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Article 4 of Protocol No. 4 to the European Convention on Human Rights (ECHR) is short. Its title reads "Prohibition of collective expulsion of aliens", its text reads: "Collective expulsion of aliens is prohibited." It comes as a historical disappointment that the European Court of Human Rights (ECtHR) in its decision in the case N.D. and N.T. v. Spain from 13 February 2020 distorts this clear guarantee to exclude apparently "unlawful" migrants from its protection. The decision is a shock for the effective protection of rights in Europe and at its external borders. Consequently the Guardian titled that the Court is "under fire". Reading the majority opinion is at times a puzzling experience, to say the least.
We are students, scholars, and academics at European universities who unequivocally condemn the violent attacks on student and faculty members of Jawaharlal Nehru University (JNU), New Delhi that took place on 5th January 2020. We see the attacks as part of the larger pattern of systematic violence that is being consistently inflicted on students across Indian universities for the past month by the Indian police in collusion with far-right organisations. We are shocked by the proclivity of the Indian State to turn upon its own students, and by the failure of universities and other academic institutions to protect their members; the cases are too many to be all listed here, but along with JNU, this inhumane orchestration of violence has extended to Aligarh Muslim University, Banaras Hindu University in Uttar Pradesh, and Jamia Millia Islamia in New Delhi. ...
Datenschutz versus Katastrophenschutz : Standortdaten als Mittel zur Bekämpfung der Corona-Pandemie
(2020)
Einige Länder setzen Standortdaten jetzt schon gezielt ein, um die weitere Ausbreitung von Covid-19 einzudämmen. Ein Gesetzentwurf von Bundesgesundheitsminister Jens Spahn, der weitreichende Befugnisse vorsah, um mithilfe von Standortdaten Kontaktpersonen von Infizierten über deren Handys zu orten, stieß auf teilweise heftige Kritik. Der Gesetzentwurf wurde daraufhin zurückgezogen, ohne dass nähere Einzelheiten an die Öffentlichkeit gelangt sind. Ein genauer Blick zeigt jedoch, dass eine Verarbeitung von Standortgesundheitsdaten nicht nur tatsächlich nützlich sein kann, sondern auch rechtlich möglich ist.
Krisen als Normalität
(2020)
Es gibt in Krisenzeiten wenig Verlässliches. Doch auf eines kann man immer zählen: Irgendwann, und meistens früher als später, fällt der Begriff der Ausnahme oder einer seiner zahlreichen Verwandten. Hierzu gehört vor allem die große Schwester der Ausnahme: der Ausnahmezustand. Da unterscheidet sich die Corona-Krise nicht von der Eurozonenkrise, die Eurozonenkrise nicht von der globalen Finanzkrise und diese nicht von der durch die Terroranschläge vom 11. September ausgelöste Sicherheitskrise. Auch wenn wir über den Corona-Virus selbst nicht viel wissen, scheint vieler Orten Gewissheit darüber zu herrschen, dass wir derzeit im Ausnahmezustand leben. ...
The recovery plan of the Commission entitled "Next Generation EU" proposes a compromise that goes beyond the ominous lowest common denominator. With a package of EUR 750bn in total, comprising EUR 250bn in loans and the rest in grants, the Commission paves the way for both forward-looking public finance and constitutional innovation. The proposals are masterpieces of high-tech legal engineering. Again, European constitutional law evolves through crisis. Yet, again, it stands to reason how far the proposed instruments will shift the European Union towards enhancing solidarity and democracy.
When Christine Lagarde announced her first, moderate rescue package, she called upon member states to provide fiscal aid. But the markets showed to have lost confidence in fiscal policy. In the absence of strong monetary policy signals, the slide continued until Lagarde in her second attempt opened the floodgates.
Warum das Stichwort Corona Bonds so viele falsche Assoziationen weckt, und wie sie beschaffen sein müssten, damit auch Deutschland damit gut klarkommt: Vor der morgigen Sitzung der Eurogruppe spricht Max Steinbeis mit MATTHIAS GOLDMANN über seinen Vorschlag und die damit verknüpften Chancen und Risiken.
