Remedy for Now but Prohibit for Tomorrow: The Deterrence Effects of Merger Policy Tools

Antitrust policy involves not just the regulation of anti-competitive behavior, but also an important deterrence effect. Neither scholars nor policymakers have fully researched the deterrence effects of merger policy tools, as they have been unable to empirically measure these effects. We consider the ability of different antitrust actions - Prohibitions, Remedies, and Monitorings - to deter firms from engaging in mergers. We employ cross-jurisdiction/pan-time data on merger policy to empirically estimate the impact of antitrust actions on future merger frequencies. We find merger prohibitions to lead to decreased merger notifications in subsequent periods, and remedies to weakly increase future merger notifications: in other words, prohibitions involve a deterrence effect but remedies do not. ZUSAMMENFASSUNG - (Auflagen heute, Untersagung morgen: Abschreckungswirkung von Wettbewerbs-intrumenten) Wettbewerbspolitik ist nicht nur Regulierung von wettbewerbsfeindlichem Verhalten, sondern hat auch eine wesentliche Abschreckungswirkung. Weder Wissenschaftler noch politische Entscheidungsträger haben die Abschreckungswirkung von Wettbewerbspolitik vollständig untersucht, da es sehr schwierig ist diese Wirkung empirisch nachzuweisen. Wir untersuchen die Wirkung verschiedener wettbewerbspolitischer Maßnahmen - Untersagung, Auflagen und Monitoring - um Unternehmen von Zusammenschlüssen abzuhalten. Wir nutzen einen Panel-Datensatz, um den Einfluss von Wettbewerbspolitik auf die künftige Anzahl von Firmenzusammenschlüssen zu bewerten. Wir zeigen, dass die Untersagung von Zusammenschlüssen die Fusionsankündigung in der Zukunft reduziert, und dass Fusionsauflagen künftige Ankündigungen schwach ansteigen lassen. Anders gesagt: Untersagungen haben eine führen zu Abschreckungswirkung, Auflagen nicht.merger policy tools, deterrence effects, cross-section/time-series data

Multiplication over Extension Fields for Pairing-based Cryptography: an Hardware Point of View

New Number Field Sieves (NFS) attacks on the discrete logarithm problem have led to increase the key size of pairing-based cryptography and more precisely pairings on most popular curves like BN. To ensure 128-bit security level, recent costs estimations recommand to switch for BLS24 curves. However, using BLS24 curves for pairing requires to have an efficient arithmetic in Fp4. In this paper, we transposed previous work on multiplication over extesnsion fields using Newton\u27s interpolation to construct a new formula for multiplication in Fp4 and propose time x area efficient hardware implementation of this operation. This co-processor is implemented on Kintex-7 Xilinx FPGA. The efficiency of our design in terms of time x area is almost 3 times better than previous specific architecture for multiplication in Fp4. Our architecture is used to estimate the efficiency of hardware implementations of full pairings on BLS12 and BLS24 curves with a 128-bit security level. This co-processeur can be easily modified to anticipate further curve changes

Efficient signature verification and key revocation using identity based cryptography

