The AstraZeneca Case. Research Papers in Law, 4/2007

Introduction. On June 2005, after a five year investigation, the Commission imposed a 60 millions euros fine on AstraZeneca (hereinafter AZ) for having abused its dominant position in several Member States in the market for proton-pump inhibitors (PPI)2. It was alleged that AZ misused the patent system and procedures for marketing pharmaceuticals to block or delay the entry of generic competitors and parallel traders to its ulcer drug Losec3. This decision is a seminal one. The political and legal importance of the CFI judgment that will review the case (and the ECJ appeal that is likely to follow) cannot be understated. On the one hand the incentive to innovate and to undertake R&D is at stake, on the other, the uncertain boundaries between competition and intellectual property law should once again be explored. In contrast to the US, where many cases concerning the abuse of regulatory and governmental procedures have already been dealt with competition authorities and courts, it is the first time in Europe that such conduct is subject to scrutiny through an anti-trust lens. Moreover, following the appeal brought by AZ against the Commission decision, the CFI will be confronted for the first time with an abuse of a dominant position in the pharmaceutical sector, which explains why this judgment is eagerly anticipated4.

Economic Incentives for Indirect TTIP Spillovers. CEPS Special Report No. 94/October 2014 [TTIP Series No. 2]

A deep, comprehensive and ambitious TTIP should not undermine or otherwise negatively affect the WTO and its signatories. Among other things, this means that trade diversion ought to be minimised and positive spillovers stimulated. The present CEPS Special Report provides some elementary quantification, which helps to understand the economic incentives for third countries to seek regulatory alignment with TTIP results, where relevant, and for which TTIP should be ‘open’. It focuses on ‘indirect’ spillovers and employs a rather aggregate economic approach. We find that, of three groups of countries that are important for trade with the EU and the US, the ‘closest’ neighbours (NAFTA, EEA, Switzerland and Turkey) exhibit powerful incentives to align so as to benefit from positive spillovers. This is less clear for two other groups. Of the (seven) ‘biggest traders’ (in manufactured goods, for which spillovers matter most), China turns out to have the greatest interest in alignment in selected sectors, followed by Israel, Japan and South Korea. Whereas the latter three either have or are negotiating FTAs with the US and the EU, precisely China has none and remains outside TPP as well. In terms of sectors, the chemical sector followed by electronic equipment are by far the most important, with agro-products and fish as a good third (SPS issues). However, in chemicals and electrical equipment, the TTIP negotiations so far, and recent US/EU regulatory cooperation, do not indicate an ambitious approach, which could reduce regulatory barriers to market access drastically.

Mutual recognition in goods and services: an economic perspective. Bruges European Economic Policy (BEEP) Briefing 2/2002

Mutual recognition is a remarkable innovation facilitating economic intercourse across borders. In the EU's internal goods market it has been helpful in tackling or avoiding the remaining obstacles, namely, regulatory barriers between Member States. However, there is a curious paradox. Despite the almost universal acclaim of the great merits of mutual recognition the principle has, in and by itself, contributed only modestly to the actual realisation of free movement in the single market. It is also surprising that economists have not or hardly underpinned their widespread appreciation for the principle by providing rigorous analysis which could substantiate the case for mutual recognition for policy makers. Business in Europe has shown a sense of disenc hantment with the principle because of the many costs and uncertainties in its application in actual practice. The purpose of the present paper is to provide the economic and strategic arguments for employing mutual recognition much more systematically in the single market for goods and services. The strategic and the "welfare" gains are analysed and adetailed exposition of the fairly high information , transaction and compliance costs is provided. The information costs derive from the fact that mutual recognition remains a distant abstraction for day-to-day business life. Understandably, verifying the "equivalence" of objectives of health and safety between Member States is perceived as difficult and uncertain. This sentiment is exacerbated by the complications of interpreting the equivalence of "effects". In actual practice, these abstractions are expected to override clear and specific national product or services rules, which local inspectors or traders may find problematic without guidance. The paper enumerates several other costs including, inter alia, the absence of sectoral rule books and the next-to-prohibitive costs of monitoring of the application of the principle. The basic problems in applying mutual recognition in the entire array of services are inspected, showing why the principle can only be used in a limited number of services markets and even there it may contribute only modestly to genuine free movement and competitive exposure. A special section is devoted to a range of practical illustrations of the difficulties business experiences when relying on mutual recognition. Finally, the corollary of mutual recognition - regulatory competition - is discussed in terms of a cost/benefits analysis compared to what is often said to be the alternative , that is "harmonisation" , in EU parlance the "new approach" to approximation. The conclusion is that the manifold benefits of mutual recognition for Europe are too great to allow the present ambiguities to continue. The Union needs much more pro-active approaches to reduce the costs of mutual recognition as well as permanent monitoring structures for its application to services (analogous to those already successfully functioning in goods markets). Above all, what is required is a "mutual recognition culture" so that the EU can better enjoy the fruits of its own regulatory ingenuity.

