The Inefficiency of Quasi–Per Se Rules: Regulating Information Exchange in EU and U.S. Antitrust Law

It is well understood that the exchange of information between horizontal competitors can violate competition law provisions in both the European Union (EU) and the United States, namely, article 101 of the Treaty on the Functioning of the European Union and section 1 of the Sherman Act. However, despite ostensible similarities between EU and U.S. antitrust law concerning interfirm information exchange, substantial differences remain. In this article, we make a normative argument for the U.S. antitrust regime's approach, on the basis that the United States’ approach to information exchange is likely to be more efficient than the relevant approach under the EU competition regime. Using economic theories of harm concerning information exchange to understand the imposition of liability in relation to “stand-alone” instances of information exchange, we argue that such liability must be grounded on the conception of a prophylactic rule. We characterize this rule as a form of ex ante regulation and explain why it has no ex post counterpart in antitrust law. In contrast to the U.S. antitrust regime, we argue that the implementation of such a rule pursuant to EU competition law leads to higher error costs without a significant reduction in regulatory costs. As a majority of jurisdictions have competition law regimes that resemble EU competition law more closely than U.S. antitrust law, our thesis has important implications for competition regimes around the world.     

Directors’ duties under the 2019 Companies Act of Ghana

The scope of directors’ duties forms perhaps the most important part of corporate governance. This paper considers the trajectory of the regulation of directors’ duties under Ghanaian company law from the Companies Act, 1963 (Act 179) to the Companies Act, 2019 (Act 992). Using the 2017 to 2019 financial institutions’ insolvencies in Ghana as a backdrop, it considers whether the scope, formulation and structure of directors’ duties within the new legislation is capable of promoting corporately-beneficial director behaviour. It also discusses whether the framework is apt to deal with similar lapses in corporate governance marked by reckless and opportunistic director behaviour. It discovers that Act 992 places a greater reliance on specific rules while retaining the largely principles-based regulatory technique adopted for regulating director conduct under Act 179. The overall tenor of the framework of directors’ duties under the new Act points to a firmer legislative view of the serious consequences of reckless director conduct. The paper concludes that the language of the framework regulating director conduct is capable of promoting corporately beneficially director behaviour and is also apt to deal with the kind of lapses in corporate governance which led to mass financial sector insolvencies in Ghana.     

Newspaper juries

This article reports on a field experiment on the effect of media information on people’s attitudes towards the justice system. For the duration of a year a Dutch local newspaper took small groups of readers, called ‘newspaper jurors’, to court sessions of criminal cases and subsequently reported on their experiences and perceptions. Using a quasi-experimental design, we examined whether an attitude change in the general reader population of this particular local newspaper occurred as a result of the jury’s newspaper reports. Findings show that, after the treatment interval of 1 year, no attitude change in the general reader population could be identified that was absent in the control group.     

Düngemittelrecht, Atomrecht und Bodenschutzrecht – lückenlose Anwendungsbereiche?

Das deutsche Bodenschutzrecht ist angesichts seines geringen Anwendungsbereiches sowie seiner sehr lückenhaften und zudem vollzugsunfreundlichen Konkretisierung in Grenzwerten h?ufig wenig effektiv. Diese These verfolgt der vorliegende Beitrag anhand eines besonders wesentlichen, in der politischen, juristischen und naturwissenschaftlichen Debatte bisher kaum beachteten gesundheits- und umweltrelevanten Faktors: der düngungsbedingten Belastung von B?den durch Uraneintr?ge. Dies verhilft zugleich zu einer n?heren Bestimmung der konkurrierenden Anwendungsbereiche verschiedener Umweltgesetze.     

Flipping burgers or flipping pages? Student employment and academic attainment in post-Soviet Latvia

Latvian higher education has undergone a dramatic transition since 1991. This study employs a survey of nearly 1000 social science students studying in 13 different institutions in Latvia to consider the impact of the increase in the number of students who are working while studying. Evidence indicates employment has a strong and significant negative impact on school performance, and the negative impact increases as weekly hours worked increase. This manifests itself through reduced class attendance and reduced time spent in independent study. Finally, we find that the probability of student employment is most significantly affected by the availability of financial aid, gender, ethnicity, and age.