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Enforcement Mechanisms (enforcement + mechanism)
Selected AbstractsPrivacy and Commercial Use of Personal Data: Policy Developments in the United StatesJOURNAL OF CONTINGENCIES AND CRISIS MANAGEMENT, Issue 1 2003Priscilla Regan In the online and offline worlds, the value of personal information , especially information about commercial purchases and preferences , has long been recognised. Exchanges and uses of personal information have also long sparked concerns about privacy. Public opinion surveys consistently indicate that overwhelming majorities of the American public are concerned that they have lost all control over information about themselves and do not trust organisations to protect the privacy of their information. Somewhat smaller majorities favour federal legislation to protect privacy. Despite public support for stronger privacy protection, the prevailing policy stance for over thirty years has been one of reluctance to legislate and a preference for self-regulation by business to protect privacy. Although some privacy legislation has been adopted, policy debates about the commercial uses of personal information have been dominated largely by business concerns about intrusive government regulation, free speech and the flow of commercial information, costs, and effectiveness. Public concerns about privacy, reflected in public opinion surveys and voiced by a number of public interest groups, are often discredited because individuals seem to behave as though privacy is not important. Although people express concern about privacy, they routinely disclose personal information because of convenience, discounts and other incentives, or a lack of understanding of the consequences. This disconnect between public opinion and public behaviour has been interpreted to support a self-regulatory approach to privacy protections with emphasis on giving individuals notice and choice about information practices. In theory the self-regulatory approach also entails some enforcement mechanism to ensure that organisations are doing what they claim, and a redress mechanism by which individuals can seek compensation if they are wronged. This article analyses the course of policy formulation over the last twenty years with particular attention on how policymakers and stakeholders have used public opinion about the commercial use of personal information in formulating policy to protect privacy. The article considers policy activities in both Congress and the Federal Trade Commission that have resulted in an emphasis on "notice and consent." The article concludes that both individual behaviour and organisational behaviour are skewed in a privacy invasive direction. People are less likely to make choices to protect their privacy unless these choices are relatively easy, obvious, and low cost. If a privacy protection choice entails additional steps, most rational people will not take those steps. This appears logically to be true and to be supported by behaviour in the physical world. Organisations are unlikely to act unilaterally to make their practices less privacy invasive because such actions will impose costs on them that are not imposed on their competitors. Overall then, the privacy level available is less than what the norms of society and the stated preferences of people require. A consent scheme that is most protective of privacy imposes the largest burden on the individual, as well as costs to the individual, while a consent scheme that is least protective of privacy imposes the least burden on the individual, as well as fewer costs to the individual. Recent experience with privacy notices that resulted from the financial privacy provisions in Gramm-Leach-Bliley supports this conclusion. Finally, the article will consider whether the terrorist attacks of 11 September have changed public opinion about privacy and what the policy implications of any changes in public opinion are likely to be. [source] Corporate Governance in the Russian Federation: the relevance of the OECD Principles on shareholder rights and equitable treatmentCORPORATE GOVERNANCE, Issue 2 2001Fianna Jesover Despite progress in developing extensive legislation and regulations, there is still a long way to go before the standards of corporate governance in Russia will instil widespread confidence in investors. The emphasis is now on their implementation and enforcement by the state and private sector institutions. Transparent, equitable rules and predictable enforcement mechanisms are necessary to make the Russian economy attractive to both domestic and foreign investors, and enhance public confidence in the overall reform process. This paper uses the first two chapters of the OECD Principles of Corporate Governance on shareholder rights and their equitable treatment and looks through their prism at the Russian corporate governance condition. [source] Deploying the Classic ,Community Method' in the Social Policy Field: The Example of the Acquired Rights DirectiveEUROPEAN LAW JOURNAL, Issue 2 2009Gavin Barrett The use of the Community method of legislation, in particular the deployment of directives, has for a long time been at the core of EC labour market policy. This article seeks to reflect on the lessons to be learned from the experience of the adoption and operation of one particularly significant directive, namely the Acquired Rights Directive, and on the experience of its transposition in one Member State, Ireland. Among features noted at the EU level are the watering down of the Commission's initial legislative ambitions; the substantial lacunae, failures to address issues and ambiguities incorporated in the text of the directive, the consequent enlarged role for the Court of Justice and the apparent difficulty in changing policy direction in the event of errors being made. As regards the Irish experience of transposing the directive, lessons learnt have included the importance of the means of implementation chosen by the Member State; the obstructive effect which national industrial relations systems may have on the evolution of a common European approach; the significance which attaches to national sanctions and enforcement mechanisms; the importance attaching to the degree of collective organisation in workplaces where the implementing legislation is sought to be relied upon; and the potential which the implementation of a