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This paper documents that resource reallocation across firms is an important mechanism through which creditor rights affect real outcomes. I exploit the staggered adoption of an international convention that provides globally consistent strong creditor protection for aircraft finance. After this reform, country-level productivity in the aviation sector increases by 12%, driven mostly by across-firm reallocation. Productive airlines borrow more, expand, and adopt new technology at the expense of unproductive ones. Such reallocation is facilitated by (i) easier and quicker asset redeployment; and (ii) the influx of foreign financiers offering innovative financial products to improve credit allocative efficiency. I further document an increase in competition and an improvement in the breadth and the quality of products available to consumers.
We present novel evidence on the value of cross-border political access. We analyze data on meetings of US multinational enterprises (MNEs) with European Commission (EC) policymakers. Meetings with Commissioners are associated with positive abnormal equity returns. We study channels of value creation through political access in the areas of regulation and taxation. US enterprises with EC meetings are more likely to receive favorable outcomes in their European merger decisions and have lower effective tax rates on foreign income than their peers without meetings. Our results suggest that access to foreign policymakers is of substantial value for MNEs.
We investigate the impact of reporting regulation on corporate innovation. Exploiting thresholds in Europe’s regulation and a major enforcement reform in Germany, we find that forcing firms to publicly disclose their financial statements discourages innovative activities. Our evidence suggests that reporting regulation has significant real effects by imposing proprietary costs on innovative firms, which in turn diminish their incentives to innovate. At the industry level, positive information spillovers (e.g., to competitors, suppliers, and customers) appear insufficient to compensate the negative direct effect on the prevalence of innovative activity. The spillovers instead appear to concentrate innovation among a few large firms in a given industry. Thus, financial reporting regulation has important aggregate and distributional effects on corporate innovation.
When parties present divergent econometric evidence, the court may view such evidence as contradictory and thus ignore it completely, without conducting closer analysis. We develop a simple method for distinguishing between actual and merely apparent contradiction based on the statistical concept of the “severity” of the furnished evidence. Again using “severity”, we also propose a method for reconciling divergent findings in instances of mere seeming contradiction. Our chosen application is that of damage estimation in follow-on cases.
An important question in banking is how strict supervision affects bank lending and in turn local business activity. Supervisors forcing banks to recognize losses could choke off lending and amplify local economic woes. But stricter supervision could also change how banks assess and manage loans. Estimating such effects is challenging. We exploit the extinction of the thrift regulator (OTS) to analyze economic links between strict supervision, bank lending and business activity. We first show that the OTS replacement indeed resulted in stricter supervision of former OTS banks. Next, we analyze the ensuing lending effects. We show that former OTS banks increase small business lending by roughly 10 percent. This increase is concentrated in well-capitalized banks, those more affected by the new regime, and cannot be fully explained by a reallocation from mortgage to small business lending after the crisis. These findings suggest that stricter supervision operates not only through capital but can also correct deficiencies in bank management and lending practices, leading to more lending and a reallocation of loans.
This article has two aims: it discusses the use and function of a very specific contract clause in Hellenistic time and explores the possibilities and limits to use databases and their automated searches and visualisations as heuristic tools. It is argued, that praxis … kata to diagramma is mainly a regional variety of an executionclause and not connected to the Greek type lawcourts as supposed by Mitteis and Wolff. Graph-databases can help to see different possible decisive features at the same time and show, which connections are more intensive than others, but automated analysis is slowed down and blurred by the lack of categorizing specific to the questions of legal history
