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Hi,
I am looking for a research question with regard to EU Green Bond Standard that will come into force somewhere next year, from a law & Economics/Finance approach. Anyone suggestions?
Thanks!
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I am interested in
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I'm going deeper about the class actions in American law system.
I've started analyzing Rule 23 of Federal Rule of Civil Procedure and then I've tried to deepen the law and economics approach on class action.
Could someone recommend me an article, a review or a textbook that deals with the relationship between class action and instrumental theory of tort law? It would be great also to consult some text concerning the social function of class action and its effects, both economic and social
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Sanks for leatter am liaver in good coffe)
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In recent times, there have been many topics on how artificial intelligence can be used in finance: automatic financial advice, new tools, more accurate prediction, automatic trading, data management, poverty alleviation, new ethical dilemmas.
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Dear Dr László Vértesy, I think algorithm based trading ( share, foreign exchange and commodity) has huge scope for AI. Already we are into it. Initially these will be premium services..... meaning will help rich becoming richer ànd poor becoming poorer. Warm regards Yoganandan G
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If a company organize a prize operation, issuing utility tokens (considered as vouchers) which can be spent in some differents sales points/stores/seats of the company to have discounts on the purchase of goods and services, which is the legal status of theese tokens in EU?
It's possible to know if is there a regulation about this situation?
Thank you
This is an example of the service which I'm talking about: https://tokend.io/loyalty/
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It is truth that these kind of token are still not regulated in EU, but beyond this issue, you must take into account the question regarding the treatment of the personal info of each user. It is a such a special protection layer, and GDPR comes into action. Be aware that yo fulfill the legal requirements about it, actually there is a discussion within the EU institutions about how to proceed with specific regulation for distributed ledgers. You can ask for more specific info from INATBA: https://inatba.org/organization/
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Everyone knows intuitively that technology, especially one that can develop its "intelligence" through learning, displaces and will displace people from the labor market. How do you think what other legal or social consequences, besides losing a job, may result from this? Will it affect every country where international production takes place? Will there remain places where it will still be profitable to use the work of human hands?
Thanks in advance for any thoughts.
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Because due to the implementation of artificial intelligence in manufacturing processes in enterprises, to improve logistics systems, improve the provision of information and other services offered via the Internet, so many people may lose their jobs over the next few years. Therefore, the employment law regulations should be updated with the above-mentioned problems. In addition, it is important to create legal regulations that will shape the functioning of enterprises in which all production processes will be carried out by robots equipped with artificial intelligence. An important issue is updating the tax law in accordance with the answer to the question: How should enterprises be taxed in which all manufacturing processes will be carried out by robots equipped with artificial intelligence.
Regards
Dariusz Prokopowicz
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The world witnessed a marginalisation of normative perspectives in disciplines and an emphasis of positive perspective as the norm upon which disciplines should be developed. This caused much destruction in material and non-material sense. What does the future hide from us?
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I've often heard people say things like, "That's not a moral issue, that's an economic issue". To me that's always sounded confused. What such people are implying is, that we ought to base a decision on economic principles, or that it is better to base a decision on economic principles, which to me sounds like a moral decision or a normative stance after all. What I think is going on underneath is some sort of view of morality being limited to some set of fixed rules, whereas in reality such rules are just rules of thumb that can be overridden in various circumstances. Morality at it most general level may converge with economic principles as expressed by a utilitarianian calculus -- theoretically, anyway. The problem is that too many things of value are often left out of consideration in classical or typical cost-benefit analyses. It's not so much a positivistic lack of normativity as a narrowly conceived set of values.
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I am looking into literature that explains which incentives a country has to introduce policy assessment tools for legislation enacted by Congress or the Parliament. For example, there is a vast literature on government accountability that explains why governments would adopt these tools on secondary regulation (oversight, address delegation problems, etc.). However, for the case of primary legislation it is not as clear to me what justifies it from a Law and Economics or Political Economy perspective, or even just legal. 
