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The proper specification of intellectual property rights (IPRs) is a delicate and controversial matter. In this paper, we consider one specialized context in which lPRs can add to efficiency. We build on contributions of both `firm capabilities' scholars (e.g. Teece, Pisano et at) and `property rights' economists (e.g. Hart) to show that IPRs can affect efficiency by influencing the location of technological innovation. Using a simple set up, where the key choice is whether a technology- intensive input will be supplied by an independent firm or produced in-house, we analyze how the choice is affected by the strength of IPRs and by the existence (and nature) of information spillovers. Specifically, we show that when the supply relationship is likely to produce new information of value to the supplier, stronger property rights favor independent suppliers over vertical integration. An important implication of our model (backed by empirical case studies) is that strong lPRs therefore encourage investments in specialized firms with strong `firm capabilities' in the area of innovative input supply. lPRs therefore may play a role-along with multiple other factors-in the location of firm boundaries in some cases. This contribution to the viability of small, specialized firms, with their superior ability to innovate in some cases, must be taken into account in evaluating recent criticisms of over-fragmented IPR ownership (i.e. the `anticommons' problem). It also contributes to an understanding of IPRs in the `post-Chandlerian' economy, where smaller, specialized firms play a prominent role. [ABSTRACT FROM AUTHOR]

Emission trading policies can provide environmental incentives for businesses, leading to a reduction in pollution emissions and promoting sustainable environmental development. Previous research indicated the significant impact of market-based environmental regulations on emission reduction by businesses, however, there is a lack of in-depth examination from the perspective of overall corporate management efficiency. In this study, we conducted research using the 2007 SO2 emission trading pilot program as a quasi-natural experiment to investigate the mechanisms and effects of emission trading systems on corporate resource allocation efficiency. The study found that the implementation of emission trading systems significantly improves corporate resource allocation efficiency. Furthermore, through market regulation and administrative supervision mechanisms, corporate resource allocation efficiency can be further enhanced. However, emission trading systems have heterogeneous effects on resource allocation efficiency, with a stronger promotion effect on optimizing resource allocation in cases of greater financing constraints and higher levels of corporate governance. This study provides important policy insights for further promoting market-based environmental regulation reforms and improving corporate resource allocation efficiency. [ABSTRACT FROM AUTHOR]

The 'code adjudicator' is a new statutory intervention in business-to-business disputes. They are Janus-faced, combining a statutory arbitration function with a regulatory remit. This paper is a detailed critique of the 'Pubs Code Adjudicator', which presides over the Pubs Code Regulations 2016 and intervenes in the contractual relationships between the largest pub-owning companies and their tied tenants. Drawing on a sample of interviews with affected tenants, arbitration data, and legal appeals under the Arbitration Act 1996, we argue that – although these 'new intermediaries' show promise – there are a series of limitations with both the function of the Pubs Code Regulations and the 'code adjudicator' model itself. In particular, our findings demonstrate the use of delaying tactics, the interaction of code adjudication with the parties' existing contractual relationships, and issues with the application of arbitration 'burden of proof' standards to the exercise of duties under the statutory code. [ABSTRACT FROM AUTHOR]

Regulation (EU) No. 2283/2015 on novel foods (NFR) defines the legal framework applicable to the majority of food innovations in the European Union. Following a risk analysis approach, the NFR requires pre-market authorization for foods not available on the European market before 1997, to assess the potential threats to human health and consumers' interests. The NFR's regulatory scope requires identification of certain factors which constitute a presumption of risk in innovative products and processes. We refer to such factors as "risk triggers". This paper shows that 'Legal Novelty' and 'Unnaturalness' are the main risk triggers associated with novel foods, even though the link between 'Legal Novelty' and 'Unnaturalness' and a clear risk for consumers' interests, human health or the environment is not evident per se. Novel foods, compared to non-novel food products, are thus subject to additional regulatory requirements investigating their safety. Benefits derived from their market entry and adoption are therefore delayed, or even lost. As a consequence, the innovation process in the food sector, which we identify as an implicit objective of the NFR, is potentially hindered. [ABSTRACT FROM AUTHOR]

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Comments on State Farm proposal which permit automobile insurance rates to be determine in the marketplace subject to federal antitrust laws. Advantages and disadvantages of the regulation; Basis of the State farm proposal; Conditions under the McCarran Act.

