40 research outputs found
Drafting a composite indicator of validity for regulatory models and legal systems
The aim of this paper is to lay the groundwork for the creation of a composite indicator of the validity of regulatory systems. The composite nature of the indicator implies a) that its construction is embedded in the long-standing theoretical debate and framework of legal validity; b) that it formally contains other sub-indicators whose occurrence is essential to the determination of validity. The paper suggests, in other words, that validity is a second-degree property, i.e., one that occurs only once the justice, efficiency, effectiveness, and enforceability of the system have been checked
Balancing, Proportionality, and Constitutional Rights
In the theory and practice of constitutional adjudication, proportionality review plays a crucial role. At a theoretical level, it lies at core of the debate on rights adjudication; in judicial practice, it is a widespread decision-making model characterizing the action of constitutional, supra-national and international courts. Despite its circulation and centrality in contemporary legal discourse, proportionality in rights-adjudication is still extremely controversial. It raises normative questions—concerning its justification and limits—and descriptive questions—regarding its nature and distinctive features. The chapter addresses both orders of questions.
Part I centres on the justification of proportionality review, the connection between proportionality, balancing and theories of rights and the critical aspects of this connection.
Part II identifies and analyses the different forms of proportionality both in review, as a template for rights-adjudication, and of review, as a way of defining the scope and limits of adjudication
Functional analysis of the Agrobacterium tumefaciens octopine Ti-plasmid left and right T-region border fragments
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Time-Varying Integration of REITs with Stocks: A Kalman Filter Approach
This paper tests the level of market integration between Equity Real Estate Investment Trusts (REITs) and the stock market, using the Korajczyk (1996) market integration index and the Kalman filter methodology. The Kalman-filter technique is employed to capture the dynamic degree of integration between REITs and the stock market. The results show that REITs were highly integrated with the stock market throughout most of the sample period from 1984:1 to 2018:12. Nonetheless, the time varying market integration index displays a number of changes, which coincide with fluctuations in the legislation governing REITs and certain market and economic events. As a robustness check, we also compare the time varying market integration index of REITs with that displayed by Utilities. The results show that Utilities displayed a similar time varying market integration pattern to that of REITs and so indicates that the changes in market integration is not simply a REIT factor but a high yield sector phenomenon. Unlike REITs, from April 2011 Utilities became segmented from the stock market and remained so up to the end of the sample period, even though the static integration index suggested that utility stocks were integrated with the stock market over the whole sample period. Last, results show that the Kalman filter approach is more useful than static models when studying the integration process and so casts strong doubt on the validity of time invariant models to measure market integration