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  •   Titel: Additive and Non-Additive Risk Factors in Multiple Causation trans
Auteur:  Ben C.J. van Velthoven; Peter W. van Wijck
Bron:  Universiteit Leiden
Jaar:  2009
Abstract:  The law and economics literature on multiple causation generally distinguishes between causal uncertainty and joint causation. For cases of causal uncertainty it has been shown that proportional liability, a fractional share rule, may lead to socially optimal incentives for the level of care. However, for cases of joint causation fractional share rules tend to be inefficient. This paper argues that the crucial distinction is not so much between the uncertainty or jointness of the causal elements, but rather between the additivity or non-additivity of risk factors. We develop an approach that integrates causal uncertainty and joint causation. We show that an apportionment rule that assigns liability in proportion to the probability of causation always yields efficient incentives when the risk factors are additive. In non-additive cases the proportional rule has an efficient equilibrium outcome (and this equilibrium is unique for almost all parameter settings) when tortfeasors act independently and simultaneously. But it is not always efficient when tortfeasors act in concert or act sequentially. We apply our approach to four recent cases from English jurisprudence. These cases illustrate that both causal uncertainty and joint causation may involve additive as well as non-additive risks.
  •   Titel: Bank Reputation in the Private Debt Market trans
Auteur:  J.A. McCahery A. Schwienbacher
Bron:  Universiteit van Tilburg
Jaar:  2011
  •   Titel: Central Bank Challenges in the Global Economy trans
Auteur:  Amtenbrink F.
Bron:  Erasmus Universiteit Rotterdam
Jaar:  2011
Beschrijving:  Introductory Remarks: There are few institutions linked to the exercise of public power in the economic sphere that have stood the test of time for as long as central banks. Indeed their origins can be traced back to the seventeenth century when in 1668 the Swedish ‘Bank of the Estates of the Realm’ the forerunner of todays Riksbank was established by the Riksdag, at the dawn of two major armed conflicts with neighbouring Denmark. Soon thereafter, in the midst of the Nine Year War between England and France the Bank of England was established by an Act of Parliament. Other European countries such as France and the German Reich would follow suit in due course. Asserting that the role of central banks has changed in the course of their long history is hardly original. These changes can be observed both with regard to their main tasks, as well as their ownership and (corporate) institutional structure. A number of central bank systems have emerged from private corporations ((joint-) stock companies) that were initially set up with the aim to raise capital for the financing of wars thus acting as the quasi-banker of government, while at the same time undertaking commercial banking. Eventually these banks would become public corporations. ...
  •   Titel: Enforcing fire safety in the catering industry : an economic trans
Auteur:  Suurmond, Guido
Bron:  Universiteit Leiden
Beschrijving:  What is an effective and efficient enforcement policy for fire safety in the catering industry? When and why is an informal, cooperative enforcement style through warnings, persuasion and advice (a so called compliance strategy) effective in inducing compliance with the fire safety regulation? The standard economic model of enforcement stresses the importance of immediately punishing individuals and firms for non-compliance (a deterrence strategy). Part I of this thesis analyzes the economic literature to discuss whether and when a compliance strategy can be beneficial. It discusses which enforcement method (private, administrative or criminal) is effective and efficient to enforce safety standards. Part II of this thesis analyzes the optimal enforcement policy for the case of fire safety in the catering industry in the Netherlands. Enforcement officials have been interviewed to examine the use of a compliance strategy in practice. The benefits and costs of the enforcement efforts of the past years are estimated to see whether these efforts have been a desirable investment. Also, the compensation of the victims of the Volendam disaster is investigated to analyze the incentive to take precautions. Finally, a simulation of different enforcement policies in a representative municipality examines which policy is efficient.
  •   Titel: Kroniek economisch publiekrecht (2001) trans
Auteur:  Mortelmans K.J.M.
Bron:  Universiteit Utrecht
Jaar:  2001
  •   Titel: Kroniek economisch publiekrecht NJB (2000) trans
Auteur:  Mortelmans K.J.M.
Bron:  Universiteit Utrecht
Jaar:  2000
  •   Titel: Law and Economics in the RIA World trans
Auteur:  Renda A.