This paper carries forward the conceptual clarification of normative theories of business ethics ably begun by Hasnas in the January 1998 issue of BEQ. This paper proposes a normatively neutral framework for discussing and assessing such normative theories. Every normative theory needs to address these seven issues: it needs to specify a moral principle that identifies (1) recommended values and (2) the grounds for accepting those values. It also must specify (3) a decision principle that business people who accept the theory can use. It must determine (4) who the normative theory applies to and (5) whose interests need to be considered. It must also outline (6) in what contexts it applies, and (7) what legal and regulatory structures it assumes. Once clarified, this paper applies the framework to the normative versions of stockholder theory, stakeholder theory, and ISCT. It is concluded that ISCT is the most promising normative theory currently under discussion, but that there are some major issues that ISCT has not dealt with yet. [ABSTRACT FROM AUTHOR]

The doctrine of offer and acceptance forms the basis of the rules of contract formation in most western legal systems. However, if parties enter into elaborate negotiations, these rules may become difficult to apply. This paper addresses the application of the doctrine of offer and acceptance to the formation of contract in the context of negotiations. The paper argues that while the doctrine of offer and acceptance is designed to assess the issues related to the substance of the future eventual contract (the substantive constituent of negotiations), these issues overlap within the context of negotiations with the strategic and tactical behaviour of the negotiators (dynamic constituent of negotiations). Analysis of these two constituents can be found in negotiation studies, a field which has developed over the last decades. Using the rules of offer and acceptance of the UNIDROIT Principles of International Commercial Contracts as an example, this paper shows that the demarcation between the substantive and the dynamic constituents of negotiations can be used as the criterion to distinguish between, on the one hand, the documents and conduct forming a contract, and, on the other hand, other precontractual documents and conduct. Furthermore, the paper discusses the possibility of using the structure of negotiation described by negotiation studies as an additional tool in the usual analysis of facts in order to assess the existence of a contract and the moment of contract formation. [ABSTRACT FROM AUTHOR]

This paper investigates the optimal production decisions of a self-pricing manufacturer and the optimal cap-setting decisions of a regulator under the cap-and-trade regulation. The objectives of the manufacturer and the regulator are to maximize profit and to maximize social welfare, respectively. We first derive the optimal production decisions and the corresponding total emissions of the manufacturer, with given parameters of the cap-and-trade regulation. Based on these results, we then solve the optimal cap-setting problem of the regulator. Furthermore, through sensitive analyses, we show that as the emissions intensity (i.e., the emissions generated from one unit of product) increases, both the optimal total emissions and the optimal cap first increase and then decrease. [ABSTRACT FROM AUTHOR]

Rapid changes in the global business environment mark their effects on consumer behaviour: the retailing concentration process of the last years will, according to Mintel (2003), continue and especially in Germany the multiples and the discounters created the equivalent of a competitive battlefield. The high discounter market share and the impressive development in recent years reflects the affinity of German consumers for shopping at the discounters. 98% of all purchasing households in Germany are shopping at the discounters on a regular basis (Sinick, 2005). Additionally, retailing experts agree on a continuing rise of the prepacked products within the next few years (Liening, 2005; Lujan-Zilbermann, 2005). However, at the same time, delicatessen experience increasing popularity and, contradictory to previous consumer behaviour patterns, achieved a broader presence in the supermarket shelves (Wessel, 2005). A review of contemporary literature in food perception models reveals that, although they have been constantly modified, they do not integrate the above mentioned structural changes in environmental framework conditions. The models of Streenkamp (1989) or Grunert et al (1996) do not differentiate by the various shopping patterns of consumers', such as referring to multiples versus discounters. This paper presents the research findings of a multivariate analysis of quantitative research data collected by questionnaires distributed to consumers. Researching the differences of consumers' perception towards delicatessen products within the two major retail channels, such as discounters and multiples, was the main focus. Due to its high level of competitiveness implying implying trendsetting repercussions for other markets the German market place was chosen as the research field. The consumer sample was drawn, using the proportionally stratified sampling technique (probability sampling) from a demographically balanced online panel of German consumers. The rational for adopting a quantitative approach representing the second research stage can be explained by referring to Johnson and Onwuegbuzie (2004, p. 19) holding that "in a qualitative research study the researcher might want to qualitatively observe and interview, but supplement this with a closed ended instrument". This approach could improve reliability and, if findings correspond across different approaches, referring to triangulation, then greater confidence can be achieved as to validity as well. In the case of conflicts the researcher has the possibility to adjust the conclusions for the provision of new knowledge. The quantitative analysis put emphasis on two research objectives. Firstly, they aimed to test and validate the qualitatively researched influencing factors of consumers' perception by quantitative data. Secondly, confirmation or disconfirmation should be found for the hypothesis that consumers' favourite shopping places, such as discounters and multiples, require a necessary distinction for explaining consumers' perception towards delicatessen products. The paper also provides strategic and operational marketing implications as to these two consumer segments. [ABSTRACT FROM AUTHOR]