This article has two aims: it discusses the use and function of a very specific contract clause in Hellenistic time and explores the possibilities and limits to use databases and their automated searches and visualisations as heuristic tools. It is argued, that praxis … kata to diagramma is mainly a regional variety of an executionclause and not connected to the Greek type lawcourts as supposed by Mitteis and Wolff. Graph-databases can help to see different possible decisive features at the same time and show, which connections are more intensive than others, but automated analysis is slowed down and blurred by the lack of categorizing specific to the questions of legal history
Die zunehmende Durchdringung nahezu aller Lebensbereiche der Gesellschaft mit neuen digitalen Technologien, insbesondere mit künstlicher Intelligenz, hat zur Entstehung von smarten Ordnungen geführt. Darunter werden Ordnungen verstanden, die darauf ausgerichtet sind, durch intelligentes Design und mit Hilfe algorithmischer Operationen Abweichungen von ihren Normen zu minimieren oder ganz unmöglich zu machen. Der Beitrag erläutert einige Beispiele smarter Ordnungen und zeigt auf, dass zumindest im Grundsatz zwischen einer algorithmisch optimierten, normadressatenorientierten Prävention und einer adressatensubstituierenden Präemption abweichenden Verhaltens durch digitale Technologien unterschieden werden kann. Den Schwerpunkt des Beitrags bildet sodann die Frage ob und, gegebenenfalls, in welchem Sinne, smarte Ordnungen überhaupt noch normative Ordnungen sind. Im Verlauf der Analyse zeigt sich, dass Rechtsordnungen und andere normative Ordnungen zwar das Ziel einer effektiven Durchsetzung ihrer Normen verfolgen, aber nicht das Ideal vollständiger Nicht-Abweichung. Es wird deutlich, dass es zu den wesentlichen Aspekten normativer Ordnungen gehört, dass sie an Personen adressiert sind, die sie sich als autonome und zugleich fehlbare Personen zu eigen machen müssen und dabei unvermeidlich über die faktische Freiheit zur Normabweichung verfügen. Smarte Ordnungen hingegen erfüllen diese Kriterien nicht oder nur in geringem Maße. Letztlich sind sie nur in einem schwachen Sinne normativ, soweit die in technischen Prozessen implementierte Normativität für die Betroffenen noch präsent ist. In dem Maße jedoch, wie Normativität und ihre technische Realisation sich vermischen, bis ihre erfahrbare Präsenz abnimmt, verlieren sie ihren normativen Charakter.
Die Zukunft der Freiheit
(2020)
Im Zentrum des Beitrags steht die Frage, ob und wie sich Freiheit verändert, wenn wir uns in Echo-Räumen bewegen, also in digitalen sozialen Netzwerken und in digitalen Welten, die aus den Vorhersagedaten des eigenen Verhaltens zusammengesetzt sind. Beide Varianten digitaler Welten werden als Bestätigungswelten charakterisiert, in denen der Nutzer sich in relevanten Aspekten seines Selbst nicht nur spiegelt, sondern immer wieder bestätigt und anerkannt sieht und auch andere bestätigt und anerkennt. Der Aufsatz verdeutlicht, dass es für die Frage der Freiheit in solchen Bestätigungswelten nicht nur darauf ankommt, ob wir nach den jeweils eigenen Gründen handeln oder nach Regeln, die wir gemeinsam mit anderen akzeptieren können. Denn solche Ansätze beruhen auf der unausgesprochenen Prämisse eines statischen Selbst, eine so verstandene Freiheit wäre eine statische Freiheit. Dem wird ein Verständnis von Freiheit als dynamischer Prozess gegenübergestellt, zu dem es gehört, die eigenen Gründe zu ändern. Dazu muss sich das Selbst von diesen Gründen aber erst einmal distanzieren und sich zu sich selbst verhalten können, was die Erfahrung von Widerspruch und Widerstand voraussetzt. Komplementär zu diesem Widerspruch ist es zudem auf Vertrauen angewiesen, um die Herausforderungen der Freiheit anzunehmen. Es wird gezeigt, dass sich beide Aspekte, die Freiheit als Risiko des Widerspruchs und das für die Freiheit notwendige komplementäre Vertrauen, in den digitalen Bestätigungswelten verflüchtigen.
We show strong overall and heterogeneous economic incidence effects, as well as distortionary effects, of only shifting statutory incidence (i.e., the agent on which taxes are levied), without any tax rate change. For identification, we exploit a tax change and administrative data from the credit market: (i) a policy change in 2018 in Spain shifting an existing mortgage tax from being levied on borrowers to being levied on banks; (ii) some areas, for historical reasons, were exempt from paying this tax (or have different tax rates); and (iii) an exhaustive matched credit register. We find the following robust results: First, after the policy change, the average mortgage rate increases consistently with a strong – but not complete – tax pass-through. Second, there is a large heterogeneity in such pass-through: larger for borrowers with lower income, a smaller number of lending relationships, not working for the lender, or facing less banks in their zip-code, thereby suggesting a bargaining power mechanism at work. Third, despite no variation in the tax rate, and consistent with the non-full tax pass-through, the tax shift increases banks’ risk-taking. More affected banks reduce costly mortgage insurance in case of loan default (especially so if banks have weaker ex-ante balance sheets) and expand into non-affected but (much) ex-ante riskier consumer lending, experiencing even higher ex-post defaults within consumer loans.