<Emphasis Type="Italic">Peters Edition v. Batt</Emphasis>: The Intertextuality of Silence

The article deals, on the one hand, with a legal conflict between a musical performer/arranger, Mike Batt, and the estate of a composer of avant-garde music, John Cage, over copyright. It is also concerned with the field of intertextuality – how meaning is created in a text or in a work of art, whether it is visual, musical or verbal, through allusions and quotations to previous texts or works of art. The controversy, which did not reach the courts because of a pre-trial settlement, was over an author’s rights to silence, or, as in this case, a silent piece of music. The central issue discussed is the way in which silence may be considered – if at all, to be protectable.     

The development of care technology under liability law

It is well known that strict liability and negligence induce pareto optimal care in a most restrictive model of unilateral accidents. The paper at hand extends this traditional theorem from its static context to an intertemporal setting where tort law induces progress in care technology. This model provides a methodological framework for a general analysis of the dynamic incentives generated by alternative liability rules. One of the many possible extensions of the basic model is to allow for incomplete information. Particularly, we drop the assumption that the authority setting the due care standard under negligence is able to assess technical progress ex ante. It is shown that the dynamic incentives of the negligence rule are distorted compared to strict liability in this modified framework.     

Corporate Governance in Spain (with an Application of the Power Indices Approach)

This paper describes the governance system of Spanish listed firms in the early 1990's. Although the institutional setting of the Spanish Stock Exchanges differs little from other European national markets, we found important differences in several aspects of corporate governance. In particular, some of the standard mechanisms of control (e.g. boards and institutional shareholders) do not play an active role, whereas ownership is relatively concentrated. Moreover, power indices suggest that controlling blocs of large shareholders are very likely to form. We thus conclude that the ownership of shares is a pivotal mechanism in the governance of Spanish corporations.     

Assessing Market Power: The Trade-off Between Market Concentration and Multi-Market Participation

This analysis reveals that traditional market power measuresare biased under the conditions of multi-market participationand demand interdependence. Specifically, when complementary(substitutable) demands dominate, traditional market power measuresare biased upward (downward). A similar bias carries over tothe evaluation of mergers. To wit, mergers that simultaneouslyincrease market concentration and multi-market participationcan result in lower prices even in the absence of merger economies.It follows that merger guidelines that place undue emphasison market concentration can lead policymakers to block (approve)mergers that enhance (diminish) consumer welfare.