In light of the fragmentation due to the nationalization of civil and commercial law and the growing intensity of cross-border trade in manufactured goods, arguments for the unification of private law surfaced already from the early 20th century. Such attempts resulted in, among others, the CISG, the UPICC or the PECL. In line with this pattern, as an attempt to make Out of Many, One Common European Sales Law, a Proposal for a Regulation on a Common European Sales Law (CESL) was published in 2011. The aim of the present contribution is to explore the background of the Proposal and to assess its significance for the future, with specific attention to the challenges of the digital age. Section I of the paper provides an overview of the process in the first decade of the 21st century leading to the publication of the Proposal, identifying the various stages of making an instrument. This is followed by the description of the Proposal and its evaluation in Section II. Although the immediate implementation and application of the instrument are not feasible, the text contains some promising elements to build on. According to the main findings of the paper, in the new millennium no longer merely international trade in manufactured goods is a chief factor triggering the implementation of international instruments of contract law. The innovations which pose new challenges and regulatory needs, also addressed in the CESL, are trade in digital content and e-commerce. Considering a digital key to the success of regulatory aspirations, the paper thus outlines ways European and international legislation might go in terms of regulating cross-border trade in the age of information technology. Accordingly, the areas to focus on for a start are transactions for the supply of digital content and e-commerce transactions. [ABSTRACT FROM AUTHOR]

Business law includes contractual, labor, corporate, tax and other relations. However, the purpose of the study is to highlight and analyze only few interesting issues since it is physically impossible to cover all its aspects within the framework of one article. First of all, it is necessary to determine the legal basis for doing business in Germany and then -- the features of starting and doing business. Therefore, this paper serves as a concise methodological guide to the regulation of the business environment in Germany. In this sense, the study examines the legal forms of doing business recognized in Germany, the legal possibilities for establishing various contractual or labor relations with contractors, as well as the grounds for corporate or private liability in case of violation of the rules. Model of corporate governance, external liability and internal corporate governance issues are of particular interest in Germany. The study confirms that the basis for regulation of various aspects of doing business in Germany is specific. The principle of direct corporate liability to creditors is common in Germany but the principle of piercing the corporate veil is allowed if the relevant prerequisites are present. However, business contracts in Germany are based on a narrow approach of contract terms regulation compared to the United States. Hearing of cases by specialized judges in Germany ensures a better and fairer judicial system in labor disputes. [ABSTRACT FROM AUTHOR]

The object of the article is to recover the institutional memory of the 1980s debt crisis, when the decolonized world experienced forms of tutelage at the hands of international financial institutions, so as to sketch out material and discursive continuities with investment law's present. The paper asks whether damage awards in investment arbitration serve functions analogous to state indebtedness in the 1980s. As during the 1980–1989 debt crisis, states are expected to generate the conditions for investor confidence by, among other things, guaranteeing rights to property and to contract. State indebtedness, in both periods, places stress on government budgets and reduces the living standards of poor people, contributing to heightened inequality within and between states. The article begins with a social-theoretical discussion of how debt serves to curb the possibilities for political action. This is followed by a review of IMF borrowing practices in the 1980s and a discussion of the merits of comparison with contemporary investment law. The narrative frames arising during the 1980s debt crisis that continue to have resonance in the era of investment law are taken up in subsequent sections, focusing on the refrains of mismanagement, the missing development angle, shrunken policy space and irrelevance of ability to pay. The method is predominantly qualitative, although reference is made to relevant empirical work. In the course of the discussion, the Tethyan Copper v. Pakistan (2019) ruling is periodically revisited as a specimen of how tribunals arrive at damages assessments in investment arbitration. The upshot is that indebtedness in the contemporary world serves functions similar to that in the 1980s: principally to constrain policy capacity in a wide range of sectors. These binding constraints serve the interests of only a small set of actors, while those rendered most vulnerable by these constraints are relegated to the margins. [ABSTRACT FROM AUTHOR]

Unlike other religions, Islam is complete and all-encompassing. Its principles and precepts permeate all spheres of human endeavor; be it social, economic, financial or someone else. Muslims, right from the prophetic era down to the Nineteenth century, were reported to have complied with the Islamic commercial jurisprudence in undertaking most of their economic and financial dealings. Subsequently, these teachings were replaced with and dominated by western commercial laws due to the establishment of conventional financial institutions. For more than three decades, now, many jurisdictions across the globe including Nigeria, have introduced Islamic financial Institutions which try to achieve compliance with Islamic commercial jurisprudence on their products and services via Shari'ah governance system. This paper is all out to trace the history of the concept of Shari'ah governance in Islam and explain how it functions in the modern Islamic financial institutions. The research methodology adopted by the paper is purely qualitative and library based. The paper finds out that a Shari'ah governance framework that is effective and sound plays great role in making the financial institutions' products and services Shari'ah compliant. In view of the above, this research work recommends that all institutions offering Islamic financial products and services should make sure that an effective, sound and robust Shari'ah governance system is put in place in order to make their transactions conform to Shari'ah tenets and win public trust and confidence as well. [ABSTRACT FROM AUTHOR]

