On the formation of Dodd-Frank Act derivatives regulations

Following the 2007-2009 financial crisis, governments around the world passed laws that marked the beginning of new period of enhanced regulation of the financial industry. These laws called for a myriad of new regulations, which in the U.S. are created through the so-called notice-and-comment process. Through examining the text documents generated through this process, we study the formation of regulations to gain insight into how new regulatory regimes are implemented following major laws like the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act. Due to the variety of constituent preferences and political pressures, we find evidence that the government implements rules strategically to extend the regulatory boundary by first pursuing procedural rules that establish how economic activities will be regulated, followed by specifying who is subject to the procedural requirements. Our findings together with the unique nature of the Dodd-Frank Act translate to a number of stylized facts that should guide development of formal models of the rule-making process.National Science Foundation Grant No. 163315

Ideas-driven endogenous growth and standard-essential patents

In this paper, we study the impact of standard-essential status for patents on production possibilities of the economy and long-term growth. As we show, the innovators’ risk of losing the standard-setting game ex-ante attenuates the anticipation of a larger market share. Moreover, when the discovery rate of new technologies is smaller than the discounting rate of the monopoly profits, standards and standard- essential patents tend to be growth-reducing, despite a conjectured positive contribution of standards to the marginal productivity of human capital. Market failures associated with patent abuse have been treated historically by various measures ranging from compulsory licensing to imposing reasonable and non-discriminatory (FRAND) pricing on essential technologies. We show that mandated compulsory licensing has a negative impact on long-term growth, while a voluntary FRAND pricing together with faster rates of follow-up innovations may be growth-enhancing

The flash crash: high-frequency trading in an electronic market

© 2017 the American Finance Association We study intraday market intermediation in an electronic market before and during a period of large and temporary selling pressure. On May 6, 2010, U.S. financial markets experienced a systemic intraday event—the Flash Crash—where a large automated selling program was rapidly executed in the E-mini S&P 500 stock index futures market. Using audit trail transaction-level data for the E-mini on May 6 and the previous three days, we find that the trading pattern of the most active nondesignated intraday intermediaries (classified as High-Frequency Traders) did not change when prices fell during the Flash Crash

Genetic programming optimization for a sentiment feedback strength based trading strategy

This study is motivated by the empirical findings that news and social me- dia Twitter messages (tweets) exhibit persistent predictive power on financial market movement. Based on the evidence that tweets are faster than news in revealing new market information, whereas news is regarded broadly a more reliable source of information than tweets, we propose a superior trading strat- egy based on the sentiment feedback strength between the news and tweets using generic programming optimization method. The key intuition behind this feedback strength based approach is that the joint momentum of the two sentiment series leads to significant market signals, which can be exploited to generate superior trading profits. With the trade-off between information speed and its reliability, this study aims to develop an optimal trading strategy us- ing investors' sentiment feedback strength with the objective to maximize risk adjusted return measured by the Sterling ratio. We find that the sentiment feed- back based strategies yield superior market returns with low maximum draw- down over the period from 2012 to 2015. In comparison, the strategies based on the sentiment feedback indicator generate over 14.7% Sterling ratio compared with 10.4% and 13.6% from the technical indicator-based strategies and the ba- sic buy-and-hold strategy respectively. After considering transaction costs, the sentiment indicator based strategy outperforms the technical indicator based strategy consistently. Backtesting shows that the advantage is statistically significant. The result suggests that the sentiment feedback indicator provides support in controlling loss with lower maximum drawdown

Trends of Marine Logistics Development in Greece on the Digital Revolution Era

The current article is devoted to the study of the legal nature of maritime logistics in the modern Greek Republic under the conditions of the digital revolution and economic integration. The relevance of the topic is due to the fact that shipping is one of the oldest types of transportation of goods and people, which still haven't lost their relevance in the XXI century, and currently this industry has received special attention. Maritime transport occupies an important place in the implementation of trade and economic relations. The branch of the law of the sea has repeatedly become the object of scientific research. The main function of transport is to provide services to the client through the use of the vehicle. The authors consider the historical development of the maritime branch of law in all the existence of the Greek state. Additionally, the author focuses on digital technologies that are beginning to be developed in the transport and maritime industry and considers the progress in the logistics sector, with regard to trade and transport in Greece

Пошук альтернативних оціночних критеріїв діяльності правоохоронних органів у боротьбі зі злочинністю

The authors have studied existing problems of using current and implemented the search of new evaluation criteria of the police activities while investigating and solving crimes in different periods of development of our country. It has been emphasized that the efficiency of the functioning of operating units of internal affairs agencies (National Police) directly depends not only on what tasks will be assigned to the relevant departments, but also on using the criteria that will evaluate the quality of work. Due to this fact, the system of evaluating the efficiency must be flexible and should be changed, as public safety and the effectiveness of law enforcement agencies depends on how the police work is estimated. The authors of the article have analyzed the methods of evaluation of the police operational units in various stages of the functioning, the influence of objective and subjective factors on its objectivity and accuracy, the search of new evaluation criteria. Based on available statistics for the period of 1960–2015 the authors made an attempt to identify issues related to the accounting of solved and unsolved crimes, have considered the feasibility of using these categories to measure the police activities and effectiveness of using new evaluation criteria that are based on the latest information technologies. The paper includes the system and structural analysis of indicators of solving crimes and other (alternative) criteria for the evaluation of internal affairs agencies’ activities on detection and investigation of crimes and selective comparison of existing criteria for evaluating the police work of some EU countries. The relevance of this paper during the reform period of law enforcement system is due to its focus on the optimization of the activities of the units of the National Police of Ukraine on detection and investigation of crimes, on the implementation of new evaluation criteria in practice, first of all using public opinion poll that will quickly take necessary management decisions.Досліджено проблеми використання та здійснено пошук оціночних критеріїв діяльності органів внутрішніх справ при розслідуванні та розкритті злочинів у різні періоди розвитку української держави. На підставі наявних статистичних показників за період 1960–2015 років здійснено спробу виявити наявні проблеми в діяльності органів поліції у цьому напрямку. Робота містить системно-структурний аналіз показників розкриття злочинів та критерії оцінки роботи органів поліції окремих країн