directive has for disruption of the harmony of a national policy approach. Finally, the use of a form of social dialogue in the implementation of employment-related directives in Ireland is also commented upon. [source] Why has the Stability and Growth Pact Failed?INTERNATIONAL FINANCE, Issue 2 2004Jakob De Haan This paper evaluates the Stability and Growth Pact. After briefly examining the rules in place and the experience so far, the Pact is analysed from a political economy perspective, focusing on the choice of hard versus soft law and drawing inferences from characteristics of successful fiscal rules at the state level in the USA. The main argument of the paper is that the Pact's enforcement mechanisms are too weak. It is also argued that big countries are less likely to adhere to the fiscal policy rules in place. Reform of the Pact should aim at stricter, instead of more flexible, rules and should not rely on cyclically adjusted deficit estimates. [source] International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?JOURNAL OF ACCOUNTING RESEARCH, Issue 3 2006LUZI HAIL ABSTRACT This paper examines international differences in firms' cost of equity capital across 40 countries. We analyze whether the effectiveness of a country's legal institutions and securities regulation is systematically related to cross-country differences in the cost of equity capital. We employ several models to estimate firms' implied or ex ante cost of capital. Our results support the conclusion that firms from countries with more extensive disclosure requirements, stronger securities regulation, and stricter enforcement mechanisms have a significantly lower cost of capital. We perform extensive sensitivity analyses to assess the potentially confounding influence of countries' long-run growth differences on our results. We also show that, consistent with theory, the cost of capital effects of strong legal institutions become substantially smaller and, in many cases, statistically insignificant as capital markets become globally more integrated. [source] Courts and contract enforcement in transition agriculture: theory and evidence from PolandAGRICULTURAL ECONOMICS, Issue 2-3 2004Volker Beckmann Abstract The paper investigates theoretically and empirically the role of courts for contract enforcement in transition agriculture. In a survey of 306 Polish farmers conducted in 1999, only 38.5% respondents reported to believe that they could use courts to enforce contracts with their most important customer. Furthermore, those who believed the legal system could be used would accept significant financial losses before taking action. We develop a theoretical model, based on the costs and benefits of court enforcement, which captures the boundary between contracts to be regarded as ,enforceable' and ,not-enforceable' and, simultaneously, the threshold of taking legal action. The empirical analysis strongly supports our model: (1) the farmers' responses can be explained by cost-benefit calculations regarding the use of courts, (2) the legal ,enforceability' of contracts depends not only on the efficiency of the legal system but also on the attributes of the transaction, the contracts and the relationship between buyer and seller and (3) the threshold of taking legal action is significantly influenced by indirect costs of court enforcement, such as the disruption of a valuable business relationship, and by the availability of alternative enforcement mechanisms. [source] The Scope of Criminal Law and Criminal Sanctions: An Economic View and Policy ImplicationsJOURNAL OF LAW AND SOCIETY, Issue 3 2008Roger Bowles This paper considers why some harm-generating activities are controlled by criminal law and criminal sanctions while others are subject to some other mechanism such as civil law, administrative law, regulation or the tax system. It looks at the question from the perspective of the law and economics approach. We seek to identify the comparative benefits of using the criminal law relative to other enforcement mechanisms and , more broadly , why certain specific behaviours are criminalized. The paper argues that an economic approach emphasizing the relative merits of alternative legal instruments for bringing about harm reduction can provide an explanation for a number of recent legal developments. It argues also that the willingness of legislators to combine the use of sanctions traditionally used in one area of the law with sanctions from other areas is more readily explicable in economic terms than in other terms. [source] Hostile Territory: High-Tension Religion and the Jewish PeddlerAMERICAN JOURNAL OF ECONOMICS AND SOCIOLOGY, Issue 5 2007Colleen E. H. Berndt Scholars have long explored the role that reputation plays in the facilitation of exchange. Some attention has also been paid to the way in which religions serve as a proxy for reputation or as a mechanism for enforcement of exchange agreements. These reputation and enforcement mechanisms enhance the ability of the members of certain religious groups to perform economic roles where such secular-based mechanisms fail or are absent. In this article, I explore the ways in which hostility toward members of high-tension religions makes them uniquely well suited to the economic role of middlemen. As illustration, I explore the particular case of the 19th -century German Jewish peddler in the young United States. [source] Mandatory Adoption of IASB Standards: Value Relevance and Country-Specific FactorsAUSTRALIAN ACCOUNTING REVIEW, Issue 2 2009Ana Isabel Morais The objective of this study is to investigate if the value relevance of European-listed companies increased after the mandatory application of International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS) and how the value relevance of accounting information prepared under IAS/IFRS is shaped by the specific factors of the country in which companies are domiciled. Results show that the value relevance of financial information during the period companies applied mandatory IAS/IFRS is higher than for the period during which they applied local accounting standards. We also found that countries where accounting and tax are clearly separated show more relevant accounting information. Finally, we found that companies from countries with more legal and public enforcement mechanisms disclose less relevant accounting information under IAS/IFRS. [source] | |||||||||||||