial recourse liability arises. We present court cases from the Netherlands, the UK, and Germany, in part denying managerial liability and claiming that it would undermine the fines’ deterrent effect. We analyse whether managerial liability should be limited or banned to prevent, on the one hand, the company or its shareholders being under-deterred or, on the other hand, the company’s management being over-deterred. Regarding the former, we argue that a ban of managerial liability – which would have to be accompanied by a ban on any other type of internal financial sanction – would take an indispensable governance instrument out of the hands of shareholders. This holds true despite the availability of D&O insurance. Regarding the latter, we identify risks of over deterrence but also see mitigating mechanisms at work. We conclude that, while a restriction on managerial liability may be regarded a reasonable measure, this should be viewed as lying within the discretion of company law legislation and jurisprudence but not as a mandatory implication of antitrust fining laws. |
| Keywords: | antitrust law, cartels, antitrust fines, deterrence, managerial liability, antitrust compliance, D&O insurance, EU law, principle of effectiveness |
| JEL: | K21 K22 K42 L40 |
| Date: | 2023–05 |
| URL: | http://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2023_429v2&r=law |
| By: | Maaß, Christina H. |
| JEL: | E26 K42 C40 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:vfsc23:277607&r=law |
| By: | Celislami, Elda (University of Reading); Kastoryano, Stephen (University of Reading); Mastrobuoni, Giovanni (Collegio Carlo Alberto) |
| Abstract: | Police accountability is essential to uphold the social contract. Monitoring the monitors is, however, not without difficulty. This paper reveals how police departments exploit specific laws surrounding death investigations to facilitate the underreporting of police killings. Our results show that US counties in which law enforcement can certify the cause of death, including counties which appoint the sheriff as the lead death investigator, display 46% more underreported police killings than their comparable adjacent counties. Drawing on a novel adapted-LATE potential outcomes framework, we demonstrate that underreported police killings are most often reclassified as 'circumstances undetermined' homicides. We also show that law enforcement agencies in counties with permissive death certification laws withhold more homicide reports from the public. The main underreporting results are primarily driven by underreporting of White and Hispanic deaths in our analysis sample, with the effect on Hispanic people particularly pronounced along the US-Mexico border. We do not find that excess underreported killings are associated with more violence directed towards police. We do, however, note a nationwide positive correlation between the permissiveness of gun-laws and underreported police killings. In addition, we find more underreporting in counties which have both high per-capita Google searches for Black Lives Matter and which allow law enforcement to certify the cause of death. Our results do not indicate that other differences in death investigation systems - coroner vs. medical examiner, appointed vs. elected, or physician vs. non-physician - affect the underreporting of police killings. |
| Keywords: | police killings, police violence, death investigations, coroner, medical examiner, policing |
| JEL: | K42 H11 K13 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16609&r=law |
| By: | Cheipesh, Oleksandra |
| Abstract: | Drawing on data from the National Vital Statistics System (NVSS), thisstudy investigates the impact of Ban the Box (BTB) laws on drug-related mortality. Two years after adoption, BTB laws are associated with more than a 35 percent increase in drug-related mortality among Black and Hispanic men. The main mechanism driving this increase appears to be diminished labor opportunities. Consistent with the results of previous studies, I find evidence that BTB adoption reduces wages, the probability of employment, and the probability of full-time employment among Black and Hispanic men. This is the first study to provide evidence that BTB laws have negative spillover effects on drug-related fatalities. |
| Keywords: | Ban The Box Laws; Drug-Related Mortality; Employment; Labor Market Outcomes |
| JEL: | I12 J78 K31 |
| Date: | 2023–12–12 |
| URL: | http://d.repec.org/n?u=RePEc:cte:werepe:39075&r=law |
| By: | Diya Uday (xKDR Forum) |
| Abstract: | A unified law is viewed as a panacea for the current challenges in public procurement in India. In 2012, the Indian government attempted to create a statutory framework for public procurement by introducing Public Procurement Bill 2012. This Bill did not become a law and public procurement in India continues to be governed by a set of executive instructions. The central question remains: What should India's legal framework for public procurement be? This papers explores this question through a comparative analysis of the similarities and dierences in procurement laws in four jurisdictions, including India. The objective is to identify fundamental rules that underpin well-designed procurement frameworks that will guide India's eorts to create a robust law for public procurement. |
