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Security trading now fragments into more than ten almost identical stock exchanges in the United States. We show that discrete pricing is one economic force that prevents the consolidation of trading volume. The uniform one-cent tick size (minimum price variation), imposed by the SEC's Rule 612, leads to more dispersed trading for lower priced securities. When a security reverse splits, its price increases and relative tick size (one cent divided by the price) decreases. We find that reverse splits consolidate trading of securities, using securities with identical underlying fundamentals that do not reverse split as the control group.

In diesem Beitrag wird untersucht, inwiefern die Fragmentierung von Arbeit das Potenzial hat, soziale und politische Einstellungen von Arbeitnehmer:innen zu beeinflussen. Dafür wird ein Modell entwickelt, das diesen möglichen Einfluss über die politische Sozialisierung von Arbeitnehmer:innen an ihrem Arbeitsplatz beschreibt. In Interviews mit externen Lehrbeauftragten an Musikhochschulen, Unternehmensberater:innen sowie Leiharbeitnehmer:innen in der Industrie wird dieses Modell erprobt. Dabei zeigt sich, dass Fragmentierung über verschiedenste Arbeitsplätze hinweg ähnlich erfahren wird. Darüber hinaus können Idealtypen des Umgangs mit dieser häufig negativ beschriebenen Erfahrung identifiziert werden. Die Ergebnisse deuten insgesamt darauf hin, dass Fragmentierung das Potenzial hat, die Sozialisation von Arbeitnehmer:innen systematisch zu beeinflussen und damit auch für die Erklärung von sozialen und politischen Einstellungen relevant sein könnte.

Does the absence of legal unity challenge the universality of human rights? Is the systematic integration of human rights in other branches of law a remedy to fragmentation? This article offers a critique of « integral human-rightism », i.e. the project that seeks to treat every social problem as a rights question and that promotes the mainstreaming of human rights as a regulating mechanism for managing legal pluralism. The article argues that, in order to preserve human rights' revolutionary potential, rights fetishism must be avoided, instead advocating a tactical, critical and political use of human rights.

This article introduces a special issue on the expanding research agenda on institutional fragmentation. The term refers to the growing diversity and challenges to coordination among private and public norms, treaties, and organizations that address a given issue area of international politics. International relations scholars increasingly address this phenomenon, framing it with alternative concepts like regime complexes or polycentricity. A considerable part of the existing debate remains focused on whether a centralized or polycentric governance architecture is preferable. Instead, as this special issue shows, domains of global environmental governance—like climate change, biological diversity, renewable energy, and forestry—are already fragmented. It is time to address new, more pertinent questions and help advance institutionalist research on this phenomenon. We introduce four major research themes for analyzing the fragmentation of different domains of global environmental governance: taking stock, causes, consequences, and responses.