Suchergebnisse

We model a simple market setting in which fragmentation of trade of the same asset across multiple exchanges improves allocative efficiency. Fragmentation reduces the inhibiting effect of price-impact avoidance on order submission. Although fragmentation reduces market depth on each exchange, it also isolates cross-exchange price impacts, leading to more aggressive overall order submission and better rebalancing of unwanted positions across traders. Fragmentation also has implications for the extent to which prices reveal traders' private information. While a given exchange price is less informative in more fragmented markets, all exchange prices taken together are more informative. (JEL D47, D82, G14)

AbstractIt is widely accepted that fragmentation influences conflict processes in a profound way. Multi-party conflicts with several fronts are notoriously hard to resolve. However, there is no easily computable measure to approximate conflict fragmentation. In this article, we introduce the conflict fragmentation index (CFI), which is computed by adapting the Herfindahl–Hirschman index. The CFI considers the relative prominence of each dyadic-level conflict-fronts nested in the entire civil war. The relative prominence is approximated by using available information on conflict casualties. The CFI is time-variant and highly sensitive to battlefield dynamics. The flexibility of CFI can bring several advantages. Most notably, it is possible to calculate monthly or even daily measures of conflict fragmentation by taking state-based (government vs. NSA) as well as non-state based (NSA vs. NSA) conflicts into account. Overall, the CFI provides a theoretically-informed and easy to compute measure to approximate conflict fragmentation.

In its issue of July 1975, the International Review reprinted the substance of a circular letter sent to all governments inviting them to participate in the second session of the Conference of Government Experts on the Use of Certain Conventional Weapons at Lugano, 28 January to 26 February 1976.The letter gave the programme of the Conference, which will deal with incendiary weapons, small-calibre projectiles, delayed-action and treacherous weapons, blast and fragmentation weapons and other new weapons, continuing the work on conventional weapons which might cause unnecessary suffering or have indiscriminate effects.

The development of European Union law plays a fundamental role in the transformation of contract law in civil law systems. This article assesses these transformations of continental legal systems through the notion of juridical subject. It is argued that the evolution of a different conception and regulation of the juridical subject derives from a new conception of competition and of the market order, which involves a major transformation of the function of contract law and of the founding notions of this legal field. The transformations brought forth by a new conception of the market order and the development of the European Union are assessed on the basis of examples taken by French, German and Italian law. Just as the unity of the juridical subject and of the contract stemmed from a specific philosophical and economic approach, the same is true for the present fragmentation, which stems from a new understanding which challenges the foundations and the functions of private law.

THE RUSSIAN ELECTIONS OF DECEMBER 1993 WERE A FURTHER STEP IN RUSSIA'S TRANSITION FROM A FRAGILE, EMBRYONIC DEMOCRACY TO A CONDITION OF CHRONIC INSTABILITY AND AT LEAST PARTIAL DISINTEGRATION. THE ALREADY ADVANCED PROCESS OF GRADUAL COMING-APART-AT-THE-SEAMS WILL PROBABLY CONTINUE, TO BE FOLLOWED IN DUE COURSE BY DETERMINED EFFORTS TO REUNITE THE COUNTRY, MOST LIKELY LED BY THE FORCES OF MILITANT RUSSIAN NATIONALISM. THIS ARTICLE ARGUES THAT THE PROSPECTS FOR RUSSIAN DEMOCRACY APPEAR BLEAK.