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There are many different theories/explanations that can be used to identify variables that might affect legislation. As Thomas Dillon, for example, suggests above you could use public choice theory, but that's not the only option.
The variables selected may also be selected bases on the kind of law/policy being investigated.  For example, if you were examining environmental policy/legislation, then you would want to make sure that you had variables representing economic, social and political factors that could affect the creation of those kinds of policies. 
So, what kinds of policies are you studying? All kinds? Specific kinds? 
Also, you suggest your sample is across countries.  That could affect the kinds of variables you choose because there might only be certain kinds of information available related to your law/policy issue that can be collected in different nations.
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The IFRS maintenance of capital concept is defined in the conceptual framework (4.59). We can restrict attention to financial capital maintenance:
Financial capital maintenance. Under this concept a profit is earned only if the financial (or money) amount of the net assets at the end of the period exceeds the financial (or money) amount of net assets at the beginning of the period, after excluding any distributions to, and contributions from, owners during the period.
On the other hand, legal capital maintenance can be described as the doctrine that forbids a corporation to return capital to its shareholders, unless authorized by law (e.g., sanctioned reduction of capital). The corporation is only free to pay profits to the shareholders. Legal capital maintenance in the UK stems from this decision of the House of Lords: https://en.wikipedia.org/wiki/Trevor_v_Whitworth
Is it simply two aspects of the same thing, i.e. IFRS concerns measurement, and law concerns obligations, or is there something more to it?
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In my opinion, the two definitions of capital maintenance represent slightly different approaches. The first one takes the owners' point of view (you should not loose your money which means equity value should not fall) while the other is more focused on creditor protection - the share capital (but not all equity) should be a buffer for creditors claims. Have a look here - maybe you'll find it helpful:
Good luck with your research!
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Most companies in Africa nowadays don't pay their workers good salary.
Trade unionist need to protest against this injustice.
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As a general rule, in the United States, enterprises that have contracts with labor unions covering their employees insist on no-strike clauses, for which the union obtains the right to grieve and arbitrate labor disputes. That governs the relationship during the term of the labor contract, typically three years, Prior to the expiration of the labor contract, the union and management commence bargaining for a new contract. Typically, the union will hold a general meeting of the membership of the bargaining unit to receive their authority to call a strike once the contract expires if there is no contract offer from management that they find worth taking back to the membership for ratification. Members are told to stand by on the expiration date for updates on whether or not a strike was called, a deal was struck, or an extension of negotiations had been agreed to. This is called an economic strike, and workers on strike can be permanently replaced. In the event the employer violates the labor laws, or wrongly refuses to accept a grievance, arbitrate a dispute, or comply with an arbitrator's decision, that is called an unfair labor practice strike, and workers who walk out in protest have a right to be reinstated to their jobs, with back pay, upon a finding of unlawful conduct by the employer, Unfortunately, many times workers must decide whether they will walk out before there is a determination of whether the employer's conduct is or is not illegal, meaning they walk out without certainty that they will be entitled to reinstatement. Where a union has set up a lawful picket line (either due to an economic strike or an unfair labor practice strike), other unions may refuse to cross the line (as, for example, a truck driver union refusing to deliver supplies to a struck factory, or a maintenance crew refusing to cross a line to repair equipment during a strike), if their contracts with their employer permit such "sympathy strikes." Where there is no recognized union, or where there is a recognized union but no collective bargaining agreement, two or more employees banding together for labor causes are considered acting in "concerted protected activity," and action taken against them for engaging in such activity is unlawful, even in the absence of a union. However, if they desert their job for economic reasons, they can be permanently replaced, similar to the strikers who walk off at the expiration of the contract. If they walk off due to breaches of the law, they usually can claim the protection of an unfair labor practice striker and have a right to reinstatement. I hope this is helpful. The US has substantial  jurisprudence on the issue under its National Labor Relations Act.