Settlement of Islamic banking dispute through court process has become popular in many jurisdictions. Tanzania court system is built up of upper courts and subordinate courts. In administering of justice, the court is required to observe procedural laws which are derived from constitution, statute, rules and cases. However, none of these sources provide court procedures for judiciary settlement of Islamic banking disputes. Therefore, this study aims to analyse whether the current court procedures in Tanzania provides the proper remedies for disputing parties. The study confines to the court procedures that govern commercial laws as no special procedures for Islamic banking disputes exist. The methodology adopted in this paper is based on the content analysis of legislations, decided cases, leading textbooks and journal articles. The findings of the study show that the current court process in Tanzania does not guarantee appropriate remedies to the disputed parties since the courts' procedure are very strict, the ignorance of procedure is no excuse, the application of summary procedure denies defendant's right to be heard, expert opinion is required for foreign law only, assessor's opinion is not binding and imposition of interest. Therefore, the study recommends some measures to ensure court process provides proper judgement in Islamic banking disputes. The measures include; court procedure should be amended to make them lenient, considering genuine ignorance of court procedure, remove summary procedure for Islamic banking cases, expert and assessor opinion should be binding for Islamic banking disputes and to allow payment of compensation (Ta'wid) instead of interest. [ABSTRACT FROM AUTHOR]

This paper studies a dynamic agency problem which includes limited liability, moral hazard, and adverse selection. The paper develops a robust approach to dynamic contracting based on calibrating the incentive properties of simple benchmark contracts that are attractive but infeasible, due to limited liability constraints. The resulting dynamic contracts are detail-free and satisfy robust performance bounds independently of the underlying process for returns, which need not be i.i.d. or even ergodic. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to focus on the liability of directors and senior officers within organisations (primarily companies but partnerships and sole traderships are considered where appropriate) and primarily focus on workplace settings. Design/methodology/approach – Desk-based research was carried out. Findings – The scope of the paper is confined to two major aspects of the criminal law – that of manslaughter, both statutory and at common law and also touches on the range of health and safety offences available to the courts. In terms of manslaughter, under the common law, it is gross negligence that is considered. Research limitations/implications – The paper does not attempt an analysis of forms of civil liability but does reflect on the broader relationship between responsibility of directors and company law. The debate over the responsibility of those in leading positions following death or injury to members of the workforce remains a live and problematic one. It is clearly linked to wider considerations of corporate responsibility. Originality/value – On the one hand, those advocates of a system targeting erring directors in a direct fashion see utilisation of the criminal law (apportioning the full weight of public opprobrium), as the most effective way of improving safety for the workforce. By contrast the opposing view is that senior personnel rarely set out to kill or injure those who work for them and that a better way forward is to consider systemic failings running across an organisation. Linked to this is the notion that placing too much responsibility on companies and the senior personnel at their helm is a disincentive to the entrepreneurial spirit that allows business to flourish. [ABSTRACT FROM AUTHOR]

The Organization for the Harmonization of Business Law in Africa (hereinafter referred to as OHADA) was created on 17 October 1993 to foster economic development in Africa by creating a uniform and secure legal framework for the conduct of business in Africa. In an effort to reform the law of contracts in its Member States, OHADA has prepared the Preliminary Draft of the Uniform Act on the Law of Obligations (hereinafter referred to as the Preliminary Draft). Several provisions of the Preliminary Draft set forth general principles concerning choice of law in international commercial contracts. Indeed, the Preliminary Draft encompasses innovative provisions on party autonomy in international contracts, such as the explicit recognition of the right of parties to choose the law applicable to their contracts and the inclusion of limited exceptions to party autonomy (overriding mandatory rules and public policy). Yet, it still needs to be improved in respect of various issues, including for instance the ability of parties to choose different laws to apply to distinct parts of their contract and the possibility for the parties to expressly include in their choice of law the private international law rules of the chosen law. This paper analyses the provisions of the Preliminary Draft in the light of the Hague Principles on Choice of Law in International Commercial Contracts (hereinafter referred to as the Hague Principles). More particularly, it explores how the Hague Principles can help refine the rules on party autonomy contained in the Preliminary Draft to enhance legal certainty and predictability in the OHADA region. [ABSTRACT FROM AUTHOR]

Africa's indigenous minorities face unique constraints, particularly in terms of engaging in even the most basic business activities. They typically lack business rights, but, even where such rights have been extended, they have had scant impact on group poverty. This paper argues that the failure of business rights to meaningfully transform the livelihoods of marginalised minority groups stems from elite capture of resources, dependency on external validation, and a contradiction between a collective problem (group poverty) and an individualist solution (business rights). African states could alter conditions through active pursuit of affirmative action policies, but lack socio-economic and political incentives. [ABSTRACT FROM AUTHOR]

The search for a balance of interests of right holders and users, legal means for the exclusive rights enforcement in the conditions of the development of new technologies, the problems of protection of intellectual property are considered in the paper. At the present time intellectual property is considered to be one of the most valuable assets of a business. Possessors of rights can secure their loans using their intellectual property as collateral. The authors claim that the Latvian legal and regulatory framework does not cover essential issues. The aim of the research is to explore and identify the importance of intellectual property rights in business. The following tasks were set to achieve the aim: to explore the theoretical aspects of intellectual property rights, to identify possibilities for intellectual property development in business. The following scientific research methods are used in the paper: the development of intellectual property rights in commercial law is investigated with the help of the descriptive method; the systemic method is used to analyse national legal norms in conjunction with international documents and recommendations; the comparative method has been used to study models of intellectual property rights. [ABSTRACT FROM AUTHOR]

