| 1. |
- Albinsson, Staffan, 1951
(författare)
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Avoiding silent opera - The 'grand' performance right at work in nineteenth century Paris
- 2021
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Ingår i: European Journal of Law and Economics. - : Springer Science and Business Media LLC. - 0929-1261 .- 1572-9990. ; 51:1, s. 183-200
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Tidskriftsartikel (refereegranskat)abstract
- The music industry has been made possible through performance rights based on a law introduced by the post-revolutionary French national assembly in 1791. However, it took until the mid-nineteenth century until a system of royalty collection was established in France (and another half a century or more in other countries). In France, this new system for non-dramatic performance rights was preceded by royalty regulations in theatres. This study describes how nineteenth century composers were compensated for their work in the Paris Opera through this performance right for drama, known as the 'grand right'. The tariff-based compensation method had been put in place by a royal réglement in 1713. It created a classic winner-take-all phenomenon in which composers such as Auber, Meyerbeer, and Halévy thrived in the nineteenth century. A contributing fact was the opera house programming which, contrary to the programming of today, favoured new pieces. ‘Grand opéras’ were à la mode and they contributed to the financial success of their composers. However, these operas eventually lost their attraction. In 1884, the Paris Opera adopted a compensation system based on a percentage of box office revenues. The study is based on primary data for 1810-1866.
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| 2. |
- Alexandersson, Gunnar, et al.
(författare)
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Predatory Bidding in Competitive Tenders : a Swedish Case Study
- 2006
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Ingår i: European Journal of Law and Economics. - : Springer Nature. - 0929-1261 .- 1572-9990. ; 22:1, s. 73-94
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Public procurement by competitive tendering is an important part of European policies to encourage competition in network industries previously dominated by public companies. In recent years, the appearance of very low bids has become an issue in several countries. We discuss predatory bidding from a theoretical, practical and legislative point of view. A case of tendering for train services in Sweden is used to illustrate the possibilities to detect an abnormally low bid. An analysis of projected costs and revenues is complemented with a method using historical data on previous tenders. One conclusion is that there is scope for reform in national competition policies in European Union member states concerning multinational enterprises participating in local tenders.
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| 3. |
- Almlöf, Hanna, et al.
(författare)
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A regulation and transaction cost perspective on the design of corporate law
- 2019
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Ingår i: European Journal of Law and Economics. - : Springer. - 0929-1261 .- 1572-9990. ; 47:3, s. 407-433
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Tidskriftsartikel (refereegranskat)abstract
- For the corporate business model to be successful, it is important to align the interests of those who control and finance the firm. Corporate law has here an important task to fulfill. It offers a legal framework that can facilitate parties to conclude mutually preferable agreements at low transaction costs. The purpose of this paper is to show how to design corporate law to fulfill this task and apply this knowledge to a Swedish case. A two-dimension model that simultaneously considers both the regulation intensity and the level of default of corporate law is presented. The earlier literature treats these dimensions separately. By adding a transaction cost perspective to our model, we assess different regulatory techniques and examine how the Swedish legislation can be amended to help corporations by offering a standard contract that lowers the transaction costs of contracting. This can be achieved if default rules or standards of opt-out character are combined with other regulatory techniques with lower transaction costs such as opt-in alternatives and menus. We also show how our model can be used in other studies as a tool to analyze the design of legal rules.
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| 4. |
- Andreasson, Jens, 1978, et al.
(författare)
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Efficient priority rules under default: the case of traditio versus contract principle
- 2021
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Ingår i: European Journal of Law and Economics. - : Springer Science and Business Media LLC. - 0929-1261 .- 1572-9990. ; 51:1, s. 97-128
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Tidskriftsartikel (refereegranskat)abstract
- We investigate the economic consequences of the traditio and the contract principle-differing in how they determine the priority rights for an item sold but not delivered. Our results suggest that the two principles are equivalent in terms of the net utilities enjoyed by involved actors. For example, a lower price paid for a forward transaction under a traditio principle can be compensated by better credit terms, implying there is no competitive advantage for either the seller or buyer under any principle. We demonstrate how market prices, incorrectly used, may misleadingly favour a contract principle, and discuss how fraudulent behaviour better supports a traditio regime. We also contribute to the legal discussion on priority regimes of undelivered items basing our discussion on bankruptcy priority laws instead of distribution of ownership.
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| 5. |
- Bergström, Clas, et al.
(författare)
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On the design of efficient priority rules for secured creditors : empirical evidence from a change in law
- 2004
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Ingår i: European Journal of Law and Economics. - : Springer. - 0929-1261 .- 1572-9990. ; 18:3, s. 273-297
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Tidskriftsartikel (refereegranskat)abstract
- This article assesses the effect of a reduction in secured creditor priority on distributions and administrative costs in liquidating bankruptcy cases by reporting the first empirical study of the effect of a priority change. Priority reform had redistributive effects in liquidating bankruptcy. As expected, average payments to general unsecured creditors were significantly higher after the reform than before the reform and payments to secured creditors decreased. Reform did not increase the size of the pie to be distributed in bankruptcy. Nor did it increase the direct costs of bankruptcy.
