Digital force majeure: The Mondelez case,insurance, and the (un)certainty of attribution in cyberattacks

Insurance companies typically secure themselves under force majeure exclusions against the unpredictability brought about by acts of war. If a company were to be attacked by a nation-state in physical space—hit with a missile or by aerial bombing—there would be fairly clear carve-outs so their insurance company could exclude such an incident from coverage. But the same is not always true in cyberspace. This article examines an extreme outlier case in the world of cyberattacks and insurance—that is, the losses suffered by the U.S.-based food and beverage company Mondelez as a result of the NotPetya cyberattack—and scrutinizes just how far force majeure exclusions can be applied in cyberspace. The article attempts to reveal the significance of the legal qualification of a cyberattack and its attribution to a state for insurance coverage in both general insurance policies, like the one the Mondelez case stemmed from, as well as in insurance policies targeted to cover cyber risk.     

Consumer resistance and inertia of retail investors: Development of the resistance adoption inertia continuance (RAIC) framework

Consumer resistance and inertia related behaviors are as important as adoption behaviors. Resistance can lead to unwillingness on the part of the investors to invest in a particular financial product. On the other hand, inertia can potentially lead to loyalty, despite dissatisfaction with a financial product. Consequently, an understanding of the antecedents and outcomes of retail investors’ resistance and inertia toward investments is valuable for firms selling investment products. Although the literature on resistance and inertia is around three decades old, empirical research related to retail investment decision making has only recently gained momentum, resulting in limited but interesting findings. The current study utilizes a systematic literature review (SLR) methodology to review prior studies in this domain. The SLR presents research profiling and an extensive content analysis of the studies selected by applying a robust search protocol. The study findings highlight numerous aspects of retail investment behavior, underscore research gaps in the prior literature, and offer recommendations for future research. Furthermore, a comprehensive framework, labelled resistance adoption inertia continuance (RAIC), is proposed to investigate the behavior of retail investors. The study concludes with meaningful theoretical and practical implications that can help counter resistance and inertia toward different financial products.     

从“中国原材料出口限制案”看我国应当如何援用GATT1994第20条(g)款

在"原材料出口限制案"中,中国援用GATT1994第20条(g)款抗辩失败。原因有二:一是未能证明贸易限制措施与保护可用尽的自然资源有关;二是未能证明贸易限制措施与限制国内生产或消费一同实施。本文以该案为背景,通过对GATT时期和WTO时期涉及第20条(g)款案件的比较研究,系统梳理了第20条(g)款各项要件的发展脉络,并且透过专家组和上诉机构的审查过程,对每一项要件的举证论证策略加以总结,最终构建出GATT1994第20条(g)款援用方案。     

Income thresholds of dissaving in Germany: empirical evidence from the recent sample survey of income and expenditure (EVS 2008)

Saving of private households monotonically increases with income. If the regression lines, which represent the ‘demand for saving’, assume negative values, saving turns into dissaving, i.e. dissolving assets or going into debt. The zeros of the demand functions for saving are called ‘dissaving thresholds’. Dissaving thresholds for Germany are determined econometrically using the Sample Survey of Income and Expenditure. Dissaving thresholds turn out to be far higher than social assistance amounts. Implications for economic, social and consumer policy in Germany are discussed.     

Trade and the (dis)incentive to reform labor markets: The case of reform in the European Union

We study the relation between international trade and the gains to reform labor markets by removing firing restrictions. We find that trade linkages imply substantially smaller benefits to reform than those calculated in the closed economy general equilibrium model of Hopenhayn and Rogerson [Hopenhayn, Hugo, Rogerson, Richard, 1993. Job Turnover and policy evaluations: a general equilibrium analysis. Journal of Political Economy 101 (5), 915–938 October]. When economies trade, labor market policies in one country spill over to other countries through their effect on the terms of trade. A key finding in the open economy is that the share of the welfare gains from domestic labor market reform exported substantially exceeds the share of goods exported. Thus, with international trade, a country retains little to no benefit from unilaterally reforming its labor market. A coordinated elimination of firing taxes yields considerable benefits. We also find that the U.K. benefits from labor market reform by its continental trading partners. These insights provide some explanation for recent efforts toward labor market reform in the European Union.     

Survival of the best fit: Exposure to low-wage countries and the (uneven) growth of U.S. manufacturing plants

This paper examines the role of international trade in the reallocation of U.S. manufacturing within and across industries from 1977 to 1997. Motivated by the factor proportions framework, we introduce a new measure of industry exposure to international trade that focuses on where imports originate rather than on their overall level. We find that plant survival and growth are negatively associated with industry exposure to low-wage country imports. Within industries, we show that manufacturing activity is disproportionately reallocated towards capital-intensive plants. Finally, we provide the first evidence that firms adjust their product mix in response to trade pressures. Plants are more likely to switch industries when exposure to low-wage countries is high.     

后疫情背景下金融机构开展服务科技型中小（微）企业融资的探索与实践：以浙江为例

由于新冠肺炎疫情的持续影响，科技型中小（微）企业面临着资金周转和融资难的困境，财务脆弱性风险较为明显。这其中既有企业内部的原因，也有社会经济环境、市场状况和金融服务等外部环境因素。本文将对后疫情背景下金融机构服务和促进科技型中小（微）企业融资问题进行理论溯源，并以浙江为例，分析金融机构服务科技型中小（微）企业融资实践中面临的难题，并提出建立风险偿债基金、构建多层次信息平台、将人力资本作为授信额度担保的重要依据、聚焦创新创业生态体系建设等对策和建议，以期助力科技型中小（微）企业“转危为机”，推动投融资服务转型升级。