In this paper, a model is built that investigates how competition among elites interacts with property rights protection for the middle class, and how they influence economic performance, when this interaction is taken into account. It is shown that when property rights of the middle class are less protected, there is more competition among the elites. Therefore, in some circumstances, economic performance improves despite insecure property rights. On the other hand, however, when there exists strong competition among the elites, property rights protection for the middle class decreases. Hence, under some conditions, economic performance worsens even though the competition is high. Furthermore, the paper provides an explanation for why regulation of entry is commonplace around the world. [ABSTRACT FROM AUTHOR]

The Organisation for Harmonisation of Business Law in Africa (OHADA) was established in October 1993 with the ambitious aim of inciting economic development in its Member States. Through the adoption of Uniform Commercial Laws, the organisation is expected to create an enabling environment for business development, thereby providing for a path to economic growth and subsequent development. In light of this professed aim, both the transnational methodological approach and comparative law theories are used in this paper to critically analyse the various processes conducted under the OHADA banner and to engage in discussions on the highly debated role of law as a vehicle for development in sub-Saharan Africa. This exercise, which proves crucial in order to trace its origin within the global governance and law and development theories, allows us to present OHADA as a transnational legal system, while also highlighting both its strengths and limitations. [ABSTRACT FROM AUTHOR]

Objectives: This paper aims to address a problem that includes the managing of the municipal economy by local government units (LGUs). The research issue raised regarded, in particular, the rules and organisational-legal norms for managing a municipal economy. Its expression is the posed hypothesis according to which what matters significantly for LGUs in the choice of form for conducting a municipal economy is both the character of the task as well as whether this form is recognised as a subject of the public finances sector, and, what follows, whether its indebtedness is subject to statutory restrictions and influences the financial situation of LGUs. Research Design & Methods: To verify a hypothesis formulated in such a way, firstly theoretical and legal aspects of managing a municipal economy by LGUs have been put forward. Next a comparative analysis for forms of managing a municipal economy by LGUs was conducted, i.e. a local self-government budgetary establishment and a municipal company, and the most significant characteristics of the discussed forms, as well as their effects being a result of their choice by LGUs, were indicated. Comparative and descriptive analysis has been used in this paper; it included analysis of financial data regarding the management of a municipal economy by LGUs, but in strict correlation with institutional and legal conditions for the realisation of public tasks and their conditioning. Findings: As a result of the research conducted, it has been concluded that changes taking place in the scope of forms of managing a municipal economy point towards more and more common tasks realised by LGUs both in the field of public utility as well as outside of the public utility zone in the form of commercial law companies. Contribution: Basic kinds of risks associated with the realisation of tasks by the budgetary establishment and municipal company have also been defined. Moreover, research results show that possibilities for such a wide operation result first and foremost from imprecise legal regulations, which are at the same time the only source of risk associated with the operation of such companies. [ABSTRACT FROM AUTHOR]

This paper is informed by the need to highlight, clarify and evaluate key aspects of the Nigerian law of agency against the background of the increasing usage of the services provided by agents in the progressively complex commercial transactions in an era of globalization. The paper has found that contemporary business deals and contracts have increasingly depended on agency services and has, therefore, explored the attitude of Nigerian Courts to various significant aspects of agency relationship for the proper enlightenment of parties to contracts of agency who may be interested in doing business in Nigeria and on the international platform. [ABSTRACT FROM AUTHOR]

Michelle White's paper on "Bankruptcy Costs and the New Code" is a relevant, provocative attempt to assess whether the changes under the new Bankruptcy Code (which went into effect in October 1979) have tended to raise or lower aggregate U.S. bankruptcy costs. She does this by first indicating why she would expect the new Code to be more "efficient" than the old Act and then by proposing a model to measure "upper bound expressions" on total bankruptcy costs. Finally, she presents some empirical results on her specifications of bankruptcy costs under the old Act and the new Code. [ABSTRACT FROM AUTHOR]

UK companies raise virtually all of their new equity capital via the fights issue method. Companies can guarantee the subscription of their issues by having them underwritten (the equivalent of standby arrangements in the USA), and in recent years, this procedure has been adopted for over 90% of UK rights issues. Underwriting is usually carried out on a fixed fee basis representing at least 1¼% of the money raised, and hence it is clear that quite substantial sums of money are involved. Since underwriting is simply a put option giving the company the right to put a failed issue onto the underwriter, we can use option valuation models to determine whether this money is well spent. In this paper, we describe an application of the Black and Scholes model to the valuation of rights issue underwriting agreements over the period 1962–1975. Model prices are compared with the fees charged in order to assess whether the latter represent competitive prices. In fact, over this period, companies appear to have overpaid for underwriting. We cannot conclude from this alone, however, that the underwriting market is inefficient, since there may well be hidden ‘side payments’ between participants in the market. This issue is addressed, at least in a qualitative sense, in the final section of this paper. [ABSTRACT FROM AUTHOR]