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Letterbox companies might be defined as chiefly legal entities established in a country where they have no (or very little) economic activity, in order to benefit from more advantageous tax and social security systems.
A letterbox company is therefore a company with no significant activity, created solely for the purposes of circumventing the applicable laws and regulations in the country in which it operates by registering itself in another.
Does anybody know of any research conducted on this issue? 
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Dear Colin,
There is a research conducted by Jan Cremers, for example https://pure.uva.nl/ws/files/2200291/156359_431546.pdf (there should be something newer, if I am not wrong on the use of letterbox companies in the transport sector), there are also some case studies - see Katrin McGauran - https://www.somo.nl/wp-content/uploads/2016/10/ETUC-report-annex-1.pdf
Best wishes
Vassil
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many of today's value chain interventions have generally been unsuccessful in sustaining competitiveness in developing countries' value chains despite claims to the contrary by proponents of the value chain strategy.
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Thank you Arthur. We are better off understanding the 'political economy' constraints in African countries' value chains.
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I need a place to send the product of this project for publication.
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Hi Ikechukwu
The journals below all accept articles in the area of banking and finance. If you are very confident that your article/manuscript is of high quality, then you should send your manuscript to these journals:
Journal of Financial Stability (Elsevier)
Borsa Istanbul Review (Elsevier)
Research in International Business and Finance (Elsevier)
Managerial Finance (Emerald)
Journal of Economic and Administrative Sciences (Emerald)
Journal of African Business(Taylor and Francis)
Journal of Financial Economic Policy (Emerald)
Afro-asian Journal of Accounting and Finance (Inderscience)
Future Business Journal (Elsevier)
Review of Accounting and Finance (Emerald)
Journal of Economic Studies (Emerald)
Hope this helps!
Regards
PK Ozili
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why dose Schumpeter refuse "propensity to reserving(savings)" in basic society with ex-change economy befor development?
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Dear Ali Haeri
Thanks for recommending a good paper
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IF the public procurement contract has been enforced or performed a half, the"out "contractor charge there was a bribery in open bidding process,then is this public procurement contract is ineffective? Or <Restatement of contract> is applicable to public procurement contract?
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Over the course of many years, the Asian Development Bank has developed and refined a set of procurement guidelines, available in several languages (including Chinese) at https://www.adb.org/documents/procurement-guidelines. The purpose is to inform those carrying out projects that are financed in whole or in part by loans from ADB, ADB-financed grants, or ADB-administered funds, but the of the guidelines are state-of-the-art and should be of interest to anyone with interest in procurement.
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Some scholars argued that the practice of IRR (and PER) by Islamic banks could misled users of financial information, where, shifting of profits to/from the reserves accounts will not show the real performance of respective organization, and this will create moral hazards problem. Agree? 
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Can manager(s) use IRR & PER to achieve their personal interests by shifting profits to achieve target profits or a kind of 'guarantee for payment of principal'? Or, IRR can be an important tool in Risk Management strategy of an institution?
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The enactment of the Islamic Financial Services Act (IFSA) 2013 in Malaysia has marked a significant development in the industry where one of the changes made is Malaysian Islamic banks are no longer allowed to provide PER. This is considered a bold move by the local regulator. However, Islamic banks in other jurisdictions are still practising the provision of PER. Is this the right move for Islamic finance industry?
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The following information is extracted from the different documents of the IFSB, namely, the Guiding Principles of Risk Management for IIFS (hereinafter “IFSB-1”) and Capital Adequacy Standard (hereinafter “IFSB-2”) issued in 2005, the Guiding Principles on Corporate Governance for IIFS (hereinafter “IFSB-3”) issued in 2006, Disclosures to Promote Transparency and Market Discipline for IIFS (hereinafter “IFSB-4”) issued in 2007, and the IFSB Guiding Principles on Governance for Islamic Collective Investment Schemes (hereinafter “IFSB-6”) issued in 2009 . These IFSB documents and Guiding Notes have thoroughly analyzed Smoothing from their respective points of view, be it risk management, capital adequacy, corporate governance or disclosures. The purpose is to highlight the issues and problem related to the practice of PER.
