Technology and torts: Memory costs, nondurable precautions and interference effects

This article examines the influence of nondurable precaution technologies on the expansion of tort awards. We provide four contributions to the literature. First, we present a general, formal model on durable and non-durable precaution technology that focuses on memory costs. Second, because liability exposure creates interference, we argue that tort law perpetuates the expansion of awards. Third, because plaintiffs do not consider the social costs of interference effects, private litigation induces socially excessive suits. Fourth, while new harm-reducing technologies likely increase accident rates, such technologies also raise the ratio of trial costs to harm, leaving undetermined the overall effect of new technologies on the rate of litigation.     

On the optimality of a duty-to-rescue rule and the cost of wrongful intervention

In common law legal systems, there is no legal duty to rescue persons in danger. By contrast in code-based legal systems, the principle of duty to rescue does apply. What is behind this difference? To answer this question, we develop a new model extending the reach and strength of the standard civic duty game by taking into account the cost of wrongful intervention. We use this model to analyze and compare three policy options: doing nothing, adopting a duty-to-rescue rule, and encouraging would-be rescuers. We show that a duty-to-rescue rule is more likely to be welfare enhancing when the cost of inappropriately intervening is low, and that, in certain cases, encouraging would-be rescuers is preferred by a representative citizen to both a duty-to-rescue rule and no-rule. Finally, we offer an explanation for the choices made in the USA and France as to whether to use rescue laws.     

Inducing corporate compliance: A compound corporate liability regime

Corporate liability regimes have two major social goals: (i) inducing corporations to internalize all social ramifications of their activity; and (ii) inducing corporations to prevent, deter, and report their employee misconduct. The scholarly polemic has shown that none of the liability regimes recognized thus far in the literature efficiently satisfies both social goals. Following a Law and Economics approach, this paper develops an innovative regime that may comprise an optimal corporate liability framework in most settings. The Compound Corporate Liability Regime developed in this paper is a two-layer strict liability regime. Under this regime, corporations that self-report their employee misconduct incur a sanction that is reduced by the variable enforcement costs saved due to their self-reporting. Such a liability framework aligns social and corporations’ interests, and thereby satisfies both social goals of corporate liability regimes.     

Does it pay to pollute? Shareholder wealth consequences of corporate environmental lawsuits

In this paper, we employ the event study methodology to examine shareholder wealth consequences of corporate environmental lawsuits filed in the US Circuit Courts from 1980 to 2001. We find that stocks of defendant firms experience significant negative abnormal returns around the lawsuit filing dates. When the plaintiffs are government entities, the abnormal returns of the defendant stocks are significantly negative. On the other hand, when the plaintiffs are individuals or nonpublic business entities, the abnormal returns are statistically insignificant. When lawsuits are filed under EPA's superfund statute, defendant firms experience significant loss in equity value. For shareholders of the average firm in our sample, the empirical evidence suggests that it does not pay to pollute if the firm is sued.     

Does court-supervised reorganization work? Evidence from post-confirmation firm failure

Unlike the US Chapter 11, the Belgian reorganization legislation requires that distressed firms remain temporarily under court-supervision during the post-confirmation stage. Using a hand-collected sample of firms, we analyze the likelihood of business failure and the time to failure during this period. Less viable firms are more likely to fail and do faster so, indicating relatively effective reorganization proceedings. Firms that are indebted to highly secured banks or owe high sums of unpaid taxes are more likely to fail. Judicial discretion affects the likelihood of failure only in a subsample of sole proprietorships.     

Trading when you cannot trade: Blackout periods in Italian firms

This paper is part of the general debate concerning corporate governance. It focuses on a mechanism of self-regulation geared at avoiding market abuses: the use of blackout periods during which insiders are temporarily prohibited from trading on the market. Data concerning corporate characteristics, blackout periods, and internal dealing, seem to indicate that companies with a large number of independent directors and a consistent ability to monitor are more likely to adopt blackout periods. However, the research shows that during 2003 insiders did not comply with Italy's Code of Best Practice; they did not totally refrain from trading during the assigned blackout periods. All three variables measuring frequency trading – the numbers of transactions carried out, of active insiders, and of shares traded – were statistically significant during the specified blackout periods. Therefore, this paper could have practical implications for policy makers. If they decide to adopt self-regulation to fight market abuses, they must be aware that a law is only as effective as its enforcement.     

Mating (marriage) patterns and economic development

This paper looks at the relationship between economic development and mating (marriage) patterns in the very long run. For this purpose we introduce the Goldin and the Kuznets curves which relate female labour and income inequality with economic development respectively. To some extent, the Goldin and the Kuznets curves have followed opposite paths, which in turn, could illustrate how economic development has had an impact on mating (marriage) patterns, and thus household formation. The likely convergence in mating patterns among hunter–gatherers across societies vanished after the Neolithic revolution. Then, African polygyny and the ‘European’ marriage pattern developed into the most significant exceptions to the traditional dictate of nature “…an early attachment to one woman” (Malthus, 1798: pp. 15). Nowadays, monogamy and late attachments have become the norm rather than an exception.     