Governments, economists and intellectuals have called for common European bonds or increased own EU funds to address the recession induced by Covid19. Unfortunately, the German government, joined by the other members of the “Frugal Four” (Austria, Finland, the Netherlands), has categorically rejected to look into any such measures and favours using the ESM. This reaction created a déjà vu experience for citizens and governments of the heavily affected southern Member States of the EU. The proposal to use the ESM raises fears of another wave of austerity amounting to yet another lost decade for economic, social, and ecological development in Europe.
Über problematische Straßennamen und Denkmäler wird politisch debattiert. Wie der öffentliche Raum aussieht, wird gemeinhin nicht als juristische Frage behandelt. Trotzdem taucht die Frage, was die Gesellschaft im öffentlichen Raum sehen will, auch als rechtliches Argument auf. Wann erkennt der Diskurs solche Fragen politischer Ästhetik als juristisches Argument an? Und welche Bedingungen entscheiden darüber?
Der Ausnahmezustand
(2020)
Wenn wir die Berechtigung der Maßnahmen im Kampf gegen die Corona-Pandemie unterstellen, dann deshalb, weil wir darauf hoffen, dass sie greifen und etwas bewirken, und zwar in nicht allzu ferner Zukunft. Tun sie es, ist alles gut. Aber was, wenn nicht – und wenn der Zustand, der durch sie eintritt, länger und länger dauert, vielleicht ein Ende auch gar nicht absehbar ist? Dazu drei knappe, aber grundsätzliche Bemerkungen aus der Sicht der Staatstheorie, des Verfassungsrechts und der Rechtsphilosophie.
Durch die Digitalisierung ist die soziale Bedeutung des Urheberrechts stark gewachsen. Die vom Urheberrecht etablierte Exklusivitätskultur steht überdies in einem fundamentalen Konflikt mit der im Internet vorherrschenden Zugangskultur. Ein Beispiel hierfür ist der Streit um die jüngste Urheberrechtsrichtlinie der EU.
Through digitalization, the social importance of copyright law has grown considerably. Moreover, the culture of exclusivity established by copyright law conflicts fundamentally with the culture of access prevalent on the internet. An example for this is the dispute over the EU’s latest copyright directive. Does it ring in the end of the internet as we know it, or does it »only« see to fair remuneration for those working in the creative economy?
Mon intention première était de comprendre la façon dont la République romaine avait sombré. Mais lorsque j’ai examiné dans ce but les explications les plus sérieuses qui avaient déjà été avancées, sa faillite m’a toutefois paru moins étonnante que sa très longue existence. Au point que, progressivement, une deuxième question a pris le pas sur la première, celle de savoir comment cette chose commune [Gemeinwesen], cette res publica amissa avait pu fonctionner si longtemps. Je me suis donc concentré sur sa structure. ...
Venture capital-backed firms, unavoidable value-destroying trade sales, and fair value protections
(2020)
This paper investigates the implications of the fair value protections contemplated by the standard corporate contract (i.e., the standard contract form for which corporate law provides) for the entrepreneur–venture capitalist relationship, focusing, in particular, on unavoidable value-destroying trade sales. First, it demonstrates that the typical entrepreneur–venture capitalist contract does institutionalize the venture capitalist’s liquidity needs, allowing, under some circumstances, for counterintuitive instances of contractually-compliant value destruction. Unavoidable value-destroying
trade sales are the most tangible example. Next, it argues that fair value protections can prevent the entrepreneur and venture capitalist from allocating the value that these transactions generate as they would want. Then, it shows that the reality of venture capital-backed firms calls for a process of adaptation of the standard corporate contract that has one major step in the deactivation or re-shaping of fair value protections. Finally, it argues that a standard corporate contract aiming to promote social welfare through venture capital should feature flexible fair value protections
Der Beitrag erläutert aus rechtswissenschaftlicher Sicht, welche Begriffe, Perspektiven und Methoden zur Beantwortung folgender Frage geeignet sind: Wie lässt sich erklären, dass das gerade einmal ca. 200 Jahre alte Rechtsgebiet des „geistigen Eigentums“, dessen Legitimität stets heftig umstritten war, praktisch weltweite Anerkennung in nationalen, supranationalen und völkerrechtlichen Rechtsquellen finden konnte und die globalen Handels- und Kommunikationsströme auch tatsächlich wirksam reguliert? Oder anders gewendet: Wie kann ein schwacher Geltungsanspruch eine faktisch wirkmächtige Ordnung hervorbringen? Nach kritisch-diskurstheoretischen Ansätzen bildet der Streit um Rechtfertigungen den zentralen Treiber normativer Ordnungen. Der Aufsatz zeigt jedoch, dass im Hinblick auf das „geistige Eigentum“ normexterne Bedingungen wie technischer Fortschritt und der Wandel der allgemeinen Wirtschaftsordnung von entscheidender Bedeutung waren und der Frage nach den Gründen z.T. logisch vorausliegen. Schließlich wird gezeigt, dass sozialontologische Analysen besonders gut geeignet erscheinen, strukturelle Normativität/Macht zu adressieren, die unterhalb expliziter Rechtfertigungen bzw. im „Hintergrund“ angesiedelt ist, so wie Sprache generell die logische Voraussetzung für ein rechtfertigendes Rede-und-Antwort-Stehen bildet.
