Testing the Information Structure of Eastern European Markets: The Warsaw Stock Exchange

This paper investigates the content of the information set used by the agents in the Warsaw Stock Exchange - WSE. Three “candidate variables” are examined — consumers’ prices, the zloty/US$ exchange rate and the refinancing rate of the National Bank of Poland — with respect to three WSE stocks, from different sectors of the economy. The methodology employed supposes that the innovations in the price series are orthogonal to all variables within or outside the information set. Beyond the question of how to specify the agents expectations, the WSE trading rules and the high volatility period present in all monthly price series were additional problems to render it operational. Given the solutions adopted, in only three out of the nine cases tested, it was possible to reject the null that the candidate did not belong to the information set. This is a signal that macroeconomic fundamentals are still absent from the WSE.     

Can Informative Traffic Signs Also Be Obligatory? Polish Constitutional Tribunal and Supreme Court Versus Traffic Signs

This article discusses a rare instance of the highest national courts explicitly addressing traffic signs in their judgments or decisions. It critically examines the standpoint expressed by the Polish Constitutional Tribunal and the Supreme Court, according to which the basic traffic sign categories in Poland—obligatory, prohibitory, informative and warning—are not separable (not disjunctive) [e.g. prima facie non-normative signs (informative or warning) can also be normative (obligatory or prohibitory)]. These courts formulated this idea when addressing the legal question concerning the applicability of legal provision penalizing failure to comply with a traffic sign to parking a car without paying a fee in an area marked by an informative sign that indicates the need to charge a fee for parking. The article analyses and criticizes the relevant standpoint of the Polish Constitutional Tribunal and the Supreme Court. It shows how many negative consequences can result from frivolous treatment and neglect of traffic signs. It also reconstructs some possible practical recommendations concerning not only traffic signs but also visualizations of legal rules in general.     

Risk management and regulation compliance with tradable permits under dynamic uncertainty

In this paper, we explore the effects of dynamic uncertainty on the risk management of regulated industries and emission market. We consider as major sources of uncertainty the stochastic growth of demand for the industry output (e.g. electric energy) and the ensuing lack of information on the pollution levels of individual firms, their behavior and the behavior of the regulator. These sources of uncertainty are common in pollution permit trading as not only does the market respond to the volatility of fundamentals but also to the vagaries of the institutional structure, created by public policy and enforced through regulation. The paper shows that in the presence of strategic behavior on the part of the agents involved, even though both the level and the volatility of output increases over time, trading of permits is a highly effective instrument of risk management, since it allows the firms to pool the risks arising from the volatile environment, thereby simplifying enforcement, reducing emissions and improving resource allocation. Moreover, uncertainty plays a subtle influencing role, since on one hand it broadens the regulator’s deterrent power over potential polluters, while on the other it reduces the expected value of the sanction for the individual firm.     

European Economic Governance and Parliamentary Representation. What Place for the European Parliament?

This article aims to analyse the European Parliament's (EP) position in the reform of the European economic governance, in particular after the adoption of the ‘six‐pack,’ the ‘two‐pack’ and the ‘fiscal compact.’ References are made to the involvement of the EP in the decision‐making process that led to the adoption of the new measures as well as to the substantive role assigned to this institution in the new regulatory framework. The article argues that the new provisions, which undermine the budgetary authority of national parliaments while, at the same time, designing a limited role for the EP—though strengthened compared to the previous version of the Stability and Growth Pact—can jeopardise the effectiveness of the landmark principle of ‘no taxation without parliamentary representation’ in the EU.     

论过度医疗侵权行为及其法律规制

过度医疗一般是指,在医疗过程中,医师对患者的疾病实施不必要的诊疗措施,致使患者的医疗费用明显超过疾病诊疗实际需求的医疗行为或医疗过程。过度医疗认定的关键,在于把握过度医疗行为与适度医疗行为的界限,并且应将其与保护性医疗和防御性医疗加以严格区分。从法律意义上讲,过度医疗是一种发生在医疗过程中的特殊民事侵权行为,是指医疗机构及其医务人员在医疗活动中,以获取一定经济利益为目的,违法实施不必要的诊疗从而造成患者明显人身、财产损害并应承担相应法律责任的行为。过度医疗侵权应适用过错推定责任进行归责。《侵权责任法》立法上将过度医疗的范围,仅局限在"实施不必要的检查",不足以充分保护患者的合法权益,立法上应进一步做出扩充解释。     