Cross-border Mergers and Acquisitions in different legal environments

The aim of this paper is to analyze the influence of the legal and institutional environment on bidder firm returns around the announcement date of cross-border Mergers and Acquisitions (M&As). The database includes 469 M&As of European (221 cross-border and 248 domestic) listed firms, with target firms being worldwide public or private firms (40 countries), over the 2002–2006 period.Shareholders of acquiring firms place greater value on cross-border M&A announcements than on domestic ones. The stronger (weaker) the legal and institutional environment of the acquirer firm country in comparison with that of the target firm country, the more positive (negative) the effect on acquiring-firm shareholders’ valuation of M&As.     

Screening markets for cartel detection: collusive markers in the CFD cartel-audit

Coordination Failure Diagnostics (CFD) is a model that analyses real market processes with the help of time pattern analysis and investigates whether they operate efficiently. For competition authorities CFD can be employed to detect illegal covert cartels. The CFD cartel-audit should enable the detection of cartels via characteristic market process patterns. This is based on the assumption that existing cartels cause failures in the observed process patterns. The CFD cartel-audit attempts to draw conclusions from these process patterns in order to find hidden cartels and to engage antitrust agencies into additional more detailed audits.

Reconsidering the southern Europe model: Dowry, women's work and marriage patterns in pre-industrial urban Italy (Turin, second half of the 18th century)

This paper aims to investigate and analyse the impact of the dowry and the endowment system on marriage and household patterns and on the labour market in 18th century Turin. At the same time it enquires into the reliability of the northern/southern Europe pattern for the study of this topic. Two points are developed. Firstly the paper shows that the dowry system coexists with a relatively high age at marriage because of the specific role played by the dowry in Turin society. Indeed, this was not a once-and-for-all established asset but was a negotiable and flexible resource that could be manipulated by the different actors concerned in the endowment. Moreover, the payment did not always take place immediately upon marriage, nor was the money quickly available. At the same time the paper examines the economic role of dowry in Ancien Régime households: by means of a juridical procedure couples could alienate this property, and use or invest it to ensure their well-being and/or their economic situation. Finally, the second part investigates the relationship between the dowry system and the participation of young girls and married women in the local labour market: their significant and crucial presence demonstrates that the dowry and its expectation was not a sufficient incentive to keep them out of the labour market.     

EU citizens: Challenging the notion of German National Political Community, 1990–2005

This article assesses the extent to which Germany's adaptation of European Union legal norms through altering the criteria for access to territory and rights has challenged the judicial and conceptual boundaries of its notion of national political community. It compares the policies that directly affected EU citizens’ and other immigrant groups’ access to German territory, citizenship and social integration programs. It may be seen that, in enjoying a unique and privileged position between Germans and the other foreigners, this group not only challenges and undermines the justification for this very distinction, but also transforms the concept of ‘otherness’.     

The Parent Opinion Questionnaire and Child Vignettes for Use with Abusive Parents: Assessment of Psychometric Properties

Psychometric properties of the Parent Opinion Questionnaire (POQ) and the Child Vignettes (CV) were examined. Participants included 78 abusive and 77 comparison mothers and fathers. Scores on the POQ were very low, and there were no differences between abusive and comparison parents on any of the six rationally-derived scales of the POQ or the full scale. Results of factor analysis and assessment of internal consistency did not support the six scales. Full scale scores were associated with parental psychopathology, parenting stress, self-reported discipline practices, and IQ, but were unrelated to observed parenting behavior. On the CV, abusive parents indicated more negative attributions and harsher intended punishment for children's aversive behavior than did comparison parents. Negative attribution ratings and intended punishment ratings on the CV were related to parental psychopathology and parenting stress; scores on intended punishment were related to parents’ perceptions of their children's adjustment, self-reported disciplinary practices, and observed negative parenting behavior.     

The delisting decision: The case of buyout offer with squeeze-out (BOSO)

In this paper, we exploit the specificity of going-private transactions that are initiated by the historic controlling shareholders (i.e. voluntary delistings). In Continental Europe, the majority of firms that become private do so following a buyout offer with squeeze-out (BOSO); using this mechanism, the controlling shareholder can cash out minorities and take the firm private. We argue that the decision to go private results from a cost–benefit analysis. Moreover, we pay particular attention to the consequences and the related costs of compliance resulting from the passage of the French Financial Security Law (FSL) in 2003. A quantitative study was performed using a unique dataset spanning 1997–2006. This data set consists of 140 French firms, of which 70 were voluntarily delisted via BOSO and 70 were industry-matched control firms. Univariate analysis and logistic regressions support the cost–benefit analysis: when listing benefits decrease because of weak liquidity and/or weak analyst coverage, it seems better for the firm to go private. Furthermore, the inherent characteristics of delisted firms (i.e. performance, leverage, and risk as measured by the beta factor) appear to be important driving factors of delisting. The passage of the FSL has strengthened the impact of these characteristics on the decision to go private. Mature firms that have weak performance and low specific risk and that are not financially constrained by debt will decide to go private because they cannot afford the listing status anymore. Finally, we show that the driving factors of delisting differ according to the identity of the controlling shareholder; specifically, the level of risk appears to be the strongest determinant for family firms, while non-family firms also consider their own financial structure.     

