A Law and Economics Analysis of Trade Secrets: Optimal Scope of Law, Misappropriation and Alternative Damages Regimes

This thesis is primarily based on three core chapters, focused on the fundamental issues of trade secrets law. The goal of this thesis is to come up with policy recommendations to improve legal structure governing trade secrets. The focal points of this research are the following. What is the optimal scope of trade secrets law? How does it depend on the market characteristics such as degree of product differentiation between competing products? What factors need to be considered to balance the contradicting objectives of promoting innovation and knowledge diffusion? The second strand of this research focuses on the desirability of lost profits or unjust enrichment damage regimes in case of misappropriation of a trade secret. A comparison between these regimes is made and simple policy implications are extracted from the analysis. The last part of this research is an empirical analysis of a possible relationship between trade secrets sharing and misappropriation instances faced by firms.

Il conflitto fra trasparenza sui mercati finanziari ed esigenza di riservatezza della società

The thesis main topic is the conflict between disclosure in financial markets and the need for confidentiality of the firm. After a recognition of the major dynamics of information production and dissemination in the stock market, the analysis moves to the interactions between the information that a firm is tipically interested in keeping confidential, such as trade secrets or the data usually covered by patent protection, and the countervailing demand for disclosure arising from finacial markets. The analysis demonstrates that despite the seeming divergence between informational contents tipically disclosed to investors and information usually covered by intellectual property protection, the overlapping areas are nonetheless wide and the conflict between transparency in financial markets and the firm’s need for confidentiality arises frequently and sistematically. Indeed, the company’s disclosure policy is based on a continuous trade-off between the costs and the benefits related to the public dissemination of information. Such costs are mainly represented by the competitive harm caused by competitors’ access to sensitive data, while the benefits mainly refer to the lower cost of capital that the firm obtains as a consequence of more disclosure. Secrecy shields the value of costly produced information against third parties’ free riding and constitutes therefore a means to protect the firm’s incentives toward the production of new information and especially toward technological and business innovation. Excessively demanding standards of transparency in financial markets might hinder such set of incentives and thus jeopardize the dynamics of innovation production. Within Italian securities regulation, there are two sets of rules mostly relevant with respect to such an issue: the first one is the rule that mandates issuers to promptly disclose all price-sensitive information to the market on an ongoing basis; the second one is the duty to disclose in the prospectus all the information “necessary to enable investors to make an informed assessment” of the issuers’ financial and economic perspectives. Both rules impose high disclosure standards and have potentially unlimited scope. Yet, they have safe harbours aimed at protecting the issuer need for confidentiality. Despite the structural incompatibility between public dissemination of information and the firm’s need to keep certain data confidential, there are certain ways to convey information to the market while preserving at the same time the firm’s need for confidentality. Such means are insider trading and selective disclosure: both are based on mechanics whereby the process of price reaction to the new information takes place without any corresponding activity of public release of data. Therefore, they offer a solution to the conflict between disclosure and the need for confidentiality that enhances market efficiency and preserves at the same time the private set of incentives toward innovation.

La goutte et la feuille. Transfigurations de la beauté naturelle dans la littérature européenne: Chateaubriand, Hölderlin et Leopardi.

La goutte et la feuille . Transfigurations de la beauté naturelle dans la littérature européenne : Chateaubriand , Hölderlin et Leopardi . La thèse se présente comme une étude morphologique de l'esthétique de la nature à la fin de 18 ans. Siècle. Le dénominateur commun est une étude comparative des paradigmes scientifiques et des images symboliques utilisés dans la littérature européenne . Sous ce point de vue la thèse identifie les formes originaires de la goutte et de la feuille comme un point de contact entre des moments culturels distincts, même si entrelacés. Un passage particulièrement important du travail est l'analyse structurelle du paysage . Le paysage est le point culminant d'accès aux secrets de l'écriture romantique. Le paysage commence avec la représentation classique du jardin édénique et se termine avec la forêt exotique américaine. Celle-ci est décrite par Chateaubriand, en tant qu’objet d’une KOINONIE stylistique à l’immensité sublime du désert et l'océan . Hölderlin place avec la beauté naturelle devient une harmonie secrète et sombre dans l'inconscient symbolique de l'âme humaine . Leopardi est l'auteur du désenchantement , et pourtant il est encore capable de pressentir empathiquement la mesure de l’imagination envers la beauté naturelle. Avec Léopards , cependant, s’accomplit la séparation finale entre l’EPOS de la beauté naturelle et l’ETHOS de la nature . Cette dernière est une grandeur morale, et au fait elle représente le moment de la dissolution nihiliste, notamment magnitude de l’esthétique typiquement romantique . Après Chateaubriand , Leopardi , et Hölderlin beauté naturelle ne seront plus transfigurant .