Search results for "Legal"
showing 10 items of 1867 documents
Circuit Breakers – a legal analysis of volatility safeguards in the rules of stock exchanges on the occasion of the COVID-19 crisis
2020
Abstract This paper examines circuit breakers (CBs), i. e. emergency systems of trading venues that interrupt or restrain trading when significant price movements of financial instruments occur. After a description of the ratio legis and the economic fundamentals, the genesis and the different forms of CBs are presented. The European legal framework is then outlined. The relevant rules of the Frankfurt Stock Exchange (FWB) serve as an example.
Liability of clinical oncologists and the COVID-19 emergency: Between hopes and concerns
2020
Highlights • To contain COVID-19 spread, Italy is under a global lockdown except for health services and food supply. • In this scenario, growing apprehension concerning legal consequences is rising among health professionals. • Hospitals and health professionals are highly exposed to liability. • More articulated legal regulations are strongly needed.
Corporate governance and firm performance: A comparative analysis of auditing problems
2006
The recent financial crises have created a new debate about comparison and convergence of different systems of corporate governance. In particular, they have underlined poor efficiency of rule structures to achieve a good relationship between different stakeholder’s rights. In line with many studies of corporate governance that emphasize the manager-stakeholders relationship as explained by agency theory, in this paper, I analyse the role of auditing as an incentive device to reduce contractual or transaction costs related to asymmetric information.Considering as a benchmark the recent US Sarbanes Oxley Act of July 2002. I describe a set of auditing principles by comparing common and civil …
The Role of Institutions in the Migration of Corporate Governance Practice into Emerging Economies The Case of Africa
2016
This study examines the role of institutional environment in influencing the migration of corporate governance best practice into 22 emerging African economies. Using a unique and comprehensive sample hand-collected sample of 202 IPO firms from across the continent we adopt a novel institutional logics perspective in studying the diffusion of CEO salary disclosure – a central element of corporate transparency. Our findings reveal that the adoption of CEO salary disclosure by firms is more likely in more homogenous informal institutional contexts. Complementarities arising from disclosure originating from an Anglo-American shareholder value governance framework and indigenous formal institut…
Testosterone and cortisol release among Spanish soccer fans watching the 2010 World Cup Final
2012
This field study investigated the release of testosterone and cortisol of a vicarious winning experience in Spanish fans watching the finals between Spain and the Netherlands in the 2010 FIFA World Cup Soccer. Spanish fans (n = 50) watched the match with friends or family in a public place or at home and also participated in a control condition. Consistent with hypotheses, results revealed that testosterone and cortisol levels were higher when watching the match than on a control day. However, neither testosterone nor cortisol levels increased after the victory of the Spanish team. Moreover, the increase in testosterone secretion was not related to participants' sex, age or soccer fandom, b…
Illegal fishing in Isla del Coco National Park: Spatial-temporal distribution and the economic trade-offs
2020
Abstract The Isla del Coco National Park, located on the Pacific coast of Costa Rica, is rich in biodiversity and has a high concentration of pelagic species. This high marine biodiversity makes the Isla del Coco National Park (PNIC) a very attractive place for illegal fishers. We analyzed a dataset covering 8 years (2003–2010) of patrol records from PNIC with the aim of determining, a) the spatial-temporal distribution of illegal fishing, b) other areas that could be prone to illegal fishing but are currently undetected, c) the most profitable areas for this activity and d) the economic trade-offs of this illegal activity in relation to potential gains and the costs. Residuals Autocovariat…
The Will to Order: In Conversation with Mariano Croce and Marco Goldoni on Costantino Mortati’s Account of the Legal Order and the Material Constitut…
2021
In this article, taking my cue from the insightful analyses contained in the book The Legacy of Pluralism, by Mariano Croce and Marco Goldoni, I reconstruct in outline Costantino Mortati’s conceptions of the law as a legal order and of the material constitution. I focus on the problems pointed out by Croce and Goldoni: the emergence of legal normativity, the problem of radical pluralism, and the role of jurists vis-à-vis politics. In sections II, III, and IV, I describe the general framework that, however much detailed and adjusted over time, Mortati adamantly maintained from his earlier works in the 1930s to his last ones in the mid-1970s. In section V, I describe the significant shifts th…
Joint Audit, Audit Market Structure, and Consumer Surplus
2017
We use a structural application of the discrete choice model to investigate how the introduction of a joint audit policy would affect audit market structure and consumer surplus. We perform this policy evaluation by identifying demand fundamentals in a joint audit regime and applying them to a single audit regime. We find that a joint audit requirement has the potential to change the audit market structure substantially but that the effects are sensitive to the specific policy design. For example, small audit firms gain market share in a joint audit regime but only if an equal sharing of the workload between the two joint auditors is not required. Our counterfactual analysis reveals that th…
CRIME AND PUNISHMENT: ADAM SMITH’S THEORY OF SENTIMENTAL LAW AND ECONOMICS
2020
For Adam Smith, a crime is not the result of a rational calculation of loss and gain but the consequence of envy and a vain desire to parade wealth to attract the approbation of others, combined with a natural systematic bias in overestimating the probability of success. Similarly, Smith does not conceive of legal sanctions as a rational deterrent but as deriving from the feeling of resentment. While the prevailing approach of the eighteenth century is a rational explanation of crime and a utilitarian use of punishment, Adam Smith instead builds his theory of criminal behavior and legal prosecution consistently on the sentiments. A well-functioning legal system is thus an unintended consequ…
Il traffico di migranti nel Mediterraneo: validità della legge penale e tutela della persona
2019
Studio giuridico comparato in materia di repressione al traffico di migranti nell'ambito dell'Unione Europea con specifico riguardo al reato di favoreggiamento dell'immigrazione clandestina in Italia, Spagna e Germania e i relativi problemi di giurisdizione penale che solleva questo specifico fenomeno all'interno del bacino mediterraneo. Comparative analysis on the repression of smuggling of migrants within the EU legal framework with specific regard to domestic legislations in Italy, Spain and Germany and the jurisdictional issues which arise in such specific phenomenon. This work is part of the final deliverable of a Research Project funded by Philip Morris International (PMI-Impact) ("Th…