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.     

Doctors in Extremity

Book Reviews in This Article:
Robert Jay Lifton, The Nazi Doctors: Medical Killing and the Psychology of Genocide.
Eric Stovcr and Elena O. Nightingak, eds., The Breaking of Bodies and Minds: Torture, Psychiatric Abuse and the Health Professions.
Elliot S. Valenstein, Great and Desperate Cures: The Rise and Decline of Psychosurgery and Other Related Treatments for Mental Illness.     

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.     

The Political Economy of Intellectual Property Protection: The Case of Software

The end of the twentieth century was marked by a sea change in global governance in the realm of intellectual property rights (IPRs). Whereas countries historically retained substantial autonomy with regard to what they defined as intellectual "property" and the rights granted to the owners of intellectual property, the 1990s witnessed the establishment of new global obligations regarding national practices. This paper focuses on the case of software "piracy" to assess the mechanisms by which the new global obligations for the treatment of IPRs are transmitted from the international to the national levels. We first consider a set of national-level factors that many scholars have shown to be important determinants of IPR policy. We then supplement the standard emphasis on domestic factors with an analysis of new transnational factors: countries' multilateral obligations under the World Trade Organization's (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) and bilateral pressures from the United States to increase the protection of IPRs. Population-averaged panel data models are used to assess the effects of these national and transnational determinants on levels of software piracy in 80 countries from 1994 to 2002. Our results indicate that membership in the WTO and bilateral pressures from the United States—particularly pressures that offer reciprocal concessions—lead to substantial increases in levels of protection in rich and poor countries. There is, in short, a new international political economy of intellectual property.