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Prescription de l’action en contrefaçon : preuve du point de départ
L’action en contrefaçon de droit d’auteur se prescrit par cinq ans à compter du jour où le titulaire d’un droit a connu ou aurait dû connaître les faits lui permettant de l’exercer. Cette preuve doit être rapportée par celui qui invoque la fin de non-recevoir. Est ainsi prescrite l’action de l’auteur qui aurait dû connaître la contrefaçon en raison de la diffusion des œuvres arguées de contrefaçon dans des expositions ayant touché un large public
La radiation n’empêche pas la demande d’arrêt de l’exécution provisoire (obs. sous Cass. 2ème civ., 6 mars 2025, n° 22-23.093, n° 198 B)
La radiation du rôle de l’affaire entraîne une suspension de l’instance et ne fait pas obstacle à une demande ultérieure d’arrêt de l’exécution provisoire
Monetary Tightening and Financial Stress During Supply- versus Demand-Driven Inflation
This paper explores the state-dependent effects of a monetary tightening on financial stress, focusing on a novel dimension: whether inflation is driven by supply versus demand factors at the time of the policy intervention. These underlying factors likely affect the economy’s financial resilience to a monetary tightening. We estimate the effects of high-frequency identified monetary surprises on financial stress, differentiating the effects based on whether inflation is supply- or demand driven. We find that financial stress increases after a tightening when inflation is supply-driven, whereas it remains roughly unchanged or even declines when inflation is demand-driven
Price Parity Clauses and Platform Data Acquisition
Many platforms have used a Price Parity Clause (PPC) to prevent sellers charging lower prices on other sales channels. PPCs are often considered anti-competitive and have been banned in some jurisdictions. We provide a novel rationale—centered on how PPCs affect platforms’ data acquisition—for why a complete ban on PPCs may harm buyers and sellers
On the Helmholtz decomposition for finite Markov processes
Helmholtz decompositions break down any vector field into a sum of a gradient field and a divergence-free vector field. Such a result is extended to finite irreducible and reversible Markov processes, where vector fields correspond to anti-symmetric functions on the oriented edges of the underlying graph
Intermediary leverage shocks and funding conditions
The aggregate leverage of broker-dealers responds to demand and supply disturbances that have opposite effects on financial markets. Leverage supply shocks that relax broker-dealers' funding constraints raise leverage, improve liquidity, increase returns and carry a positive price of risk. Leverage demand shocks also raise leverage but worsen liquidity, reduce returns and carry a negative price of risk. Disentangling demand-and supply-like shocks resolves existing puzzles around the price of leverage risk and yields consistent evidence across many markets of a central role for intermediation frictions and dealers' aggregate leverage in asset pricing