| JEL: | K4 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:anf:wpaper:28&r=law |
| By: | Guillermo Cruces (University of Nottingham, CEDLAS-FCE-UNLP, and CONICET); Martín A. Rossi (Universidad de San Andrés); Ernesto Schargrodsky (Universidad Torcuato Di Tella, CAF, and CONICET) |
| Abstract: | We exploit a natural experiment to study the causal link between dishonest behavior and public employment. When military conscription was mandatory in Argentina, eligibility was determined by both a lottery and a medical examination. To avoid conscription, individuals at risk of being drafted had strong incentives to cheat in their medical examination. These incentives varied with the lottery number. Exploiting this exogenous variation, we first present evidence of cheating in medical examinations. We then show that individuals with a higher probability of having cheated in health checks exhibit a higher propensity to occupy non-meritocratic public sector jobs later in life. |
| Keywords: | Conscription; public employment; state capacities; dishonesty; impressionable years |
| JEL: | D91 J45 K42 O15 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:sad:wpaper:168&r=law |
| By: | Donato Masciandaro; Raffaella Barone |
| Abstract: | We offer a theoretical and empirical analysis of the intertwined relationships among environmental crime revenues, corruption, and money laundering, when the illegal cleaning process is implemented via the real-estate sector. Modelling such as relationships through a logistic function, we estimate the overall environmental crime revenues using Italian regional data from 1995 to 2020. |
| Keywords: | environmental crime, corruption, money laundering, real-estate sector, Italy |
| JEL: | D7 F18 K4 R30 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:baf:cbafwp:cbafwp23211&r=law |
| By: | Pavithra Manivannan (xKDR Forum); Geetika Palta (xKDR Forum); Susan Thomas (xKDR Forum); Bhargavi Zaveri-Shah (xKDR Forum) |
| Abstract: | Information systems about dispute resolution processes and forums that can aid litigants, a key stakeholder in the justice delivery system, are absent. We propose the development of a system that allows a litigant to comparatively evaluate the different forums where he can take his dispute for resolution. To develop this system, we first identify the types of information that can support the decision of a potential litigant on whether to take her matter to court and if yes, which court. We find that information on efficiency, effectiveness, fairness, predictability, and access to courts are crucial for a litigant's decision-making process. Subsequently, we locate data sources required to quantify such measures from the viewpoint of periodically publishing such measures in the public domain. For this purpose, the case type was narrowed down to debt disputes. We systematically collect quantifiable information about cases from the select courts' websites, namely, the Bombay High Court (Bombay HC), the Mumbai bench of the National Company Law Tribunal (NCLT), and the Debt Recovery Tribunal (DRT). We use data from these courts up to September 2022. We find that a litigant has the lowest chance of getting a first hearing within the first year of filing a case at the Bombay HC (37%) as compared to the NCLT or the DRT. The chance for disposal within the first year is even slimmer. There is a 1/3rd chance of disposal at the NCLT within one year of filing, while it is less than 1/5th at both the Bombay HC and the DRT. However, a case is likely to have the highest number of hearings at the NCLT. A survey questionnaire is designed and deployed to capture features of a case that cannot be quantified. We deploy the survey to capture the relative performance of each of the three courts to a sample of respondents who have litigated frequently in the courts of our interest. The results of the survey indicate that the NCLT is ranked the highest by survey participants. Bombay HC comes second, and the DRT is ranked third. |
| JEL: | C C53 K K41 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:anf:wpaper:29&r=law |
| By: | Joan Monras; Eduardo Polo-Muro; Javier Vazquez-Grenno |
| Abstract: | This paper studies how fertility decisions respond to an improvement in job stability using variation from the large and unexpected regularization of undocumented immigrants in Spain implemented during the first half of 2005. This policy change improved substantially the labor market opportunities of affected men and women, many of which left the informality of house keeping service sectors toward more formal, stable, and higher paying jobs in larger firms (Elias et al., 2023). In this paper, we estimate the effects of the regularization on fertility rates using two alternative difference-in-differences strategies that compare fertility behavior of “eligible” and “non-eligible” candidate women to obtain the legal status, both on aggregate and at the local level. Our findings suggests that gaining work permits leads to a significant increase in women fertility. Our preferred estimates indicate that the regularization increased fertility rates among affected women by around 5 points, which is a 10 percent increase. |
| Keywords: | labor markets; stability; fertility; immigration policy |
| JEL: | J13 J61 K37 |
| Date: | 2023–11–14 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedfwp:97339&r=law |