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| 6. |
- Bjuggren, Per-Olof, et al.
(författare)
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A contractual perspective on succession in family firms: a stakeholder view
- 2014
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Ingår i: European Journal of Law and Economics. - : Springer. - 0929-1261 .- 1572-9990. ; 38:2, s. 211-225
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Tidskriftsartikel (refereegranskat)abstract
- This paper analyses succession in family firms from a contractual perspective. A firm is regarded as a nexus of contractual relations with owners, employees, suppliers of goods and services and customers. These contractual parties are in differing degrees tied to the firm through asset specificities. Succession can affect the value of such assets. In this sense they become stakeholders with vested interests in the succession process. The theoretical discussion of affected stakeholdersis backed up by a survey study of 143 Swedish family-owned businesses that have been subject to succession. The results show that the opinions of close shareholders such as family members and incumbent mangers as well as those of other stakeholders such as suppliers and customers are important.
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| 7. |
- Bjuggren, Per-Olof, 1948-, et al.
(författare)
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Property rights and the cost of capital
- 2015
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Ingår i: European Journal of Law and Economics. - : Springer Science and Business Media LLC. - 0929-1261 .- 1572-9990. ; 39:3, s. 523-537
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Tidskriftsartikel (refereegranskat)abstract
- In countries with more secure property rights, the cost of capital is lower, suggesting higher investment rates. Using data from 49 countries we extend the conventional capital-asset pricing model (CAPM) to include a property rights risk-factor. In the conventional CAPM model only a single risk factor—systemic risk—is considered. However, when using a world market portfolio to estimate systemic risk in national portfolios, little of the required rate of return is explained in less developed as compared to more developed countries. Adding a factor representing institutional risk increases predictive power substantially. Further, we find that property rights affect the transmission of information, which suggests that markets price information differently, and allocate resources less efficiently, in countries with less secure property rights. We find that the CAPM model performs better in countries with more secure property rights.
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| 8. |
- Braunerhjelm, Pontus, et al.
(författare)
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Regulation, firm dynamics and entrepreneurship
- 2015
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Ingår i: European Journal of Law and Economics. - : Springer Science and Business Media LLC. - 0929-1261 .- 1572-9990. ; 40:1, s. 1-11
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Tidskriftsartikel (refereegranskat)abstract
- Entrepreneurship can have important positive effects linked to job creation, wealth and income generation, innovation and industry competitiveness. Scholars and policy-makers around the world have turned to the regulatory environment as a mechanism through which entrepreneurship can be encouraged, grown and its economic benefits harnessed. The effect of regulatory conditions on entrepreneurship however is not well understood, and can be nuanced given the wide range of regulatory tools and possible areas of impact. This paper serves as the introduction to a special issue, which seeks to shed some light on the relationship between regulation, firm dynamics and entrepreneurship. We identify some foundational considerations relevant to this relationship and discuss key questions, followed by a brief overview of each of the papers contained in the special issue.
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| 9. |
- Buccirossi, Paolo, et al.
(författare)
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Whistleblower rewards, false reports, and corporate fraud
- 2021
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Ingår i: European Journal of Law and Economics. - : Springer (part of Springer Nature): Springer Open Choice Hybrid Journals. - 1572-9990 .- 0929-1261. ; 51:3, s. 411-431
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Tidskriftsartikel (refereegranskat)abstract
- It is often claimed that rewards for whistleblowers lead to fraudulent reports, but for several US programs this has not been a major problem. We model the interaction between rewards for whistleblowers, sanctions against fraudulent reporting, judicial errors, and standards of proof in the court case on a whistleblower’s allegations and the possible follow-up for fraudulent allegations. Balancing whistleblower rewards, sanctions against fraudulent reports, and courts’ standards of proof is essential for these policies to succeed. When the risk of retaliation is severe, larger rewards are needed and so are tougher sanctions against fraudulent reports. The precision of the legal system must be sufficiently high, hence these programs are not viable in weak institution environments, where protection is imperfect and court precision low, or where sanctions against false reporting are mild. © 2021, The Author(s).
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| 10. |
- Forslind, Helén
(författare)
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The Economics of Environmental Law Enforcement : End-of-Life Vehicles
- 2007
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Ingår i: European Journal of Law and Economics. - : Springer Science and Business Media LLC. - 0929-1261 .- 1572-9990. ; 23:3, s. 223-236
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Tidskriftsartikel (refereegranskat)abstract
- Abandoned End-of-Life Vehicles (ELVs) have been an environmental concern for a long time in a number of countries. This article examines different ways to address the issue by changing the incentive structure for agents. Following (Polinsky A. M., & Shavell, S. (2000). The Economic theory of public enforcement of law. Journal of Economic Literature, 38, 45–76.) a model is used to compare a fine-based system with a deposit-refund system; a combination of the two is then considered. It is shown that when the environmental harm is relatively low and constant, a deposit-refund system is preferred. When cases of high environmental harm are included, the optimal choice would be a combined system.
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