Research on organizational illegality coming from several disciplines converges on three central explanatory variables; environment (pressure, need, or distress); structure (corporate, industrial, or legal); and inner-directed choice processes (pathology, intent, or proactive exploitation). This paper briefly uses such a framework to identify and categorize a few of the theories of organizational illegality. A research strategy is then presented using the instances of prosecution for misrepresentation (deceptive advertising) as an example. [ABSTRACT FROM AUTHOR]

The last ten years have seen many Latin American and Caribbean nations enact or reform competition laws, and numerous other jurisdictions are considering following suit. The evidential base to guide such policymaking is, however, limited. In this paper we have assembled two databases, one concerning allegations of anti-competitive acts in newspaper articles and another concerning the relationship between competition-related factors and the effects of reforms to liberalise markets, that may go some way to remedying this deficiency. In so doing, we have noticed a number of matters that producers and consumers of research in this area should probably bear in mind. [ABSTRACT FROM AUTHOR]

This paper discusses the transformations in the Slavic and East European book trade in the 1990s. Among the challenges these changes pose to Slavic librarians are a profusion of new vendors, very small print runs, and a general breakdown in bibliographic control throughout the region. It argues that vigilant and timely selection is critical in order to obtain materials before they go out of print. Cultivating direct relationships with vendors both in North America and in the region is also required in order to continue to build Slavic collections success- fully. It also considers the performance of English language approval plan vendors, electronic vs. print, and the ominous implications that the trend toward mergers and economies of scale hold for library collections. [ABSTRACT FROM AUTHOR]

Modern enterprises often operate as interconnected groups of companies. This is facilitated by various cross-entity liability arrangements, which aim at risk mitigation and control, and may contribute to the reduced agency cost of debt. However, they pierce limited liability (cross-guarantees) or impose correlation between the fates of separate entities (intercompany cross-defaults and ipso facto clauses). They can promote group exposure and disincentivise debtors from taking early actions to avoid insolvency. This paper explores the tools that are embraced to address these problems to achieve group restructuring. They include restrictions of cross-entity ipso facto clauses and extension of enforcement stays to group entities. I examine the ex ante and ex post effects of group liability arrangements, make a comparative overview of national law responses and suggest recommendations to find a balanced approach to cross-entity liability arrangements, enhance the existing legal regimes and form the basis for future reforms of insolvency laws. [ABSTRACT FROM AUTHOR]

Shell companies are simple creatures: they exist on paper, have no physical place of business, and allow for a litany of fraud. Often used for legal purposes, shell companies have increasingly been used to facilitate crime, hide ownership, and threaten U.S. national security. The Corporate Transparency Act (CTA) is a notable step toward illuminating obfuscated corporate ownership, but various loopholes allow creative bad actors to circumvent its requirements. While the Act will likely deter such bad actors, resourceful nation-states have the means to defeat its protections. Nevertheless, the CTA will likely resolve many of the issues involving contractors using shell companies to conceal relationships with subcontractors, circumvent origin eligibility rules, and disguise other conflicts of interest. Here, defrauding the U.S. government will be more difficult. However, foreign adversaries interested in exploiting the U.S. defense supply chain may engage in complex ownership arrangements that do not trigger reporting under the CTA. This Article prescribes several solutions to mitigate these loopholes, including (1) amending the definition of “beneficial owner” under the CTA; (2) providing additional funds to States and Indian Tribes to require reporting to FinCEN as a requirement of company registration; and (3) increasing the severity of penalties associated with the CTA. [ABSTRACT FROM AUTHOR]

As it is currently evolving, the complex law of privacy is probably quite different from the perceived "right of privacy." This paper examines the law, and identifies the most vulnerable flanks of the marketing research profession. [ABSTRACT FROM AUTHOR]

A conference paper pertaining to the subject of anti-trust paradoxes is presented. According to the author, the purpose of antitrust laws is the restraint of competition for the purpose of obtaining unrestrained competition. He explores paradoxes and inconsistencies in laws supported by the U.S. Federal Trade Commission, namely the Sherman Act and the Robinson-Patman Act.

Discusses the legal interest on commercial debts under the Iraqi law. Legal grounds for claims for interest; Development of the Iraqi Law of Commerce; Special rules for interest for banks; Interest on commercial papers; Interest on commercial debts excluding those on commercial papers.