Bron:  Erasmus Universiteit Rotterdam
Jaar:  2011
Beschrijving:  More than three decades ago, lawyers and economists met in Chicago for “the greatest gig in the sky” in the history of law and economics: the Symposium on “Efficiency as a legal concern”, where many of the most authoritative law and economic scholars of that time discussed the merit of adopting efficiency criteria in legal adjudication, and ended up digging quite thoroughly into the virtues and hidden traps of the Kaldor-Hicks criterion as a normative basis for deciding about complex and controversial legal issues. That was also the time in which scholars like Richard Posner, William Landes, George Priest and Paul Rubin – all in favor of replacing legal criteria in adjudication with Kaldor-Hicks efficiency – were challenged by others, such as Ronald Dworkin, Richard Epstein, Anthony Kronman, Duncan Kennedy, Charles Fried, Gerald O’Driscoll Jr. and Mario Rizzo, who considered that efficiency criteria could lead to potential distortions in the making of value judgments when adjudicating legal controversies.
  •   Titel: On the Role of Monitoring near Financial Distress: an economic and legal analysis trans
Auteur:  Santen B.P.A.
Bron:  Erasmus Universiteit Rotterdam
Jaar:  2011
Beschrijving:  When things turn out wrong for a company, the people involved usually have some idea why. With hindsight scholars, judges, journalists, trade union representatives, shareholders or bankers may conclude that an acquisition was too big, an investment too risky, reorganization too late, or that the management was not capable of doing its job. Bad faith might play a role. Administrators1 often detect fraud or serious negligence. In large bankruptcies like Enron, WorldCom, Parmalat or Lehman Brothers, billions of US dollars were at stake. Such cases are rare. Mostly the amounts are much smaller, but there are definitely many of such small bankruptcies. Severe losses may be suffered by trade creditors, banks, bondholders, the tax authorities and social securities agencies. More important than the amount of money involved might be the damage inflicted on human beings as a consequence of bankruptcy (Argenti, 1976). Due to unemployment, pension loss or commercial losses, the future prospects of employees, pensioners, small service providers and product suppliers may be seriously damaged. Thus, human beings as well as society will win by decreasing the incidence of bankruptcy. This thesis focuses on companies near financial distress. ‘Companies’ means privatesector legal persons, with either a profit or a nonprofit object2. ‘Financial distress’ is the subject of chapter 2. Its most widely-known form is bankruptcy. Specifically, this study analyses economic and legal mechanisms in situations of near financial distress. These prove to be of a rather ex post nature. In chapter 5 the study develops an approach with an ex ante character.
  •   Titel: The World Bank Inspection Panel and Quasi-Judicial Oversight: In Search of the 'Judicial Spirit' in Public International Law trans
Auteur:  Naudé Fourie, A.
Bron:  Erasmus Universiteit Rotterdam
Jaar:  2009
Beschrijving:  This PhD dissertation conceptualizes the World Bank Inspection Panel as a mechanism of quasi-judicial review or oversight, aimed at enhancing the accountability and legitimacy of the World Bank – which is conceived as an international institution exercising public power. The author engages in comparative constitutional law analysis, looking towards three non-international constitutional systems (the United States, European Union, and post-Apartheid South Africa) to construct a ‘conceptual model of judicial oversight’ that refl ects the concept’s ‘nature’, ‘effect’, and ‘dynamics’. The author employs this Model to analyze the institutional history and practice of the World Bank Inspection Panel, covering the Panel’s entire institutional lifespan to date. The author concludes that the nature, effect and dynamics of judicial oversight – indeed, the ‘judicial spirit’ – are more alive in this area of public international law than what might be expected.
  •   Titel: Tranching in the Syndicated Loan Market trans
Auteur:  D. Cumming J.A. McCahery A. Schwienbacher
Bron:  Universiteit van Tilburg
Jaar:  2011
Beschrijving:  We use data comprising over 100,000 loans from 115 countries during 1995-2009 to examine factors that affect the extent of loan tranching, and the range of tranche spreads. The data show five factors that drive them: asymmetric information, borrower risk, transaction costs, the presence of institutional investors, and the legal system. Tranching is more extensive and generates greater differences in spreads between tranches of a same loan when asymmetric information and risk are more pronounced. Economic and institutional factors driving tranching are more directly applicable to non-investment grade loans. For developing countries, the data highlight factors that affect the extent of tranching but such factors show little sensitivity to the pricing of the relative spreads.