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.
Die durch das Zweite Corona-Steuerhilfegesetz erfolgte Ausweitung des Verlustrücktrags ist dem Grunde nach ein hochgradig geeignetes und insbesondere breitenwirksames Mittel zur Stützung der Konjunktur. Das vorliegende Policy White Paper legt dar, dass allerdings Art und Umfang der gewählten Ausweitung unzureichend sind. Hierzu analysieren die Verfasser, wie sich die Ausweitung auf Unternehmen unterschiedlicher Größe und Rechtsform auswirkt. Auf Basis dieser Analyse zei-gen sie sodann, dass gemessen an den verfolgten konjunkturpolitischen Zielen es geboten gewesen wäre und weiterhin geboten ist, den Verlustrücktrag auf die Gewerbesteuer zu erstrecken.
This article documents and classifies instances of transnational intellectual property (IP) enforcement and licensing on the Internet with a particular focus on the territorial reach of the respective regimes. Regarding IP enforcement, I show that the bulk of transnational or even global measures is adopted in the context of “voluntary” self-regulation by various intermediaries, namely domain name registrars, access and host providers, search engines, and advertising and payment services. Global IP licensing is, in contrast, less prevalent than one might expect. It is practically limited to freely accessible Open Content, whereas markets for fee-based services remain territorially fragmented. Overall, three layers of IP governance on the Internet can be distinguished. Based on global licenses, Open Content is freely accessible everywhere. Plain IP infringements are equally combatted on a worldwide scale. Territorial fragmentation persists, instead, in the market segment of fee-based services and in hard cases of conflicts of IP laws/rights. All three universal norms (global accessibility, global illegality, global fragmentation) are supported by a quite solid, “rough” global consensus.
Ende November hat Bundesjustizministerin Christine Lamprecht (SPD) vorgeschlagen, das Grundgesetz zu ändern und darin ausdrücklich Kinderrechte zu verankern. Der Vorschlag befindet sich derzeit in der Ressortabstimmung. Auf dem Verfassungsblog hat sich Friederike Wapler kritisch mit diesem Entwurf auseinandergesetzt und am Ende empfohlen, statt einer schlechten Grundgesetzänderung lieber gar keine zu verabschieden. Ich hingegen halte eine solche Grundgesetzänderung für ebenso sinnvoll wie möglich.
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
This paper analyses disclosure duties in insurance contract law in Germany on the basis of questions developed in preparation of the World Congress of the International Insurance Law Association (AIDA) 2018. As risk factors are within the policyholder’s sphere of knowledge, the insurer naturally depends on gaining such knowledge from its policyholder in order to calculate and evaluate premium and risk. Legal approaches as to how the insurer may obtain relevant information and the legal consequences differ in national insurance contract laws around the globe. Taking part in this legal comparison, the paper describes the key elements of such a mechanism from a German perspective and comprises both duties of the policyholder and duties of the insurer.
As for the policyholder, these issues are differences between a duty to (spontaneously) disclose and a duty not to misrepresent as a reaction to questions of the insurer, the prerequisites and remedies of such duty, the subjective standard of the disclosure duty and a duty to notify material changes during the contract term. On the other hand, the paper also addresses an insurer’s duty to investigate, a duty to ascertain the policyholder’s understanding of the policy and a duty to inform during the contract term or after the occurrence of an insured event. In doing so, the paper offers a comprehensive and critical overview on the transfer of knowledge in the insurance (pre-)contractual relationship.
