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Frank H. Stephen

settlement was positively related to both the natural logarithm of the total value of the claim (including interest and expenses) and the logarithm of the total value of all payments made from the fund in the calendar year in which the claim was received;19 thirdly, the probability of a claim being rejected was positively related to the total value of claims made in the year in which the claim was received. Thus the outcomes of claims measured in different ways appear to be related to Fund characteristics at the time the claim was received and consequently outcomes may not

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Frank H. Stephen

Frank H. Stephen’s evaluation of public policy on the legal profession in UK and European jurisdictions explores how regulation and self-regulation have been liberalized over the past 30 years. The book surveys where the most recent and radical liberalization involving the ownership of law firms by non-lawyers is likely to lead, and appraises the economic literature on the costs and benefits of regulating markets for professional services. It challenges socio-legal views on professional legislation and highlights the limitations of regulatory competition, as well as the importance of dominant business models. The author reviews the empirical work underpinning these theories and policies. He also evaluates the effectiveness of regulatory competition as a response to regulatory capture.
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Killian J. McCarthy and Tao Zhu

borrowing more expensive, and lowers the rates of investment in property, while a rise in long-term interest rates suggests a positive outlook, rising property prices, and economic growth, and this attractiveness of current investment. Finally, we observe that the average income level is positively related with property sale, and that a 1 per cent rise in the former causes a 3.5 per cent expansion in the latter. This, again, is an intuitive finding, and taken together the results of Model 1 provides evidence in support of Hypothesis 1, on the natural and familiar

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Wilfred Dolfsma

but certainly not developing countries – it is under these circumstances that the general interest of the two groups of countries conflict.10 Pooling of patents may be efficient, but it certainly also constitutes an entry barrier and is disadvantageous for smaller firms (Lanjouw and Schankermann 2004).11 Litigation costs can be so inhibitive that individual and small firm patent holders strike a deal with a large firm that filed a suit even when on legal grounds they would have a strong case; listed firms have lower filing rates (Lanjouw and Schankermann 2004

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Government Failure

Society, Markets and Rules

Wilfred Dolfsma

This highly unique book takes a fundamental look at when and how a government can fail at its core responsibility of formulating rules. Government, representing society, relates to the economy by formulating the rules within which (market) players should operate. Although market and business failure are much discussed in the economics literature, government failure is often overlooked. This book addresses this gap, exploring in detail what constitutes government failure.