Looking at the practice from an IAH side, I would say that PER practice should be abolished wherever it in under practice and allowed by the regulators because of potential of abuse and practical examples of these unmannerly and unprofessional accounting practices used by the Management of Mudarbah to take advantage for their own benefit.
But looking at it from the other side of the table, as Risk Manager, I could say that PER practice has some advantage and could be used as a Risk Management tool to protect the interest of the IAH. But unless IAH has a voice in making of the PER policy of a Mudarbah, and proper and faithful disclosures are made on the financial result reports, the use of PER has a greater potential of abuse by the Mudarib. So it should be abolished. Following are some discussion points from IFSB documents.
The existence of the practice of smoothing the profit payout to investment account holders (IAH) by institutions offering Islamic financial services (IIFS) is well acknowledged in the Islamic finance literature.
Various documents and articles published, discussed the issues, pros and cons of income smoothing techniques practiced by various IIFS and the topics. As is made clear in the IFSB publications just mentioned, the practice of Smoothing raises a number of issues, especially with regard to corporate governance and transparency.
The question of our discussion is the question asked by Dr. Zulkarnain, to help us understand the topic of PER, “Is anything wrong with the provision of profit equalization reserve (PER) in Islamic Banking?”
Researches, regulators, and practitioners have share their opinions and practical experiences in different documents and at different forums. The key argument always presented by those practicing PER is that PER is a risk management tool and it is important to protect the interest of the IAH and to protect them from Displaced Commercial Risk (DCR), but the people on the other side of the argument table including the IAH have many valid and credible questions and concerns against the practice of PER and that must be addressed and researched further.
It has been highlighted in IFSB-4 (Disclosures to Promote Transparency and Market Discipline for IIFS) that Smoothing, if unchecked, is a significant obstacle to transparency.
By maintaining stable returns to IAH regardless of whether it rains or shines, an IIFS (as Mudārib) automatically sends the signal that the IIFS has a sustainable and low-risk earnings stream for its IAH, while the reality may be quite different. Smoothing therefore introduces a veil of opacity between IAH in particular and the public in general, and the IIFS competing for their funds. Without appropriate disclosure to investors and other stakeholders, this opacity can only lead to a false impression that an IIFS is performing better than it actually has performed.
There are also issues of providing a true and fair view in accounting and financial reporting. This problem is further aggravated by the very limited transparency regarding the use, size and allocation of these funds. Limited disclosure does not necessarily provide comfort to IAH regarding their fair treatment, as it may lead them to suspect the possibility of abuse and manipulation on the part of the IIFS since it has absolute control over their funds. It is also a matter of concern that no option is granted to IAH to withhold consent for their investment returns being smoothed (although Smoothing may not be to their benefit), since the investment contracts that they sign give them no choice in the matter.
IFSB-4 acknowledged that, in some circumstances, Smoothing might be arguably consistent with the preferences of risk-averse IAH, who “may be” willing to forgo part of the profit payout in some years in order to have a reduced volatility of the expected level of payout (just as dividends to shareholders are normally less volatile than profits).
However, unlike shareholders, the UIAH have no opportunity to approve or disapprove the IIFS management’s decisions on the use of such reserves, and in some cases they are not even informed that the IIFS in which their funds are invested maintains such reserves. In contrast, the shareholders of an IIFS have control over its dividend policy and the maintenance and use of reserves by management, which must be approved by them in the annual general meeting. Accordingly, the argument that Smoothing and the creation of reserves are in the best interests of the UIAH can hardly be sustained.