Egon Lorenz – zum Gedenken
(2020)
Ziel dieser Untersuchung ist es, die Legitimität der Kriminalisierung des Glücksspiels in Brasilien zu hinterfragen. Dies geschieht mit besonderem Augenmerk auf das spezifische brasilianische Glücksspiel, das „Spiel der Tiere“ (Jogo do bicho), das Ende des 19. Jahrhunderts in der Stadt Rio de Janeiro, der Hauptstadt des damaligen kaiserlichen Brasiliens, entstand. Es handelt sich um eine Form des Glücksspiels, die sich in ganz Brasilien verbreitet hat und bereits Gegenstand mehrerer akademischer Studien in den Bereichen Anthropologie und Soziologie war. Das Verbot dieser Art von Glücksspiel, seine Kriminalisierung, seine große Beliebtheit und seine gesellschaftliche Toleranz sind jedoch Gründe dafür, dass das Spiel der Tiere im Besonderen und das Glücksspiel im Allgemeinen auch im juristischen Bereich, insbesondere im Strafrecht, ein bisher vernachlässigter Forschungsgegenstand von großem Interesse ist.
Das Hauptaugenmerk dieser Arbeit liegt auf der Analyse der Kriminalisierung des Glücksspiels, das in Brasilien seit über einem Jahrhundert unter freiem Himmel praktiziert wird. Bei dieser Analyse werden die Gründe für die Kriminalisierung und die Legitimität des Verbots in Frage gestellt. Zu diesem Zweck ist der Text, abgesehen von der Einleitung und der Schlussfolgerung, in sechs Kapitel unterteilt.
Kapitel 1 beschreibt die Geschichte des brasilianischen Tierspiels, die Ursprünge seines Verbots und seiner Kriminalisierung. In Kapitel 2 wird über die Wirklichkeit der Strafverfolgung in diesem „Kriminalitätsbereich“ berichtet. Kapitel 3 stellt den ent-sprechenden Straftatbestand des brasilianischen „Código Penal“ im Kontext der Systematik des brasilianischen Strafgesetzbuches vor. Kapitel 4 widmet sich zunächst den verfassungsrechtlichen Grenzen der Kriminalisierung, und danach einem Überblick über das deutsche Glücksspielverbot und die Glücksspielregulierung. Ergänzt wird diese Suche in Kapitel 5, in dem die Forschung das strafrechtliche Glücksspielverbot in den Kontext der Debatte über die Abgrenzung zwischen und den Zusammenhang von Recht und Moral. Im abschließenden Kapitel 6 wird das (strafrechtlich sanktionierte) Glücksspielverbot mit den klassischen Legitimations-anforderungen konfrontiert.
Was in der strafrechtlichen Literatur der ersten Hälfte des 20. Jahrhunderts zur Rechtfertigung des Verbots zu lesen ist, deutet auf einen großen Einfluss moralischer Argumente hin. Diese Argumente haben bis heute an Gewicht nicht verloren, auch wenn die Befürworter der Beibehaltung der Kriminalisierung versuchen, ihre letztlich moralistische Ideologie gegen das Glücksspiel mit Argumenten wie der Begleitkriminalität des Glückspiels zu verschleiern, die eher eine Folge als eine Ursache der Kriminalisierung ist.
Using hand-collected data on CEO appointments during shareholder activism campaigns, this study examines whether shareholder involvement in CEO recruiting affects frictions in CEO hiring decisions. The results indicate that appointments of CEOs who are recruited with shareholder activist influence are followed by more favorable stock market reactions and stronger profitability improvements than CEO appointments that also occur during activism campaigns but without the influence of activists. I find little evidence that shareholder activists increase hiring frictions by facilitating the recruiting of CEOs who will implement myopic corporate policies. Analyses of recruiting process characteristics reveal that activist influence is associated with more resources being dedicated to the CEO search process and with a higher propensity to recruit CEOs from outside the firm. These findings contribute to the CEO labor market literature, which tends to focus on the decision to remove incumbent CEOs but provides limited insights into CEO recruiting.
We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask whether such regulatory interventions are likely to bring about sufficient market discipline to achieve socially optimal climate targets.
We categorize the transparency obligations stipulated in green finance regulation as either compelling the standardized disclosure of raw data, or providing quality labels that signal desirable green characteristics of investment products based on a uniform methodology. Both categories of transparency requirements can be imposed at activity, issuer, and portfolio level.
