This article aims at characterizing the daily price fundamentals of European Union Allowances (EUAs) traded since 2005 as part of the Emissions Trading Scheme (ETS). The presence of two structural changes on April 2006 following the disclosure of 2005 verified emissions and on October 2006...

Modern risks are increasingly complex. Experts provide sober insights into the consequences of our regulatory choices. But these same risks also breed greater uncertainties and, thus, harder political decisions. Ever more urgent, then, becomes the need to ensure those decisions are transparent...

When the database sui generis right (database right) was enacted in 1996, many voices rose to criticise it vehemently. According to some, it would create an unprecedented intellectual property right on information, the latter being traditionally otherwise free, that would lead to monopolies on...

The European Court of First Instance (CFI) rejected Microsoft's grounds for annulling the Commission's Decision that the software maker had abused its dominant position in computer operating systems by refusing to supply certain protocols for interoperating with rivals' computers and by tying...

This Article explores agency power to preempt state consumer protection legislation. It presents a case study of preemption based on an aggressive posture toward non-acquiescence on the part of the Comptroller of the Currency. The non-acquiescence documented is not only to the uniform decisions...

The paper describes the European Model Company Law Project. Last year, a commission was formed on the initiative of the authors with the goal of drafting a European Model Company Law Act (EMCLA). This project aims neither to force a mandatory harmonization of national company law nor to create a...

This paper is intended to theoretically present divergent business cycles as effects of a monetary union, even in the absence of asymmetric, exogenous shocks. The main inference form the model developed in this paper says that microeconomic optimization may lead to sub-optimal macro states and...

The Non-Frustration Rule (Art. 9), the Breakthrough Rule (Art. 11) and the Reciprocity Rule (Art. 12) of the EU Takeover Bid Directive (Directive 2004/25/EC) constitute the core regulation of the takeover bid process on EU level. The first two rules (Articles 9 and 11) regulate the behavior of...

The paper explores the short and the long run prospects of in-tegrating the transitional economies of Eastern Europe into the world trading system. This is attempted in a quantitative framework that considers three broad, non-competing alternative scenarios that are feasible. The quantitative...