This paper discusses the development of an enterprise domain model in an environment where part of the domain knowledge is vague and not yet formalised in company-wide business rules. The domain model was developed for a young company starting in the telecommunications sector. The company relied on a number of stand-alone business support systems and sought for a manner to integrate them. There was opted for the development of an enterprise-wide domain model that had to serve as an integration layer to coordinate the stand-alone applications. A specific feature of the company was that it could build up its information infrastructure form scratch, so that many aspects of its business were still in the process of being defined. The paper will highlight parts of the Enterprise Model where there was a need for co-designing business rules together with the domain model. A result of this whole effort was that the company got more insight into important domain knowledge and developed a common understanding across functional areas of the way of doing business. [ABSTRACT FROM AUTHOR]

This article focuses on the court ruling given in Beverly Cocktail Lounge Inc. v. Emerald Vending Machine Inc. case. Commencement of or service of notice of intention to arbitrate is no longer a special proceeding in New York and thus a party moving to stay arbitration cannot have an extension of time by relying upon Sec. 2103 CPLR permitting addition of three days where service of papers is made upon an attorney in a pending action. The court stated: "This provision was intended to change the prior law so that the arbitration would not take on the character of a judicial proceeding until the first application arising out of it is made to the court." In this case no such application was made; the other party merely served a notice of intention to arbitrate.

This paper examines the interplay between media and criminal activities, highlighting the numerous stereotypes and misconceptions about criminality that often originate from the media’s construction of reality, driven by sensationalism and profit-seeking. In scrutinizing the media’s engagement with criminal matters, the paper comprehensively analyzes the intricate dynamic between providing informative content and the allure of sensationalism. The paper accentuates the pivotal role of the media in disseminating information to the public, promoting justice, and stimulating discourse on the causal factors and repercussions of criminal behavior. The paper underscores the adverse societal impacts of the media, including the propagation of disinformation, the endorsement of violence and aggression, the cultivation of media dependency, and the ramifications for mental health. It meticulously explores the dissemination of false news, identifies sources of disinformation, and formulates strategies to mitigate this predicament. The nexus between the media’s portrayal of violence and tangible instances of aggressive conduct is scrutinized, delving into industry self-regulation and the roles played by family, education, and society in addressing this issue. Furthermore, the paper conducts an in-depth analysis of how the media portrays criminal activities, with a particular emphasis on popular television genres centered on criminal themes. It elucidates the psychological dimension of the appeal of such narratives, offering insights into diverse motivators prompting viewers to identify with criminal acts. In conclusion, the paper presents an empirical research into the perceptions of citizens in Serbia concerning the influence exerted by both legacy and new media.

Payment card forging and high-tech crime are deeply rooted problems in today’s society. These sophisticated forms of crime utilize advanced techniques and high-tech tools to illegally access financial resources and commit fraud. Payment card forgery involves the creation of fake copies of debit or credit cards with the intent of conducting illegal financial transactions. Access to card data is achieved through various methods, including skimming (illegally collecting card data), phishing (fraud through fake emails or web pages), or the physical theft of cards. Simultaneously, high-tech crime encompasses a wide range of activities aimed at the misuse of digital technologies and networks to achieve financial gain or harm to individuals, companies, or states. These crimes often include computer fraud, cyber-attacks, and digital fraud. This paper aims to highlight the importance and seriousness of payment card forgery, explore different methods and patterns of these criminal activities, and emphasize their specific connection with high-tech crime. Different methodologies were applied in the research including quantitative and qualitative content analysis, comparative analysis, as well as descriptive and analytical statistics. The obtained results clearly indicate the growing importance of this problem both in the legislative and in the criminological contexts, with a constant increase in the number of committed criminal acts. Additionally, the research highlights the inextricable link between payment card forgery and various forms of high-tech crime, which often intertwine and together constitute an overarching challenge to the justice system and the security of society. Finally, the paper will consider various strategies and methods that society and the state can use to counter the spread of these criminal activities. The ultimate goal is to preserve the safety and integrity of the financial system and protect the interests of individuals.

Local self-government is a form of decision-making and governance in local communities established on smaller parts of state territories. It is exercised either directly by its citizens, or by their elected representatives, as well as by other local bodies. The local authority, executed by local bodies, theoretically represents the government of citizens in local communities. Local self-government can be considered as the basic organization of power, and the history of constitutionalism cannot be imagined without it. In this paper, the authors first present the basic characteristics of self-government. These include: 1) the existence of a defined scope for certain local self-government activities, executed by local government bodies without interference from the central government; 2) citizens’ entitlement to choose their representatives in local communities through direct elections or to be directly involved in making decisions on important topics of interest to the local community; 3) local institutions’ independence in terms of their organization and personnel; 4) local selfgovernment having its own independent financing sources (taxes, own property); 5) local autonomy protected by the constitution and laws to ensure the unobstructed work of local self-government. In this paper, the authors analyze the elements of the constitutional position of local self-government in Serbia, including its concept, the method of decision-making, jurisdiction, the right to self-organization, and the protection of local self-government.