Finance theory and empirical evidence suggest that investors may prefer “green” over “dirty” assets for both financial and non-financial reasons and may thus demand higher returns from environmentally-harmful investment opportunities. However, the market discipline that this negative cost of capital effect exerts on “dirty” issuers is potentially attenuated by countervailing investor interests and does not automatically lead to socially optimal outcomes.
Mandatory disclosure obligations and their (public) enforcement can play an important role in green finance strategies. They prevent an underproduction of the standardized high-quality information that investors need in order to allocate capital according to their preferences. However, the rationale behind regulatory intervention is not equally strong for all categories and all levels of “green” disclosure obligations. Corporate governance problems and other agency conflicts in intermediated investment chains do not represent a categorical impediment for green finance strategies.
However, the many forces that may prevent markets from achieving socially optimal equilibria render disclosure-centered green finance legislation a second best to more direct forms of regulatory intervention like global carbon taxation and emissions trading schemes. Inherently transnational market-based green finance concepts can play a supporting role in sustainable transition, which is particularly important as long as first-best solutions remain politically unavailable.
Extant research shows that CEO characteristics affect earnings management. This paper studies how investors infer a specific characteristic of CEOs, namely moral commitment to honesty, from earnings management and how this perception – in conjunction with their own social and moral preferences – shapes their investment choices. We conduct two laboratory experiments simulating investment choices. Our results show that participants perceive a CEO to be more committed to honesty when they infer that the CEO engaged less in earnings management. For investment decisions, a one standard deviation increase in a CEO's perceived commitment to honesty compared to another CEO reduces the relevance of differences in the CEOs’ claimed future returns by 40%. This effect is most prominent among investors with a proself value orientation. To prosocial investors, their own honesty values and those attributed to the CEO matter directly, while returns play a secondary role. Overall, perceived CEO honesty matters to different investors for distinct reasons.
This paper argues that the key mechanisms protecting retail investors’ financial stake in their portfolio investments are indirect. They do not rely on actions by the investors or by any private actor directly charged with looking after investors’ interests. Rather, they are provided by the ecosystem that investors (are legally forced to) inhabit, as a byproduct of the mostly self-interested, mutually and legally constrained behavior of third parties without a mandate to help the investors (e.g., speculators, activists). This elucidates key rules, resolves the mandatory vs. enabling tension in corporate/securities law, and exposes passive investing’s fragile reliance on others’ trading.
Increasing the diversity of policy committees has taken center stage worldwide, but whether and why diverse committees are more effective is still unclear. In a randomized control trial that varies the salience of female and minority representation on the Federal Reserve’s monetary policy committee, the FOMC, we test whether diversity affects how Fed information influences consumers’ subjective beliefs. Women and Black respondents form unemployment expectations more in line with FOMC forecasts and trust the Fed more after this intervention. Women are also more likely to acquire Fed-related information when associated with a female official. White men, who are overrepresented on the FOMC, do not react negatively. Heterogeneous taste for diversity can explain these patterns better than homophily. Our results suggest more diverse policy committees are better able to reach underrepresented groups without inducing negative reactions by others, thereby enhancing the effectiveness of policy communication and public trust in the institution.
The article traces and analyzes the negative globality of pandemic fears. It follows them through literary texts, psychological theories of individual and collective fears as well as legal documents. Rather than treating fears as law’s other, notably pandemic fears are included in the controversial discussion on how law protects (or should protect) peoples’ freedom in a pandemic. In closing, the article presents different forms of fear defense and fear denial such as conspiracy myths.
Our starting point is the following simple but potentially underappreciated observation: When assessing willingness to pay (WTP) for hedonic features of a product, the results of such measurement are influenced by the context in which the consumer makes her real or hypothetical choice or in which the questions to which she replies are set (such as in a contingent valuation analysis). This observation is of particular relevance when WTP regards sustainability, the “non-use value” of which does not derive from a direct (physical) sensation and where perceived benefits depend heavily on available information and deliberations. The recognition of such context sensitivity paves the way for a broader conception of consumer welfare (CW), and our proposed standard of “reflective WTP” may materially change the scope for private market initiatives with regards to sustainability, while keeping the analytical framework within the realm of the CW paradigm. In terms of practical implications, we argue, for instance, that actual purchasing decisions may prove insufficient to measure consumer appreciation of sustainability, as they may rather echo learnt but unreflected heuristics and may be subject to the specific shopping context, such as heavy price promotions. Also, while it may reflect current social norm, the latter may change considerably over time as more consumers adopt their behavior.
