Found 685 article(s) in category 'Regulation'

Sovereign Difference and Sovereign Deference on the Internet

Sovereign Difference and Sovereign Deference on the Internet. Jack Goldsmith, March 18, 2019, Paper, “This Response to Andrew Woods makes two points. First, building on one of Woods’s claims, and drawing on the work of Milton Mueller, it shows why the “fragmentation” charge frequently levied against sovereignty-based approaches to internet governance is misplaced. Second, it raises questions about the efficacy of Woods’s normative theory of judicial comity.Link

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Unlocking digital competition, Report of the Digital Competition Expert Panel

Unlocking digital competition, Report of the Digital Competition Expert Panel. Jason Furman, March 2019, Paper, “This is the final report of the Digital Competition Expert Panel. Appointed by the Chancellor in 2018, and chaired by former Chief Economist to President Obama, Professor Jason Furman, the Panel makes recommendations for changes to the UK’s competition framework that are needed to face the economic challenges posed by digital markets, in the UK and internationally. Their report recommends updating the rules governing merger and antitrust enforcement, as well as proposing a bold set of pro-competition measures to open up digital markets.Link

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The SEC’s Misguided Attack on Shareholder Arbitration

The SEC’s Misguided Attack on Shareholder Arbitration. Hal Scott, February 22, 2019, Opinion, “Jay Clayton, chairman of the Securities and Exchange Commission, announced earlier this month that the staff of his agency would allow Johnson & Johnson to block its shareholders from voting on an amendment to its own bylaws. I submitted that amendment as trustee of a trust that owns J&J shares.Link

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Are ISS Recommendations Informative? Evidence from Assessments of Compensation Practices

Are ISS Recommendations Informative? Evidence from Assessments of Compensation Practices. Susanna Gallani, February 2019, Paper, “Using detailed information on Institutional Shareholder Services (ISS) assessments of firms’ compensation practices, we examine whether these assessments identify poor compensation practices as measured by subsequent performance. While prior research provides consistent evidence of an association between shareholder voting outcomes and ISS recommendations, the evidence is mixed over whether their recommendations convey information about poor compensation policies. We find that ISS “Against” recommendations are associated with worse future accounting performance, consistent with ISS being able to detect suboptimal compensation packages. However, workload compression has an effect, as we find that the relation between assessments and future performance is stronger during off season (for firms with non-December fiscal year end).Link

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What Green New Deal advocates can learn from the 2009 economic stimulus act

What Green New Deal advocates can learn from the 2009 economic stimulus act. Joseph Aldy, February 15, 2019, Opinion, “Congressional Democrats have introduced a “Green New Deal” proposal that calls for a 10-year national mobilization to curb climate change by shifting the U.S. economy away from fossil fuels. Many progressives support this idea, while skeptics argue that a decade is not long enough to remake our nation’s energy system.Link

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Managerial Control and Executive Compensation

Managerial Control and Executive Compensation. F.M. Scherer, February 9, 2019, Paper, “This article analyzes the trajectory and causes of the explosion of American corporate CEOs’ compensation relative to that of average workers between 1958 and 2017. The historical data are presented and analyzed in more detail for 2016 and 2017. Important biases in alternative data sets are explored. Alternative hypotheses for the dramatic changes over time are proposed but not resolved. Among other things, the paper investigates the role of tax and other government policy changes and regulation-induced innovations in the organization of executive pay determination.Link

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The next financial crisis may come soon – are we all that safe?

The next financial crisis may come soon – are we all that safe? Kenneth Rogoff, February 5, 2019, Opinion, “A decade on from the 2008 global financial crisis, policymakers constantly assure us that the system is much safer today. The giant banks at the core of the meltdown have scaled back their risky bets, and everyone – investors, consumers, and central bankers – is still on high alert. Regulators have worked hard to ensure greater transparency and accountability in the banking industry. But are we really all that safe?Link

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The Economic Implications of a Low-Carbon Future

The Economic Implications of a Low-Carbon Future. Joseph Aldy, January 2019, Paper, “What are the costs and benefits of reducing the carbon intensity of the U.S. economy? The economic costs of decarbonization reflect the stringency of climate policy goals—how ambitious is the objective and how quickly must the economy meet it—and the responsiveness of investment and consumption to new policies and associated price signals. The more low-cost opportunities for switching to lower- and zero-carbon energy sources and the more options for energy efficiency and conservation, the lower the cost of any decarbonization goal. The costs will also reflect a number of critical policy design choices that will affect the cost-effectiveness of reducing carbon emissions, the creation and use of economic value (such as carbon tax revenues) that could promote economic growth, and the potential for innovation policy to complement emission mitigation policy.Link

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Do financial constraints curb firms’ efforts to control pollution? Evidence from Chinese manufacturing firms

Do financial constraints curb firms’ efforts to control pollution? Evidence from Chinese manufacturing firms. Richard Freeman, January 12, 2019, Paper, “Financial constraints have long existed in China’s manufacturing sectors. The growth of the manufacturing sector has been slowing in recent years due to increasingly strict environmental regulations that force factories to cut production. In this study, we discussed whether financial constraints were essential in firms’ decision to control pollution, and matched the Annual Surveys of Industrial Firms dataset with the Ministry of Environmental Protection survey data on firms’ expenditures in industrial waste gas emission control. The relationship between calculated investment-cash flow sensitivity (ICFS) and the environmental investment ratio (ratio of firms’ expenditures on pollution control to total assets) was analyzed. We found that, overall, financial constraints had a significantly negative effect on firms’ efforts to reduce waste gas emission.Link

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