Cryptography deals with the development and evaluation of procedures for securing digital information. It is essential whenever multiple entities want to communicate safely. One task of cryptography concerns digital signatures and the verification of a signer’s legitimacy requires trustworthy authentication and authorization. This is achieved by deploying cryptographic keys. When dynamic membership behavior and identity theft come into play, revocation of keys has to be addressed. Additionally, in use cases with limited networking, computational, or storage resources, efficiency is a key requirement for any solution. In this work we present a solution for signature verification and key revocation in constraned environments, e.g., in the Internet of Things (IoT). Where other mechanisms generate expensive overheads, we achieve revocation through a single multicast message without significant computational or storage overhead. Exploiting Identity Based Cryptography (IBC) complements the approach with efficient creation and verification of signatures. Our solution offers a framework for transforming a suitable signature scheme to a so-called Key Updatable Signature Scheme (KUSS) in three steps. Each step defines mathematical conditions for transformation and precise security notions. Thereby, the framework allows a novel combination of efficient Identity Based Signature (IBS) schemes with revocation mechanisms originally designed for confidentiality in group communications. Practical applicability of our framework is demonstrated by transforming four well-established IBS schemes based on Elliptic Curve Cryptography (ECC). The security of the resulting group Identity Based Signature (gIBS) schemes is carefully analyzed with techniques of Provable Security. We design and implement a testbed for evaluating these kind of cryptographic schemes on different computing- and networking hardware, typical for constrained environments. Measurements on this testbed provide evidence that the transformations are practicable and efficient. The revocation complexity in turn is significantly reduced compared to existing solutions. Some of our new schemes even outperform the signing process of the widely used Elliptic Curve Digital Signature Algorithm (ECDSA). The presented transformations allow future application on schemes beyond IBS or ECC. This includes use cases dealing with Post-Quantum Cryptography, where the revocation efficiency is similarly relevant. Our work provides the basis for such solutions currently under investigation.Die Kryptographie ist ein Instrument der Informationssicherheit und beschäftigt sich mit der Entwicklung und Evaluierung von Algorithmen zur Sicherung digitaler Werte. Sie ist für die sichere Kommunikation zwischen mehreren Entitäten unerlässlich. Ein Bestandteil sind digitale Signaturen, für deren Erstellung man kryptographische Schlüssel benötigt. Bei der Verifikation muss zusätzlich die Authentizität und die Autorisierung des Unterzeichners gewährleistet werden. Dafür müssen Schlüssel vertrauensvoll verteilt und verwaltet werden. Wenn sie in Kommunikationssystemen mit häufig wechselnden Teilnehmern zum Einsatz kommen, müssen die Schlüssel auch widerruflich sein. In Anwendungsfällen mit eingeschränkter Netz-, Rechen- und Speicherkapazität ist die Effizienz ein wichtiges Kriterium. Diese Arbeit liefert ein Rahmenwerk, mit dem Schlüssel effizient widerrufen und Signaturen effizient verifiziert werden können. Dabei fokussieren wir uns auf Szenarien aus dem Bereich des Internets der Dinge (IoT, Internet of Things). Im Gegensatz zu anderen Lösungen ermöglicht unser Ansatz den Widerruf von Schlüsseln mit einer einzelnen Nachricht innerhalb einer Kommunikationsgruppe. Dabei fällt nur geringer zusätzlicher Rechen- oder Speicheraufwand an. Ferner vervollständigt die Verwendung von Identitätsbasierter Kryptographie (IBC, Identity Based Cryptography) unsere Lösung mit effizienter Erstellung und Verifikation der Signaturen. Hierfür liefert die Arbeit eine dreistufige mathematische Transformation von geeigneten Signaturverfahren zu sogenannten Key Updatable Signature Schemes (KUSS). Neben einer präzisen Definition der Sicherheitsziele werden für jeden Schritt mathematische Vorbedingungen zur Transformation festgelegt. Dies ermöglicht die innovative Kombination von Identitätsbasierten Signaturen (IBS, Identity Based Signature) mit effizienten und sicheren Mechanismen zum Schlüsselaustausch, die ursprünglich für vertrauliche Gruppenkommunikation entwickelt wurden. Wir zeigen die erfolgreiche Anwendung der Transformationen auf vier etablierten IBSVerfahren. Die ausschließliche Verwendung von Verfahren auf Basis der Elliptic Curve Cryptography (ECC) erlaubt es, den geringen Kapazitäten der Zielgeräte gerecht zu werden. Eine Analyse aller vier sogenannten group Identity Based Signature (gIBS) Verfahren mit Techniken aus dem Forschungsgebiet der Beweisbaren Sicherheit zeigt, dass die zuvor definierten Sicherheitsziele erreicht werden. Zur praktischen Evaluierung unserer und ähnlicher kryptographischer Verfahren wird in dieser Arbeit eine Testumgebung entwickelt und mit IoT-typischen Rechen- und Netzmodulen bestückt. Hierdurch zeigt sich sowohl die praktische Anwendbarkeit der Transformationen als auch eine deutliche Reduktion der Komplexität gegenüber anderen Lösungsansätzen. Einige der von uns vorgeschlagenen Verfahren unterbieten gar die Laufzeiten des meistgenutzten Elliptic Curve Digital Signature Algorithm (ECDSA) bei der Erstellung der Signaturen. Die Systematik der Lösung erlaubt prinzipiell auch die Transformation von Verfahren jenseits von IBS und ECC. Dadurch können auch Anwendungsfälle aus dem Bereich der Post-Quanten-Kryptographie von unseren Ergebnissen profitieren. Die vorliegende Arbeit liefert die nötigen Grundlagen für solche Erweiterungen, die aktuell diskutiert und entwickelt werden

Liquidity and Arbitrage in Options Markets: A SurvivalAnalysis Approach

This paper examines the determinants of the time it takes for an index options market to return to no arbitrage values after put-call parity deviations, using intraday transactions data from the French index options market. We employ survival analysis to characterize how limits to arbitrage influence the expected duration of arbitrage deviations. After controlling for conventional limits to arbitrage, we show that liquidity-linked variables are associated with a faster reversion of arbitrage profits. The introduction of an ETF also affects the survival rates of deviations but this impact essentially stems from the reduction in the level of potential arbitrage profits.Limits to arbitrage, liquidity, survival analysis, index options, ETFs

Contextual factors multiplex to control multisensory processes.