Aufgrund § 16 Abs. 3 Hessisches Hochschulgesetz (HHG) in der Fassung der Bekanntmachung vom 14. Dezember 2009 (GVBl. I S. 666), zuletzt geändert durch Artikel 1 des Gesetzes vom 24. Juni 2020 (GVBl. S. 435), hat das Präsidium der Johann Wolfgang Goethe-Universität Frankfurt am Main am 18.05.2021 die folgende Entgeltordnung für das weiterbildende Curriculum mit Zertifikat „Konfliktlösung im nationalen und internationalen Sport“ beschlossen:...
We identify strong cross-border institutions as a driver for the globalization of in-novation. Using 67 million patents from over 100 patent offices, we introduce novel measures of innovation diffusion and collaboration. Exploiting staggered bilateral in-vestment treaties as shocks to cross-border property rights and contract enforcement, we show that signatory countries increase technology adoption and sourcing from each other. They also increase R&D collaborations. These interactions result in techno-logical convergence. The effects are particularly strong for process innovation, and for countries that are technological laggards or have weak domestic institutions. Increased inter-firm rather than intra-firm foreign investment is the key channel.
Combining insights from the history of citizenship with contemporary legal analysis, this article both highlights and problematizes what we may call sorting strategies – restrictive closure and selective openness – which rely on ‘varieties of affluence’ (income, wealth, equity, credit, and the like) in shaping possibilities for entry, settlement, and naturalization. By emphasizing the growing significance of income barriers and thresholds on the one hand, and fast-tracked investment-based entryways on the other, this article investigates the role of wealth as both accelerator and barrier to citizenship, contributing to the varied toolbox used by governments to advance goals that may at times appear contradictory; these tools both tighten and relax the requirements of access to membership at the same time. These new developments represent different facets of the same trend. Without explicitly stating as much, programs that turn wealth into a core criterion for admission conceptually reignite an older, exclusive, and exclusionary vision according to which individuals must hold property (in land, resources, or in relation to one’s ‘dependents,’ including women, slaves, and children) in order to qualify as a citizen. While such a trajectory is no stranT8ger to ancient models, it raises profound challenges to modernist accounts of political membership that place equality at their core.
In this study, we analyze the trading behavior of banks with lending relationships. We combine detailed German data on banks’ proprietary trading and market making with lending information from the credit register and then examine how banks trade stocks of their borrowers around important corporate events. We find that banks trade more frequently and also profitably ahead of events when they are the main lender (or relationship bank) for the borrower. Specifically, we show that relationship banks are more likely to build up positive (negative) trading positions in the two weeks before positive (negative) news events, and also that they unwind these positions shortly after the event. This trading pattern is more pronounced for unscheduled earnings events, M&A transactions, and after borrower obtain new bank loans. Our results suggest that lending relationships endow banks with important information, highlighting the potential for conflicts of interest in banking, which has been a prominent concern in the regulatory debate.
Do required minimum distribution 401(k) rules matter, and for whom? Insights from a lifecylce model
(2021)
Tax-qualified vehicles helped U.S. private-sector workers accumulate $25Tr in retirement assets. An often-overlooked important institutional feature shaping decumulations from these retirement plans is the “Required Minimum Distribution” (RMD) regulation, requiring retirees to withdraw a minimum fraction from their retirement accounts or pay excise taxes on withdrawal shortfalls. Our calibrated lifecycle model measures the impact of RMD rules on financial behavior of heterogeneous households during their worklives and retirement. We show that proposed reforms to delay or eliminate the RMD rules should have little effects on consumption profiles but more impact on withdrawals and tax payments for households with bequest motives.
Expectations about economic variables vary systematically across genders. In the domain of inflation, women have persistently higher expectations than men. We argue that traditional gender roles are a significant factor in generating this gender expectations gap as they expose women and men to different economic signals in their daily lives. Using unique data on the participation of men and women in household grocery chores, their resulting exposure to price signals, and their inflation expectations, we document a tight link between the gender expectations gap and the distribution of grocery shopping duties. Because grocery prices are highly volatile, and consumers focus disproportionally on positive price changes, frequent exposure to grocery prices increases perceptions of current inflation and expectations of future inflation. The gender expectations gap is largest in households whose female heads are solely responsible for grocery shopping, whereas no gap arises in households that split grocery chores equally between men and women. Our results indicate that gender differences in inflation expectations arise due to social conditioning rather than through differences in innate abilities, skills, or preferences.