This raises the issue of corporate governance. PER does not necessarily operate to the benefit of the IAH, since they are obliged to forgo profit payouts in good years so that the payouts in bad years may be enhanced. As the riskiness of the underlying profit stream is not reduced, this has the effect of reducing the present value of the stream of payouts to the IAH. This reduction in present value represents a cost borne by the IAH. In contrast, shareholders benefit from the mitigation of DCR and rate-of-return risk, and management benefit from the opacity, which may hide decisions on their part that are not in the interests of the IAH. Hence, from a corporate governance point of view, there is a clear risk of potential abuse.
The portion of the PER that is attributable to the IAH, and all of the IRR, are invested in assets that produce returns for the IAH as a pool; however, the IIFS as Mudārib will also receive a percentage of these returns. As appropriations to the PER are made before the deduction of the Mudārib share of profits, the IIFS may be considered to forgo part of the potential Mudārib share in one year in the hope of receiving greater Mudārib shares in future years. The fact that the Mudārib percentage share may in practice be variable rather than fixed, being larger in the more profitable years, can provide a further incentive for management to build a PER, in addition to the practice of Smoothing.
The use of an IRR may also give rise to moral hazard problems similar to those arising from deposit insurance schemes, since the existence of an IRR in an IIFS may encourage the management to engage in excessive risk-taking. This is because losses can be covered, at least in part, by this reserve, which is financed only from the funds of IAH and not those of shareholders. Therefore, this is likely to increase the management’s risk appetite to a higher level than that of the IAH, especially as the IRR is appropriated from profits after the calculation of the Mudārib share, which means the IIFS is unaffected, while in the case of a loss the Mudārib share is zero irrespective of the size of the loss. Even if a loss absorbed by the IRR were due to misconduct, negligence or a breach of contractual conditions by the IIFS, it would be difficult for IAH to be aware of – and even more difficult to prove – such violations, due to the absence of either adequate disclosure or an appropriate monitoring mechanism to detect such a loss. In addition, it is largely uncertain as to what extent the legal system in the countries in which IIFS operate would support the rights of IAH to be recompensed for such losses in such cases. The burden of proving misconduct or negligence on the part of the IIFS surely has to be satisfied, but it seems the IAH face severe and possibly insuperable difficulties in proving that any such act has been committed by the IIFS. Failure of few Mudarbah in  Pakistan and legal history of those recovery efforts is a classic example of this. In my professional life as CRO of a local bank in Pakistan, I served as a Director on one of the Mudarbah and I witnessed this major weakness in the system and Governance of Mudarbah, that IAH face severe and possibly insuperable difficulties in proving that any act of misconduct or negligence has been committed by the IIFS (Mudarib).
IIFS are inherently religion-based, and as a result, are shaped by religious realities that conventional FIs may not face. In particular, IIFS are subject to Shariah principles, the strict adherence to which is required to preserve the sanctity and validity of Islamic financial transactions. In my opinion accounting practice of PER is not practical and in compliance with the teaching of shariah. Islam, prohibits manipulation and does not allow use of other’s money and wealth with a faithful disclose of facts to the IAH and obtaining there clear consent.
“O you who have believed, do not consume one another’s wealth unjustly but only [in lawful] business by mutual consent.” [Quran 4:29]
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Kenya established a bank note printing plant and Uganda is debating to have one too this could be questionable .
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Economic considerations, including foreign exchange concerns and security implications, might be factors that could sway governments to seek to print their own currency. In printing offshore, you expend foreign exchange. Your security might be at stake. Imagine where you printing your currency where the state servicing your printing is unstable in policy direction. Imagine if a person like Trump is the head of state there ... 
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In market economies, it is generally assumed that large businesses are more likely than small businesses to succeed in many categories (banking, commerce, manufacturing, mining, agriculture) because of economies of scale.  Whether that premise is generally true or not, I am interested in any data that shows a hidden bias that promotes a disproportionate rate of survival of large-scale operations.  An example of this would be regulation.  Anecdotal evidence suggests that large businesses actually welcome a heavily regulated market because they able to spread compliance costs over a larger base of revenue than small businesses.  Even if the regulations hurt big businesses, they hurt small ones more, thus helping large business by limiting competition.  In addition to regulatory policy, other areas in which government might tilt the balance toward large business are: 1) government procurement procedures, 2) tax policies, 3) contracting policies, 4) economic development subsidies. 