OXIDATIVE STRESS AND MALE FERTILITY: MODERN VIEW ON THE PROBLEM

Presently, the expressed tendency to deterioration in parameters of semen is noted in the world, at the same time both the quantity of spermatozoa, and their functional properties decrease. The spermatogenesis is a difficult, extremely sensible process of cellular differentiation; the different systems of organism participate in its adjusting. Violations in any links affect the process of spermatogenesis, and finally, affects parameters of semen. This systematic review of the literature analyses recent publications concerning studies of oxidative stress influencing male fertility. The oxidative stress - the very widespread version of pathology, which accompanies and/or is one of key mechanisms in development of many types of reproductive disorders in men. There are three main mechanisms of impaired fertile function of men in the development of oxidative stress: reducing sperm motility, violation of ability of spermatozoa to penetrate into oocyte and spermatozoa DNA damage. The factors promoting its development are numerous: environmental pollution, life style, addictions, stress, diabetes, and varicocele; however, the most frequent reason of development of oxidative stress in reproductive system of men are infectious and inflammatory diseases and antispermal autoimmune processes in a man's urogenital tract. Considering possible participation of free-radical processes in patospermia development, it is worthwhile to use antioxidants in all cases of the man's infertility connected with oxidative stress

Customs Control in the Eurasian Economic Union and the European Union: the Comparative Analysis

The study of the Institute of Customs Control is part of international integration processes. Under the rapidly changing international world facts, the international trade turnover in some directions is decreasing, and in others it is increasing at times, which affects the economy of all countries, their compliance with modern trends, part of all these processes is customs control, as one of the types of control at the state border, requiring the national security of states. The article compares the institute of customs control in the EAEU and the EU. On this basis, a comparison is made according to a number of criteria and key features. The legal regime of goods under customs control, its beginning, completion and correlation with other customs institutions are investigated. The general competence of customs authorities in the field of customs control is commented on. The circumstances of the goods being under customs control in accordance with the legislation of the EAEU and the EU on customs regulation are analyzed. As a result of comparing the institute of customs control in the EAEU and the EU, both similar and different features were identified. The comparison showed a mixed picture, since the two associations are at different stages of political and economic development, and are also characterized by different historical and geographical features.Aim. Study of the main criteria of the Customs Control Institute in the Eurasian Economic Union and the European Union.Tasks. Characteristics of the economic unions of the EAEU and the EU, as well as the study of forms of customs control in the EAEU and disclosure of customs control in the EU.Methods. Comparative legal analysis of international, supranational and customs law, as well as the study and analysis of popular science literature, description and generalization of the material in the process of research.Results. The protection of the security of the State is directly related to economic activity, namely, with the constantly flowing and increasing pace of international trade. States, uniting in unions, form a single legal field in which they create a regulatory framework. The EU introduced the institute of customs control earlier than the EAEU, since the EAEU relied on European experience when creating legislation regulating the customs area. With this in mind, this institute has similar goals and elements of the purpose of its conduct and holding.Conclusion. Actively developing integration processes lead to an increase in world trade turnover and increased control at interstate borders. Every state, and with it the unions, strive for safe and fast trade. Many elements become such tools, one of them is customs control. An institution that  controls the legality, security and mutual cooperation of customs authorities and participants in foreign economic activity

Neurogenic Bladder Dysfunction in Cancer Patients after Operations on the Pelvic Organs

The review is devoted to the generalization and analysis of domestic and foreign works describing the mechanism of development of neurogenic dysfunction of the bladder after surgery on the pelvic organs in cancer patients. All modern authors agree that the cause of these disorders is trauma of the pelvic nerves and interruption of the reflex arc. Unfortunately, when removing malignant tumors of the pelvic organs, urological complications are difficult and often impossible to avoid. This is due to the complex neuroanatomy of the bladder, its proximity to the rectum, the uterus, as well as the volume and radicality of cancer operations. The article shows that if the parasympathetic ganglia are damaged, there is a violation of the evacuation function of the bladder and a weakening or absence of the urge to urinate. If the sympathetic nervous system is damaged in isolation, on the contrary, an increase in the detrusor tone, intravesical pressure and a decrease in the capacity of the bladder is observed, which is in conditions of low bladder sphincter tone causes imperative urges, frequent urination and incontinence. Prior radiation therapy also affects the development of urological complications. Postradiated soft tissue changes, ischemia, fibrosis lead to great technical difficulties during surgery. In addition, factors that are important in the development of pelvic disorders in this category of patients include urinary system diseases and metabolic – endocrine disorders in case history