Pfälzische Rechtsgeschichten
(2021)
Using loan-level data from Germany, we investigate how the introduction of model-based capital regulation affected banks’ ability to absorb shocks. The objective of this regulation was to enhance financial stability by making capital requirements responsive to asset risk. Our evidence suggests that banks ‘optimized’ model-based regulation to lower their capital requirements. Banks systematically underreported risk, with under reporting being more pronounced for banks with higher gains from it. Moreover, large banks benefitted from the regulation at the expense of smaller banks. Overall, our results suggest that sophisticated rules may have undesired effects if strategic misbehavior is difficult to detect.
This paper aims at an improved understanding of the relationship between monetary policy and racial inequality. We investigate the distributional effects of monetary policy in a unified framework, linking monetary policy shocks both to earnings and wealth differentials between black and white households. Specifically, we show that, although a more accommodative monetary policy increases employment of black households more than white households, the overall effects are small. At the same time, an accommodative monetary policy shock exacerbates the wealth difference between black and white households, because black households own less financial assets that appreciate in value. Over multi-year time horizons, the employment effects are substantially smaller than the countervailing portfolio effects. We conclude that there is little reason to think that accommodative monetary policy plays a significant role in reducing racial inequities in the way often discussed. On the contrary, it may well accentuate inequalities for extended periods.
In diesem Text werden, ausgehend von der Unterscheidung von Autorität und Autoritarismus, zunächst Entwicklungen im Gefahrenabwehrrecht (Polizeirecht) rekonstruiert, die sich autoritär kennzeichnen lassen. Die Entfesselung des (rechtsstaatlich gebändigten) Leviathan wird dann weiterverfolgt im Recht des Infektionsschutzes. Der Fokus liegt hier auf den anti-corona Gesetzen zum Schutz der Bevölkerung der Jahre 2020 und 2021. In einer Art Gegenprobe wird der infektionsschutzrechtliche Autoritarismus daraufhin überprüft, ob er alternativlos war, problemlos auf die rechtsstaatliche Spur zurückgeführt werden oder sich als demokratisches Gemeinschaftsprojekt interpretieren lassen könnte.
Der Beitrag erläutert die Fragestellung, die Kernthesen und den juristischen Erkenntniswert einer „Ontologie des Immaterialgüterrechts“. Ihr Untersuchungsgegenstand ist die Frage, auf welchem Verständnis der Wirklichkeit, genauer: seines Schutzgegenstands, das IP-Recht beruht. Nicht die Seinsweise des Rechts wird analysiert, sondern die hiervon zu unterscheidende Seinsweise einer bestimmten Klasse von Rechtsobjekten, nämlich Immaterialgütern und insbesondere urheberrechtlichen Werken. Die diesbezügliche ontologische und historische Betrachtung ergibt, dass es sich beim abstrakt-unkörperlichen Werk um eine sprachbasierte Konstruktion handelt, die als sozial-institutionelle Tatsache wirkmächtig ist, weil und soweit Menschen seit ca. 200 Jahren so sprechen und denken, als gäbe es unkörperliche Werke – obwohl diese metaphysische Annahme nicht plausibel ist. Der Beitrag erläutert weiter, dass sich das Urheber- und IP-Recht auf der Basis dieser Einsichten und einer alternativen, handlungs- und artefaktbasierten IP-Theorie besser erklären lässt als auf dem Boden des herrschenden Paradigmas vom abstrakten Immaterialgut bzw. Werk. Dies gilt sowohl im Hinblick auf die Dogmatik und Anwendungspraxis des geltenden Rechts als auch im Hinblick auf die ökonomische Analyse und den Rechtsvergleich. Die normativen Implikationen dieser deskriptiven Erkenntnisse sind hingegen begrenzt und richten sich vor allem an die Urheberrechtswissenschaft. Diese sollte tunlichst nicht mehr so reden und argumentieren, als existierten abstrakte Werke, die dem Berechtigten wie Sachen exklusiv zugeordnet sind.