1,720,968 research outputs found
Legal and Economic Approach to Tying and Other Potentially Unfair and Anticompetitive Commercial Practices: Focus on Financial Services
No full textThis paper analyses the economic and legal aspects related to practices such as tying, bundling and other potentially unfair commercial practices widely used in the financial services industry. Authors draw special attention to the European financial services market. Their law and economics approach aims at illustrating the rationales for applying both antitrust and consumer protection legislation to the practices subject to analysis in this paper and observed in the retail financial services market. The author explores the main findings of the legal and economic theory as regards the applicability of antitrust rules to the practices at hand, and the possibility to treat new commercial practices under antitrust law. The paper then illustrates the economics of tying, bundling and other unfair commercial practices from a consumer policy perspective, and reports some empirical data on switching costs and patterns of consumer behaviour in retail financial services and in other sectors of the economy. Cognitive biases that may cause irrational behaviours in judgement and decision-making processes of a retail consumer are widely assessed. Finally, the author proposes a new multi-stage test for the joint assessment of selling practices under competition and consumer policy
The European Strategy on Digital Finance and Its Interplay with Capital Markets Integration in the EU
No full textThe digitalization of finance is changing the financial system and its interaction with the rest of
the economy. This process, which affects financial and non-financial entities, raises key policy,
legal, and economic questions vis-à-vis the integrity and the development of the European
Single Market for capital. In recent years, European policies have embraced the digitalization
process with an ad hoc Digital Finance Strategy (DFS). This chapter reviews the defining
elements of the DFS that can have a lasting impact on capital markets integration and explores
the links with the Capital Markets Union project. In particular, it focuses on the impact of two
important legislative measures on capital market integration under the DFS, i.e. the Market in
Crypto-Assets Regulation (MiCAR) and the Distributed Ledger Technology Pilot Project
Regulation (DLTR) (see also Lannoo, Chapter in this volume). It concludes by providing
a forward-looking view of the impact of the DFS and about the prospects of ‘digital security’ on
capital markets integration in the EU
Study on exemptions for third-country central banks and other entities under the Market Abuse Regulation and the Markets in Financial Instruments Regulation
No full textIn accordance with Article 1.9 of the Markets in Financial Instruments Regulation
(MiFIR) and Article 6.5 of the Market Abuse Regulation (MAR), this study reviews
central banks’ and Debt Management Offices’ (DMOs) mandates and operational
procedures for a selected group of non-EU countries. It describes the main legal
framework for market abuse and for the transparency of operations and markets
applicable to third-country (non-EU) central banks. The study also offers a
snapshot of the current transparency of central banks’ balance sheets and trading
activities with EU counterparts or in EU-listed financial instruments. For DMOs,
the study only covers the market abuse regime, as DMOs are outside the scope of
the MiFIR exemption. Market transparency and market abuse frameworks
applicable in the EU are also discussed in this study, as a benchmark for the
assessment of third-country regimes. The countries covered include Australia,
Brazil, Canada, China, Hong Kong SAR, India, Japan, Mexico, Singapore, South
Korea, Switzerland, Turkey and the United States (as well as the BIS under
MiFIR). The report concludes that the extension of the exemptions under MiFIR
and MAR is appropriate and necessary for all central banks and DMOs, with the
exception of two institutions under the MiFIR regime and one institution under the
MAR regime due to insufficient information and/or transaction data
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
NYSE Euronext-Deutsche Borse merger: let the dance go on! ECMI Policy Brief No. 18/March 2011
Full text linkIn a new ECMI Policy Brief, Research Fellow Diego Valiante offers his insights into the motivations, potential synergies and implications of the proposed merger between NYSE Euronext and Deutsche Börse, which he sees as a continuation of the intricate series of dances begun two decades ago between exchanges worldwide and which now escalates at global level in the non-equity business. The author finds that the liberalization process and regulatory changes brought about by the financial crisis have revived this long-term process. Finally, Valiante points at the importance of following a dynamic approach in the merger test, which would induce the Commission to impose rigorous conditions to clear the deal
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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