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Thank you all for your answers, but I am still at a loss.  Despite almost a century in the U.S. of modest efforts to prevent restraint of trade, such as mergers and acquisitions that create excessive market power, few studies have examined the broader range of actions that give big business an unfair advantage over smaller competitors.  If a few companies come to dominate a market because of economies of scale, that concentration may be inevitable.  But since diseconomies of scale (problems of coordination) ordinarily offset economies of scale, there is no reason to assume that concentration should be the normal condition in any industry.   Yet many industrial classifications appear to have significant barriers to entry and/or survival.
I discovered that the Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs of the European Commission monitors the effects of regulatory compliance and tax compliance on SMEs, but I could not find anything on their website about differential effects.  In the United States, the Office of Advocacy of the Small Business Administration also investigates compliance costs, but not on a differential basis.  The problem may simply be the lack of any methodology capable of answering the question.  I read somewhere that the European Union is committed to making the economic environment either neutral or favorable to small businesses.  But wishing to do so or claiming to do so are not the same as accomplishing a goal.   
Susan E. Dudley, former administrator of the Office of Information & Regulatory Affairs, Office of Management and Budget (United States) , in a co-authored book, Regulation: A Primer (https://regulatorystudies.columbian.gwu.edu/sites/regulatorystudies.columbian.gwu.edu/files/downloads/RegulatoryPrimer_DudleyBrito.pdf), points out that large companies routinely lobby for regulations that raise barriers to entry to potential competitors.  As an advocate of the “public choice” school of thought, she seems to believe that all regulation is introduced with this purpose in mind.  For example, she points out that the primary financial backers of campaigns to raise the minimum wage are large retailers who expect that legislation to put less heavily capitalized competitors out of business.  That seems plausible on its face, and it provides a good starting point for further research.  A minimum wage law is a perfect example of a seemingly neutral law that has differential effects.  The cost of compliance with the law does not show up in any normal study of regulatory compliance costs because the effect is indirect, as are all taxes that fall primarily on labor.  I suspect that the VAT and general sales tax have a differential effect on small business that is similar to the effect of minimum wage laws. 
Looking at the academic literature on small business, it seems that the most closely related question that has been studied extensively is Gibrat’s Law, which posits that the size and growth rate of a firm are not correlated.  The empirical evidence is not consistent, but it seems that generally the growth rate of small business is greater than for big business.  This has some relevance, but it does not address barriers to entry and the problems faced by potential firms.  In addition, most studies ignore external conditions, including government policies.  What concerns me most, however, is that the question of differential effects of policy may not be testable with econometric techniques, since policy is generally a constant, not a variable.  If a relationship is “unreal” or at least unproven unless it is statistically verified, there may be numerous important relationships that will remain forever invisible.  Meanwhile, society will suffer for lack of knowledge about what makes fair competition possible.
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Third wave feminists argue that even women who have suffered abuse and economic deprivation have agency (at least limited agency) and can "freely" consent to working in the sex trade. Can choices be free even in the context of economic necessity?
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Mohamad, can you send me a link or give me a name so I can follow up?
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Bankruptcy as a civil institution for the settlement of debts between creditors and debtors, the public interest should not be positioned as a goal to be achieved. but on the other hand the processes and mechanisms of bankruptcy tends to be "repressive" can indirectly harm the public interest. Here the state took a role in keeping the public interest with limiting or even eliminate the rights of the creditors or the debtor in bankruptcy. While we know that the state was not free from the influence of various interests in particular of the interests of capital owners.
So we need clear yardstick in incorporating consideration of the public interest in bankruptcy to provide a balanced protection of the interests of the public and private interests.