This study analyzed high-density event-related potentials (ERPs) within an electrical neuroimaging framework to provide insights regarding the interaction between multisensory processes and stimulus probabilities. Specifically, we identified the spatiotemporal brain mechanisms by which the proportion of temporally congruent and task-irrelevant auditory information influences stimulus processing during a visual duration discrimination task. The spatial position (top/bottom) of the visual stimulus was indicative of how frequently the visual and auditory stimuli would be congruent in their duration (i.e., context of congruence). Stronger influences of irrelevant sound were observed when contexts associated with a high proportion of auditory-visual congruence repeated and also when contexts associated with a low proportion of congruence switched. Context of congruence and context transition resulted in weaker brain responses at 228 to 257 ms poststimulus to conditions giving rise to larger behavioral cross-modal interactions. Importantly, a control oddball task revealed that both congruent and incongruent audiovisual stimuli triggered equivalent non-linear multisensory interactions when congruence was not a relevant dimension. Collectively, these results are well explained by statistical learning, which links a particular context (here: a spatial location) with a certain level of top-down attentional control that further modulates cross-modal interactions based on whether a particular context repeated or changed. The current findings shed new light on the importance of context-based control over multisensory processing, whose influences multiplex across finer and broader time scales

Optimal TNFS-secure pairings on elliptic curves with composite embedding degree

In this paper we present a comprehensive comparison between pairing-friendly elliptic curves, considering di erent curve forms and twists where possible. We de ne an additional measure of the e- ciency of a parametrized pairing-friendly family that takes into account the number eld sieve (NFS) attacks (unlike the -value). This measure includes an approximation of the security of the discrete logarithm problem in F pk , computed via the method of Barbulescu and Duquesne [4]. We compute the security of the families presented by Fotiadis and Konstantinou in [14], compute some new families, and compare the eciency of both of these with the (adjusted) BLS, KSS, and BN families, and with the new families of [20]. Finally, we recommend pairing-friendly elliptic curves for security levels 128 and 192

Efficient hash maps to G2 on BLS curves

When a pairing e:G1×G2→GT, on an elliptic curve E defined over a finite field Fq, is exploited for an identity-based protocol, there is often the need to hash binary strings into G1 and G2. Traditionally, if E admits a twist E~ of order d, then G1=E(Fq)∩E[r], where r is a prime integer, and G2=E~(Fqk/d)∩E~[r], where k is the embedding degree of E w.r.t. r. The standard approach for hashing into G2 is to map to a general point P∈E~(Fqk/d) and then multiply it by the cofactor c=#E~(Fqk/d)/r. Usually, the multiplication by c is computationally expensive. In order to speed up such a computation, two different methods—by Scott et al. (International conference on pairing-based cryptography. Springer, Berlin, pp 102–113, 2009) and by Fuentes-Castaneda et al. (International workshop on selected areas in cryptography)—have been proposed. In this paper we consider these two methods for BLS pairing-friendly curves having k∈{12,24,30,42,48}, providing efficiency comparisons. When k=42,48, the application of Fuentes et al. method requires expensive computations which were infeasible for the computational power at our disposal. For these cases, we propose hashing maps that we obtained following Fuentes et al. idea.publishedVersio

Efficient hash maps to G2 on BLS curves

When a pairing e:G1×G2→GT, on an elliptic curve E defined over a finite field Fq, is exploited for an identity-based protocol, there is often the need to hash binary strings into G1 and G2. Traditionally, if E admits a twist E~ of order d, then G1=E(Fq)∩E[r], where r is a prime integer, and G2=E~(Fqk/d)∩E~[r], where k is the embedding degree of E w.r.t. r. The standard approach for hashing into G2 is to map to a general point P∈E~(Fqk/d) and then multiply it by the cofactor c=#E~(Fqk/d)/r. Usually, the multiplication by c is computationally expensive. In order to speed up such a computation, two different methods—by Scott et al. (International conference on pairing-based cryptography. Springer, Berlin, pp 102–113, 2009) and by Fuentes-Castaneda et al. (International workshop on selected areas in cryptography)—have been proposed. In this paper we consider these two methods for BLS pairing-friendly curves having k∈{12,24,30,42,48}, providing efficiency comparisons. When k=42,48, the application of Fuentes et al. method requires expensive computations which were infeasible for the computational power at our disposal. For these cases, we propose hashing maps that we obtained following Fuentes et al. idea

Breaking the norm: An empirical investigation into the unraveling of good behavior

We present results from an artefactual field experiment conducted in rural Peru that considers how observing nonreciprocal behavior influences an individual's decision to reciprocate. Specifically, we consider the behavior of second movers in a trust game, assessing how their decision to reciprocate is influenced by the observed behavior of others and the extent to which their actions can be observed. In documenting how an external shock to the number observed not to reciprocate influences reciprocation, the paper endeavors to provide some insight into how reciprocity can unravel when individuals are learning behavior in a new market institution.artefactual field experiment, norms, nonreciprocal behavior, Trust, Markets, Institutions,