The subject of this paper is a type of letter of credit that is not commonly encountered in the practices of domestic banks. It is not specifically regulated by domestic legislation; however, its significance is expected to grow in the international business relations of our businessmen with companies from other countries where the use of this payment security instrument is common in the banking industry. This type of letter of credit is theoretically of disputed legal nature, raising questions about whether it qualifies as a letter of credit, a type of guarantee, or a distinct legal institute. The focus of the research is on the standby letter of credit as a security measure in international contractual relations, particularly in sales and construction contracts. In sales contracts, the standby letter of credit serves to secure the interests of the seller, while in construction contracts, it can secure interests of both the client the contractor, depending on the party for whose benefit it was issued. The paper aims to define the standby letter of credit, explain its role in protecting the rights and interests of contracting parties, and explore its legal nature. In particular, we will conduct a comparative analysis between this legal institute and a ‘classic’ documentary letter of credit and a bank guarantee. In our legal theory, and to a greater extent in American and English legal theory, there are numerous works that deal with the topic of standby letters of credit. However, the legal regulations related to banking operations have changed over time, which requires a fresh perspective. The goal of this work is to familiarize our companies and banks engaged in transactions with foreign entities, where the issuance of this type of letter of credit is customary, with the role of a standby letter of credit as an instrument for ensuring contractual obligations. In addition to that, the paper aims to explore the legal relationships established with this type of letter of credit.

The paper presents the institution of mistake (error) in our criminal law, focusing on its legal regulation as a ground for exculpation. The fact that mistake is a psychological and legal concept whose meaning includes several substantial elements is acknowledged. The legal relevance of mistake contributes to its various treatment in legislation. Given that criminal law, as a branch of legislation, deeply engages with human rights, mistake becomes a crucial institution for excluding the guilt of a perpetrator. Depending on the type of mistake, and the legal and situational circumstances in which it is considered, two main categories can be recognized: mistake of fact (error facti) and mistake of law (error iuris). Their effect must be evaluated in the contest of a specific criminal case. This paper will elucidate the general term and types of mistakes, exploring their effects on the culpability of the perpetrator of the criminal act.

The concept of fundamental breach of contract under the United Nations Convention on Contracts for the International Sale of Goods (CISG) of 1980 plays a pivotal role in determining the legal remedies available to the aggrieved party. It allows for contract termination only in instances where a breach is deemed fundamental. This paper delves into a comprehensive analysis of the institution of fundamental breach of contract and its characteristics, providing insight into how the Convention distinguishes between a fundamental breach and a non-fundamental breach. As a result, it assists in resolving potential uncertainties and dilemmas the aggrieved party might face concerning the choice of legal remedies. The analysis begins with an exploration of the background and drafting process of Article 25 of the Convention. The focus then shifts to an in-depth analysis of the institution of fundamental breach of contract. This covers how and why the distinction between a fundamental breach and a non-fundamental breach emerged, leading up to an intricate examination of all the conditions and features of a fundamental breach of contract, all with the aim of accurately defining this term in line with the provisions of the Convention. The study also encompasses a review of pertinent judicial and arbitral practices, aiding in a better understanding of the practical application and interpretation of the institution of fundamental breach of contract. Special attention is devoted to analyzing how the aggrieved party can be confident in its right to terminate the contract and how to sidestep potential hazards and consequences of an unjustified termination. Through a detailed review of the Convention's provisions and both judicial and arbitral practices, this paper offers a succinct insight into the institution of fundamental breach of contract in the context of international sales of goods. It investigates how contracting parties can safeguard themselves and how they can act in accordance with the rights and obligations stipulated by the Convention.

Public Relations (PR), a significant component of the media industry, also represents a management function that helps establish and maintain beneficial connections between the organization and various stakeholders. The evolution of the public relations profession is commonly perceived as a qualitative shift from the unethical practices that dominated several decades since the 1920s to strategically and ethically conducted campaigns in contemporary business. However, when considering the practice of PR in the first decades of the 21st century, numerous concerns arise regarding ethical dilemmas, conflicts, and, consequently, the ethical decisionmaking process. The main objective of this paper is to offer an overview of ethics and its development in PR. The application of ethical principles based on utilitarian, deontological, situational and virtue approaches is discussed. This study also analyzes the most frequently encountered ethical problems in contemporary PR practice. Finally, the paper delves into some models of the ethical decision-making process and discusses the legal consequences of PR.

The spread and danger of the Covid-19 virus in 2020 demonstrated how unprepared states were for such threats. Each state took measures it believed to be adequate at the time to protect its population. In the Republic of Serbia, numerous measures were implemented after a state of emergency was declared in March, to prevent the spread of the virus. Many of these measures led to derogations of various human rights. However, even in extreme situations like a state of emergency, derogating human rights should meet the requirements of necessity, and proportionality. This paper examines the state of certain human rights, namely the right to information and freedom of peaceful assembly during the state of emergency in the Republic of Serbia. The analysis aims to determine whether there was a derogation of these rights or rather their gross violation. In this way, the paper seeks to provide specific lessons about human rights that every citizen can draw after the Covid-19 virus pandemic in the Republic of Serbia.

A summary is presented of the 2022 Amendments to the Uniform Commercial Code in the U.S., highlighting amendments on several topics including security interests in controllable electronic records (CERs), negotiable instruments and hybrid transactions.