Cross-border consumer litigation: Individual tort issues in Europe

In Europe, uniform rules concerning international tort litigations are to be found, as to jurisdiction, in the general provisions of the Brussels Convention of 1968 and, as to the designation of the national applicable law, in the Hague Convention of 1973 (for the area of product liability).In contrast to the field of contracts, in the field of torts no special protection is given to the consumer as such. Still, the solutions provided by the conventions are not inappropriate. For product liability claims, the Hague Convention tends to designate the law of the State with which the case is most closely connected. For ascertaining international jurisdiction in general, the Brussels Convention provides for three alternative fora, namely the place of the domicile of the defendant, the place of the tort, and the place of the damage.Due to important differences between the rules on jurisdiction and conflicts of laws in contracts and in torts, respectively, the crucial issues concern the qualification of the nature of the claim before the court.

---

Grenzüberschreitende Verbraucherrechtsstreitigkeiten: Individualdeliktsfragen in Europa

Zusammenfassung Einheitliche europÄische Regelungen für internationale Rechtsstreitigkeiten finden sich, was die gerichtliche ZustÄndigkeit betrifft, in den allgemeinen Vereinbarungen der Brüsseler Konvention von 1968 und, was die Bestimmung des anzuwendenden nationalen Rechts angeht, in der Haager Konvention von 1973 (für den Bereich der Produkthaftung). Anders als im Vertragsrecht wird dem Verbraucher im Deliktrecht kein besonderer Schutz gewÄhrt. Dennoch sind die Regelungen der beiden Konventionen nicht unangemessen. Für Ansprüche aus Produkthaftung zieht die Haager Konvention das Recht desjenigen Staates vor, mit dem der Fall am engsten verknüpft ist. Für die Feststellung des Gerichtsstandes sieht die Brüsseler Konvention generell drei Alternativen vor, nÄmlich den Wohnsitz des Beklagten, den Ort des Delikts und den Ort des Schadens. Wegen erheblicher Unterschiede zwischen den Regelungen der GerichtszustÄndigkeit und von Gesetzeskonflikten im Bereich des Vertragsrechts und des Deliktrechts gewinnt die genaue Bestimmung der Art des Anspruches eine besonders bedeutende Rolle.

     

Robust Likelihood Methods Based on the Skew-t and Related Distributions

The robustness problem is tackled by adopting a parametric class of distributions flexible enough to match the behaviour of the observed data. In a variety of practical cases, one reasonable option is to consider distributions which include parameters to regulate their skewness and kurtosis. As a specific representative of this approach, the skew‐t distribution is explored in more detail and reasons are given to adopt this option as a sensible general‐purpose compromise between robustness and simplicity, both of treatment and of interpretation of the outcome. Some theoretical arguments, outcomes of a few simulation experiments and various wide‐ranging examples with real data are provided in support of the claim.     

Helping hand or grabbing hand?: Politicians, supervision regime, financial structure and market view

Almost all the literature on the evolution of the financial supervision architecture stresses the importance of financial market characteristics in determining the recent trend toward more unification. But in the real world it is not always clear to what extent market features matter. We present two complementary approaches to gain insights in the above relationship, focusing on the political cost and benefit analysis. First, a cross-country study tests two alternative theories—the helping hand and the grabbing hand view of government—to determine the impact of the market structure on the supervisory setting. Our evidence seems more consistent with the grabbing hand view, considering the degree of banking concentration a proxy of the capture risk and presuming the market demonstrates a preference for consolidation of supervisory powers. Second, the results of a survey among financial CEOs in Italy confirm a market preference for a more consolidated supervisory regime but reveal only weak consistency between the views of the policymakers and those of the market operators.     

Dividend policy of German firms: A panel data analysis of partial adjustment models

German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published earnings as (i) published earnings do not correctly reflect performance because German firms retain parts of their earnings to build up legal reserves, (ii) German accounting is conservative, (iii) published earnings are subject to more smoothing than cash flows. Second, to the opposite of UK and US firms, German firms have more flexible dividend policies as they are willing to cut the dividend when profitability is only temporarily down.     

Community engineering for innovations: the ideas competition as a method to nurture a virtual community for innovations

'Crowdsourcing' is currently one of the most discussed key words within the open innovation community. The major question for both research and business is how to find and lever the enormous potential of the 'collective brain' to broaden the scope of 'open R&D'. Based on a literature review in the fields of Community Building and Innovation Management, this work develops an integrated framework called 'Community Engineering for Innovations'. This framework is evaluated in an Action Research project – the case of an ideas competition for an ERP Software company. The case 'SAPiens' includes the design, implementation and evaluation of an IT-supported ideas competition within the SAP University Competence Center (UCC) User Group. This group consists of approximately 60,000 people (lecturers and students) using SAP Software for educational purposes. The current challenges are twofold: on the one hand, there is not much activity yet in this community. On the other, SAP has not attempted to systematically address this highly educated group for idea generation or innovation development so far. Therefore, the objective of this research is to develop a framework for a community-based innovation development that generates innovations, process and product ideas in general and for SAP Research, in particular, combining the concepts of idea competitions and virtual communities. Furthermore, the concept aims at providing an interface to SAP Human Resources processes in order to identify the most promising students in this virtual community. This paper is the first to present an integrated concept for IT-supported idea competitions in virtual communities for leveraging the potential of crowds that is evaluated in a real-world setting.     

The future revisited: Looking back at The next 25 years by the Netherlands Scientific Council for Government Policy (WRR)

Looking back at futures studies in the past (past futures) is perhaps the second nature of futures researchers. In this article we look back at a study that was conducted by the Netherlands Scientific Council for Government Policy in 1977. We considered it interesting to assess its value 25 years later since many changes have taken place in technology, society, economy, and in the science of futures research as well. From our analysis we have drawn the following conclusions: (1) instead of giving every topic the same time horizon more diverse time horizons should be included because of the different dynamics, (2) more attention for people and opinions outside the mainstream discourse, (3) more attention for thinking in multiple futures instead of predicting just one future outcome, (4) do not only look at the (possible) future of a specific topic, but assess if this topic in its whole will be relevant in the future important (meta-forecast), and (5) more attention for integrating topics for futures studies, but not fulfilling the impossible ambition to link everything to everything.     

Mixed Normal Conditional Heteroskedasticity

Both unconditional mixed normal distributions and GARCH modelswith fat-tailed conditional distributions have been employedin the literature for modeling financial data. We consider amixed normal distribution coupled with a GARCH-type structure(termed MN-GARCH) which allows for conditional variance in eachof the components as well as dynamic feedback between the components.Special cases and relationships with previously proposed specificationsare discussed and stationarity conditions are derived. For theempirically most relevant GARCH(1,1) case, the conditions forexistence of arbitrary integer moments are given and analyticexpressions of the unconditional skewness, kurtosis, and autocorrelationsof the squared process are derived. Finally, employing dailyreturn data on the NASDAQ index, we provide a detailed empiricalanalysis and compare both the in-sample fit and out-of-sampleforecasting performance of the MN-GARCH as well as recentlyproposed Markov-switching models. We show that the MN-GARCHapproach can generate a plausible disaggregation of the conditionalvariance process in which the components' volatility dynamicshave a clearly distinct behavior, which is, for example, compatiblewith the well-known leverage effect.