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Being a citizen of a country that in essence has defaulted, my response focuses on the macro-level of national economies.  I would say public interest  turns into a goal to be achieved in bankruptcy --and urgently--when despite all debt restructuring and austerity measures, an economy with its inherent sociocultural characteristics does not react in a formulaic way (contraction of debt, boost in productivity and development, lowering of unemployment), but instead goes deeper into recession following a downward spiral.  There are no one-size-fits all models despite the disciplinary crescento of neoliberalism evangelists; each country has its own particular features and indicators which dictate the need for a custom made model of consolidation and return to growth.  So the yardstick would be an assessment/diagnostic tool that needs to be developed and applied to national economies, with different scales and ratings that would depict in great accuracy the characteristics and the dynamics of each particular economy/society, and would serve as the springboard for the development of a unique strategy that can realistically produce results.
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While the IRS SOI and federal reserve data used in this article have inherent limitations, my intent is to show to the extent practicable that this proposal is indeed revenue positive and low risk. Minor quibbles are unavoidable, but if I have missed something major please let me know.
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The article is now awaiting publication in the PACE law review so I have had to take it down pending publication.
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Generally we know that Legal Due Diligence (LDD) can be performed in a business transaction before signing the contract. But how can it be performed in public projects? Should we use this term of LDD on legislation? Is there any guarantee that it will run well?
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The legal due diligence must be preceded by a pre-contract on the exchange of information and establish who will bear the cost of collection and analysis of information, among others.
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Competition law and international cooperation: Is there a bibliography on the extraterritorial jurisdiction and competition law?
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Searching for literaturę on international cartels and competition law enforcement I haven't found a comprehensive bibliography but it was a couple of years ago. Preparing a paper we were following footnotes. You can find many interesting thoughts in H. First, Evolving toward What? The Development of International Antitrust, in: The Future o f Transnational Antitrust - From Comparative to Common Competition Law, J. Drexl (ed.), Kluwer 2003 or in R. D. Paul, Expanding Extraterritorial Application of U.S. Antitrust Laws: What are the Borders? International Law Practicum, Fall 2003. More literature you can find in footnotes in our article: THE ROLE OF CO-ORDINATION AND CO-OPERATION IN ANTICOMPETITIVE CARTEL LAWS ENFORCEMENT - AN INTERNATIONAL PERSPECTIVE.  It's on the RG but unfortunately only in Polish. There are also interesting U.S. cases in this area.
Best, Mariusz
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There are many formal and informal rules in the textile industry. This rule reduces uncertainty, but on the other hand it increases the costs for the company, because of inconsistencies in the implementation.
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Dear Mr. Driesen,
Thank you for all. Your explanation really helped me to understanding this topic
Thank you.
Best regards,
Nur Efendi
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Digital inheritance is the process of handing over (personal) digital assets (such as email, facebook, twitter, paypal, ebay, blogs, and ResearchGate accounts) to (human) beneficiaries. What do you think about the possible solutions to organise such inheritance?
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Just giving it some thought without any real research, could they not be dealt with by viewing them as one views a deceased's Facebook page, applying the lens of the privacy law concept 'the right to be forgotten'? Any passwords known, if any at all, could be gathered (or just kept initially) with the individuals lawyer, and then the accounts deactivated and purged.
Allowing a trustee/lawyer to preform this duty would also allow for the recovery of digital-only documents which were in the deceased's inbox.
Just some thoughts, interesting question though!
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There has been a consistent flow of foreign aid into the developing nations. However this in many countries has never yielded the end results or enhanced their development.