析行政自由裁量权的过度规则化

在全国各地陆续展开的控制行政自由裁量权的改革中,普遍采用了"制定实施细则"、"规则细化"这类用详尽的规则将裁量权具体化、细节化的方式,有些地方甚至达到了细致入微、不留余地的程度。尽管规则细化具有良好的出发点和切实的效力,但过度使用仍然会带来一系列不良后果。从根本上说,促进行政自由裁量权的良好行使不能单纯依靠规则,在考虑多方面因素和措施的基础上形成控制裁量权的综合体系才是问题的解决之道。     

The internationalization of the Polish criminal law: how the Polish criminal law changed under the influence of globalization

Globalization changed the Polish criminal law. During the last 15 years the Polish criminal law has been transformed under the influence of globalization. The purpose of this study is to assess the extent and character of this process. The change was mainly a result of the implementation of legal instruments adopted by international organizations, to which Poland already belonged or aspired (European Union, Council of Europe, OECD, UN). This is what we can call the internationalisation of the Polish criminal law. Modifications affected many areas, in particular criminalisation. Definitions of certain existing offences were extended to cover interests which were not protected before (i.e. corruption offences). Also, new definitions were introduced (i.e. act of terrorist character). Additionally, other elements were changed. However, the impact of globalization on Polish criminal law goes beyond internationalisation. Certain criminalisations were introduced under the influence of foreign laws as a tool of fight against new types of crime, characteristic for the era of unification of cultural and social behaviours (e.g. stalking).     

Poland's legal integration into the European community: Some past,present, and future dilemmas

The paper contains some thoughts on the issue of the legal aspects of Poland's integration into the European Community (EC) against the background of Polish efforts to adapt its legal system to European Community requirements. The discussion is divided into three substantive parts: The first part deals with the issue of various legal traditions constituting the general phenomenon of EC law, with the second part spelling out legal aspects of the process of European integration, and finally the paper will be presented by way of a more concrete discussion — e.g., human rights, criminal law in general, and computer crime specifically.     

Liberal coercion? Prostitution,human trafficking and policy

Liberal prostitution policy aims at improving labor conditions for prostitutes and protecting victims of forced prostitution. Given its policy mandates, legalized prostitution should be linked to better protection policies for trafficking victims and stronger anti-trafficking measures. In this paper, I investigate empirically whether or not legalized prostitution improves protection policies for victims, as it is presumed. The results of my analysis—using data from 149 countries for the period of 2001–2011—suggest that a liberal prostitution policy does not lead to better protection and, in some cases, legalized prostitution can be detrimental to protecting victims of human trafficking.     

Regional trade and foreign currency regimes among the former Soviet Republics

The paper examines the problems arising from the adoption of national currencies in former Soviet Republics, and advances proposals to avoid excessive trade and output contractions. The move towards national currencies in many republics — though politically unavoidable and economically efficient in the medium term — is seen as having disruptive effects on interrepublican trade in the short term, with heavy losses of incomes and employment, which add to the costs of market transition. Mutual convertibility among the new currencies could allow some of the negative consequences on trade and production to be overcome, while in the event of mutual currently inconvertibility the effects on interrepublic trade could be disastrous and only some form of payments agreement could reduce the magnitude of the contraction. An intermediate currency regime which could sustain the level of income and employment would be based on the use of the Russian rouble as a regional means of payment. Such an event, however, would require as a pre-condition the stabilization of the Russian currency.     

Impression management and self-report among violent offenders

Offenders are assumed by many to employ socially desirable responding (SDR) response styles when completing self-report measures. Contrary to expectations, prior research has shown that accounting for SDR in self-report measures of antisocial constructs does not improve the relationship with outcome. Despite this, many self-report measures reliably predict future criminal outcome criteria. The present research examines the relationship of SDR (self-deception and impression management) with self-reported antisocial attitudes and the outcome of criminal recidivism in a sample of violent offenders. Offenders high on impression management reported lower antisocial attitudes. However, when impression management was statistically partialed from antisocial attitudes, the relationship with recidivism tended to diminish, though not to a statistically significant degree. This finding, though hypothesized based on previous empirical findings, is contrary to the theoretical assumption that controlling for SDR should improve the relationship of self-report with outcome. The discussion centers on the implications of routinely removing impression management from self-report.     

Topics in macro-modelling of East European countries in the period of transition

Central and European former Centrally Planned Economies (CPEs) entered a period of transition towards market economies. The evolution is marked by a transition from shortage- to demand-determined economies, associated with the abandonment of price control and the introduction of tight wage control. Stabilization programmes (in Poland from 1990), implementing tough deflationary fiscal and monetary policies, brought about the suppression of hyperinflation. The high adjustment costs — deep recession, high rates of unemployment — are characteristics of the early '90s. The deregulation of the public sector and the building of the private one commenced, and will be a long-lasting process. To meet the changes in economic regimes and mechanisms, the existing models had to be adequately respecified and new models constructed. The large W-5 macromodel for Poland, which covers the final and intermediate demands, had to be extended to introduce the market adjustment mechanisms and, more broadly, the financial flows. To meet the needs of short-term financial policies, new quarterly models had to be built, as, for instance, the WK macromodel for the Polish economy. The paper discusses the major problems of the models' specification under the data constraints.     