The Effects of Childhood Physical Abuse or Childhood Sexual Abuse in Battered Women's Coping Mechanisms: Obsessive-Compulsive Tendencies and Severe Depression

What role does childhood abuse have on the coping choices made by a battered woman? Ancillary to a depression study (Bailey, 1996) in 79 battered women from a Houston area women's shelter were compared for past abuse experiences and how the women were coping with abuse in adulthood. This study compared coping styles between two groups of battered women: those who experienced childhood physically abuse (CPA) (n=35), and those who did not experience childhood physically abuse (NCPA) in childhood (n=44). All of the women filled out a battery of questionnaires including The Brief Symptom Inventory (BSI), and a scale for learned helplessness. A t-test conducted on obsessive-compulsive tendencies (OCT) scale of the BSI found that women who were NPPA had significantly lower BSI-OCT scores t(77)=−2.05, p < .05 than women who were PPA. No statistically significant differences were found between groups for learned helplessness. Out of the 35 battered women who reported physical abuse in childhood were more likely to report sexual abuse as girls than battered women who were not physically abused, t(77)=−3.40, p < .001. Battered women who had been physically and sexually abused in childhood were more severely depressed. Battered women who were not abused in childhood had more obsessive compulsive tendencies. The ramifications of these findings for therapeutic treatment are discussed.     

A survey of the concentration of 19-OH F1α/F2α prostaglandins in the semen of fertile, infertile and vasectomized men and their stability in both liquid semen and semen stains

The levels of 19-hydroxy-prostaglandins F₁α/F₂α (PG F) in the semen of 19 vasectomized, 44 infertile and 8 fertile men were determined using a simple RIA technique. The mean concentrations observed in this survey were 45 μg/ml, 49.5 μg/ml and 59 μg/ml, respectively. No significant difference was recorded between the vasectomized and infertile groups; there were too few fertile samples available to undertake a meaningful statistical comparison. No reduction was observed in the levels of this PG in a liquid semen sample retained at room temperature over a 4 week period in the presence of a bacteriostat (sodium azide). However, a 30% reduction in the levels of 19-OH PG F occurred over the same time period when aliquots of the same semen sample were retained at either room temperature or at 4°C without azide. Finally, no reduction was observed in the concentration of 19-OH PG F in a series of 10-μl semen stains stored over a period of 6 weeks at room temperature.     

<Emphasis Type="Italic">Ayam aham asmīti</Emphasis>: Self-consciousness and Identity in the Eighth Chapter of the <Emphasis Type="Italic">Chāndogya Upanişad</Emphasis> vs. Śankara’s <Emphasis Type="Italic">Bhāşya</Emphasis>

The article offers a close reading of the famous upanişadic story of Indra, Virocana and Prajāpati from the eighth chapter of the Chāndogya-Upanişad versus Śankara’s bhāşya, with special reference to the notions of suşupti and turīya. That Śankara is not always loyal to the Upanişadic texts is a well-known fact. That the Upanişads are (too) often read through Śan-kara’s Advaitic eyes is also known. The following lines will not merely illustrate the gap between text and commentary but will also reveal an unexpected Upanişadic depiction of ‘dreamless sleep’ and ‘transcendental consciousness’. Suşupti is described here as ‘one step too far’, as a ‘break’ or discontinuity in one’s consciousness; whereas turīya is depicted positively, and surprisingly even in wordly terms. Unlike the third state of consciousness in which there is no ‘world’ nor ‘me’, and which is described through Indra’s character as ‘total destruction’ (vināśa); in turīya, the world ‘comes back’, or rather the ‘renouncer’ returns to the world. Sankara’s position, as far as the story under discussion is concerned, is radically different. For him, the Upanişadic story illustrates the continuity of consciousness in all its states. For him, the identification with merely one of the consciousness-states is an error (adhyāsa) which causes suffering. Consciousness prevails even in suşupti, and turīya has nothing to do with ‘coming back to the world’, since there is nowhere to come back from or to. Turīya, as seen by the Advaitin, consists of all the other states of consciousness together, or as K. C. Bhattacharyya puts it, ‘It is not only a stage among stages; it is the truth of the other stages’. The article is dedicated to Prof. Daya Krishna (1924-2007).     

The rule of law online: Treating data like the sale of goods: Lessons for the internet from OECD and CISG and sacking Google as the regulator

The decision of the Court of Justice of the European Union (“CJEU”) in the case of Google Spain SL v Agencia Española de Protección de Datos (AEPD) ² [“the Google decision”] to require Google to enforce a right to be forgotten has caused a furore and sets a dangerous precedent in internet regulation. ³ It is setting up the search engine as a form of Internet Government and fracturing the balance between privacy and freedom of information in the connected world. In a world where we have become attuned to full exposure by routinely signing over access to information, privacy is no longer the issue – the real concern is control. This paper seeks to address the issues of whether we have a right to privacy anymore, who should be making decisions about what is available and where and how a global convention on access to information might be achieved.