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This is a big topic. Here are some brief thoughts, which I have pulled out of my teaching notes:
International aid may take the form of multilateral aid – provided through international bodies such as the UN, or NGOs such as Oxfam – or bilateral aid, which operates on a government-to-government basis. There is considerable debate about whether international aid works, in the sense of reducing poverty and stimulating development. Economic liberals such as Bhagwati (2004) argue that trade, not aid, is more effective in delivering development, and that globalization is therefore a beneficial rather than a harmful phenomenon. From this perspective, international aid tends to promote dependency, prevent initiative and undermine the operation of the free market, so it can be considered a ‘poverty trap’ that entrenches deprivation and perpetuates global disparities. Easterly (2006) observed that despite some $568 billion in international aid to Africa over four decades there had been no appreciable increase in per capita income.
On the other hand proponents of international aid argue that the idea that self-reliance and global market forces will benefit all countries equally is fundamentally flawed. There are biases within the global economy that favor rich countries at the expense of poor ones, not least because of the concentration of corporate power in the North. Poor countries, therefore, cannot compete on equal terms. International aid helps to counter these disparities by ensuring a counter flow of money and resources from the North to South. Yet in 2007 only five OECD states (Norway, Sweden, Luxembourg, Denmark, and the Netherlands) met the UN target of donating 0.7 per cent of GNP to developing countries, and the United States donated just 0.16 per cent. Since then the global economic crisis has resulted in a scaling back of international aid budgets.
Of course, the quality, as well as the quantity of aid is also important. Sachs (2005) contends that successful aid must be targeted, specific, measurable, accountable and scalable (appropriate to the scale of the task for which it is designated). Sachs suggests that in terms of agriculture it should boost food production to end famine; in terms of health it should improve nutrition, access to clean drinking water, and basic health care; and in terms of infrastructure it should improve dams, roads, bridges, airports. There are numerous examples of the effectiveness of this kind of domestic capacity building. Germany provided €19.6 million in aid directly to the government of Ghana between 2004 and 2006, which meant 1.2 million more children were able to go to school and the number of school aged children in education increased from 62% to 69%. In 2007 Italy provided €4.2 million of aid to the government in Mozambique to invest in health care. Aid money has been used to train and pay for more health workers and health centers, which has helped to reduce the number of mothers dying in childbirth by 50 per cent. The UK Government is the second largest bilateral donor to Nepal and has recently given £65 million in aid to be used across the country’s medical sector. In just 5 years the under-five mortality rate was reduced by around a third and since 1996 the maternal mortality rate has fallen by 50 per cent. (Oxfam International Online)
However, the effectiveness of aid is often diluted by corruption. Aid is invariably channeled through the governments of recipient countries, in which power is often concentrated in the hands of a few politicians and bureaucrats, and the mechanisms of accountability are, at best, poorly developed. This tends to benefit corrupt leaders and elites rather than the people, projects and programs for which it was intended. Autocratic rulers may use aid funds not only to support their own affluent lifestyles but also to widen their own political support by subverting opponents and benefiting favored ethnic or tribal groups. What is more, aid conditions related to ‘good governance’ are much easier to establish than to enforce. A good example of the ill effects of corruption is the regime of President Mobutu in Zaire: ‘By the time he was overthrown in 1997, Mobutu had stolen almost half of the $12bn in aid money that Zaire - now the Democratic Republic of Congo - received from the IMF during his 32-year reign, leaving his country saddled with a crippling debt.’ (Denny, 2004)
Bhaghwati, Jadish (2004) In Defence of Globalization (Oxford: Oxford University Press)
Denny, Charlotte (2004) “Suharto, Marcos and Mobutu head corruption table with $50bn scams”, The Guardian, 26 March, available at:
Easterley, William (2006) The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics (Cambridge, MA: MIT Press)
Oxfam International Online (n.d.) ‘Effective Aid in Action’, available at:
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I am interested in your opinion on post-crisis banking.
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The competition from global players , and the regulatory environment and the compliance requirements , the capital adequacy , risk management of various types- interest rate risk , credit risks, operating risks, foreign exchange risks , the embedded option risks, duration and convexity risks , and both asset and liability management , the human resource management , are all eve continuing challenges for the banks .