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Social and Behavioral Sciences Commons™
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- Central securities depositories (2)
- Depository Trust Company (2)
- Disintermediation (2)
- Financial infrastructure (2)
- Intermediary risk (2)
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- Intermediated securities (2)
- SEC (2)
- Securities regulation (2)
- Transparency (2)
- AI (1)
- Administrative law (1)
- Antitrust (1)
- Antitrust law & poicy (1)
- Artificial intelligence (1)
- Aspen (1)
- Civil liberties (1)
- Competition (1)
- Consumer welfare (1)
- Customer protection (1)
- Economics of networks (1)
- Exclusive Dealing (1)
- Externalities (1)
- FRAND (1)
- Fintech (1)
- Government regulation (1)
- Legislation (1)
- Market failures (1)
- Metcalfe's Law (1)
- Negative externality (1)
- Patents (1)
Articles 1 - 5 of 5
Full-Text Articles in Social and Behavioral Sciences
Network Effects In Action, Christopher S. Yoo
Network Effects In Action, Christopher S. Yoo
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This Chapter begins by examining and exploring the theoretical and empirical limits of the possible bases of network effects, paying particular attention to the most commonly cited framework known as Metcalfe’s Law. It continues by exploring the concept of network externalities, defined as the positive external consumption benefits that the decision to join a network creates for the other members of the network, which is more ambiguous than commonly realized. It then reviews the structural factors needed for models based on network effects to have anticompetitive effects and identifies other factors that can dissipate those effects. Finally, it identifies alternative …
An Essay On Pluralism In Financial Market Infrastructure Design: The Case Of Securities Holding In The United States, Charles W. Mooney Jr.
An Essay On Pluralism In Financial Market Infrastructure Design: The Case Of Securities Holding In The United States, Charles W. Mooney Jr.
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This essay will appear as a chapter in a forthcoming edited volume published by Oxford University Press. It builds on the earlier article, Beyond Intermediation: A New (FinTech) Model for Securities Holding Infrastructures, 22 U. Pa. J. Bus. L. 386 (2020), which argues that serious consideration should be given to modifications of the deeply intermediated securities holding systems in the United States and elsewhere. Many of the costs and risks imposed by the intermediated holding systems fall within the domain of the regulation of securities markets (internal costs), such as impairments of shareholder voting and bondholder claims against issuers. …
Frand And Antitrust, Herbert J. Hovenkamp
Frand And Antitrust, Herbert J. Hovenkamp
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This paper considers when a patentee’s violation of a FRAND commitment also violates the antitrust laws. It warns against two extremes. First, is thinking that any violation of a FRAND obligation is an antitrust violation as well. FRAND obligations are contractual, and most breaches of contract do not violate antitrust law. The other extreme is thinking that, because a FRAND violation is a breach of contract, it cannot also be an antitrust violation.
Every antitrust case must consider the market environment in which conduct is to be evaluated. SSOs operated by multiple firms are joint ventures. Antitrust’s role is to …
Regulation Of Algorithmic Tools In The United States, Christopher S. Yoo, Alicia Lai
Regulation Of Algorithmic Tools In The United States, Christopher S. Yoo, Alicia Lai
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Policymakers in the United States have just begun to address regulation of artificial intelligence technologies in recent years, gaining momentum through calls for additional research funding, piece-meal guidance, proposals, and legislation at all levels of government. This Article provides an overview of high-level federal initiatives for general artificial intelligence (AI) applications set forth by the U.S. president and responding agencies, early indications from the incoming Biden Administration, targeted federal initiatives for sector-specific AI applications, pending federal legislative proposals, and state and local initiatives. The regulation of the algorithmic ecosystem will continue to evolve as the United States continues to search …
Beyond Intermediation: A New (Fintech) Model For Securities Holding Infrastructures, Charles W. Mooney Jr.
Beyond Intermediation: A New (Fintech) Model For Securities Holding Infrastructures, Charles W. Mooney Jr.
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Publicly traded securities generally are held by investors in securities accounts with intermediaries such as stockbrokers and central securities depositories—intermediated securities. For many investors this is the only practical means of holding and dealing with securities. These intermediated holding systems (IHSs) impose a variety of risks and costs. Investors are exposed to intermediary risk (default or insolvency of an intermediary holding securities) as well as impediments to the exercise of rights such as voting and asserting claims against securities issuers. The nontransparency of IHSs imposes other social costs, such as obstacles to anti-money laundering enforcement. The emergence of FinTech and …