Violate, incur sanctions, and exhaust: the steep price of judicial review under Illinois Council

This Article analyzes the decision in Shalala v. Illinois Council on Long Term Care, Inc., in which the Supreme Court held that providers seeking to challenge Medicare regulations must first pursue those challenges through an administrative review process, except when application of this rule would result in "no review at all." In reaching this decision, the five-justice majority rejected the interpretation given to prior holdings by many commentators and circuits, and reasoned that it was appropriate to require providers to exhaust their administrative appeals even though the penalties for the challenged violations would not be stayed during the process. Given the nature of the administrative appeal process and the scope of penalties that may be assessed against Medicare providers, the author argues that the decision in Illinois Council evidences excessive deference towards the agency, or a disinclination on the part of the court towards entertaining Medicare lawsuits, either of which bodes ill for providers seeking judicial relief.     

Architectural Style,Aesthetic Landscaping,Home Value,and Crime Prevention

In this article, burglary-prevention measures are reviewed. Despite an abundance of literature on residential burglary prevention, both theoretical and practical, homeowners are still slow to take the necessary measures to avoid burglaries. The conclusion of the article is that, if certain architectural styles and types of landscaping, which add to aesthetic value as well as burglary deterrence of the house, can be promoted by means of some financial incentives, all parties concerned—homeowners, public and private agencies—will benefit.     

Location and other correlates of campus crime

Crime and security are major issues on a number of college campuses in the United States, yet little criminology research has been aimed at the campus setting. This article explores whixh aspects of the campus profile seem to contribute, or at least relate, to high levels of campus crime. A regression of crime rates on dimensions of the campus profile uncovered a number of correlates (specifically, measures of campus size and scholastic quality) in our sample of 222 colleges and universities. Somewhat surprisingly, the location of a campus—be it in an urban or a rural setting—had no impact on the level of its crime problem, though a slight influence on crime mix (proportion of crimes that are violent) was found.     

Productivity,employment and labor demand in Polish industry in the 1980s: Some preliminary results from enterprise-level data

The paper uses annual data from a panel of 334 Polish industrial enterprises over the period 1983–1988 to test empirically a simple neoclassical approach to the socialist labor market. First, an enterprise production function is estimated. The paper finds that for most enterprises, the resulting estimated marginal product of labor exceeds the wage paid by the enterprise by a considerable margin, suggesting general excess demand for labor. The paper then looks at how the difference between the MPL and the wage is related to the rate of change of employment, and finds that firms where the MPL is higher than the wage — firms which in a neoclassical model would have a large excess demand for labor — do not shed labor any more slowly than other firms.     

Exchange Rate Variability and Labor Market Performance in the Visegrád Countries

According to the traditional ‘optimum currency area’ approach, not much will be lost from a very hard peg to a currency union if there has been little reason for variations in the exchange rate. This paper takes a different approach and highlights the fact that high exchange rate volatility may as well signal high costs for labor markets. Based on the paper by Belke (2003), the impact of exchange rate volatility on labor markets in the four Visegrád Economies (Czech Republic, Hungary, Poland, and the Slovak Republic) is analyzed, finding that volatility vis-à-vis the euro significantly increases unemployment. Hence, the elimination of exchange rate volatility could be considered as a substitute for a removal of employment protection legislation.     

Racial and ethnic differences in the consequences of school suspension for arrest

A growing body of literature has demonstrated that when schools suspend students, the suspension acts not as a deterrent but as an amplifier of future punishment. Labeling theory has emerged as the predominant explanation for this phenomenon, suggesting that the symbolic label conferred along with a suspension shapes how other people perceive and respond to labeled students. Few studies, however, have attended to racial/ethnic differences in this process even though critical race theory suggests the consequences of suspension likely differ across racial/ethnic groups due to prevailing racial/ethnic stereotypes. This study uses six waves of data from the National Longitudinal Study of Youth 1997 (N = 8,634) to examine how the relationship between suspension and subsequent arrest differs for White, Black, and Hispanic students. Using a series of within-person analyses that control for time-stable personal characteristics, this study finds that suspension amplifies Black and Hispanic students’ risk of arrest relative to that of White students. White students’ risk of arrest was not amplified by suspension and, in some models, was diminished. This study's findings underscore the importance of understanding the labeling process as different by race/ethnicity and indicate that suspension is particularly harmful for Black and Hispanic relative to White students.