EU-Iran Relations after the Nuclear Deal.

The signing of the Joint Comprehensive Plan of Action between Iran and global powers in July 2015 was a major turning point in the emerging strategic landscape of the Middle East. The ‘nuclear deal’ led to the lifting by the EU and the US of nuclear-related sanctions, and is now operational. Other sanctions remain in place, however. Nevertheless, unhindered by US competition, European trade delegations have entered into a latter-day gold rush, led by the promise of the biggest untapped market in the world. As such, the EU has both an opportunity and a responsibility to help Iran reintegrate properly into the international system. But, in the face of an opaque clerical regime that relies on internal repression and military business conglomerates, Europe stands to lose if it continues to pursue its uncalculated and uncoordinated approach towards the Islamic Republic. This report offers recommendations to guide the EU towards a comprehensive EU strategy for relations with Iran. It maintains that there is no other option but to keep universal values and the rule of law at the core of the emerging bilateral relationship. In fact, the protection of the economic rights of European traders and investors allows the EU to push for wider reforms and the normalisation of relations.

A question of segregation: ‘ GM - free’ maize bread in Portugal

We describe the maize supply chain in Portugal for maize bread, a traditional bread type. As this bread is not labelled as ‘contains genetically modified organisms’ it should not contain more than 0.9 per cent genetically modified ingredients. On the basis of interviews we identify a general lack of documentation of the presence or absence of genetically modified ingredients along the complete supply chain (farmers, traders, mills and bakeries). Part of this deficiency is probably driven by a lack of awareness of the labelling rules at the end of the supply chain.

Mass and class; a survey of social divisions,

Preface.--The lesson from history.--Classes and the class struggle.--Classes and class functions.--Class ethics.--Ethics of the producers.--Ethics of the traders.--The reign of graft.--The failure of the trading class.--Index.

Webster on the currency. : Speech of Hon. Daniel Webster, at the merchants' meeting, in Wall Street, New York, on Monday, September 28, 1840. /

"Officers of the meeting."--Page [24].

Works of Jules Verne /

v. 9. Off on a comet. The underground city.--v. 10. Dick Sands: A captain at fifteen. The dark continent. Measuring a meridian.--v. 11. The five hundred millions of the begum. The tribulations of a Chinaman in China. The giant raft: Eight hundred leagues on the Amazon.--v. 12. The giant raft: The cryptogram. The steam house: The demon of Cawnpore. Tigers and traitors.--v. 13. The Robinson Crusoe school. The star of the south. Purchase of the North pole.--v. 14. Robur the conqueror. The master of the world. The sphinx of ice.--v. 15. The exploration of the world: The world outlined. Seekers and traders. Scientific exploration.

A note on execution costs for stock index futures: Information versus liquidity effects

This paper examines execution costs and the impact of trade size for stock index futures using price-volume transaction data from the London International Financial Futures and Options Exchange. Consistent with Subrahmanyam [Rev. Financ. Stud. 4 (1991) 11] we find that effective half spreads in the stock index futures market are small compared to stock markets, and that trades in stock index futures have only a small permanent price impact. This result is important as it helps to better understand the success of equity index products such as index futures and Exchange Traded Funds. We also find that there is no asymmetry in the post-trade price reaction between purchases and sales for stock index futures across various trade sizes. This result is consistent with the conjecture in Chan and Lakonishok [J. Financ. Econ. 33 (1993) 173] that the asymmetry surrounding block trades in stock markets is due to the high cost of short selling and the general reluctance of traders to short sell on stock markets. (C) 2004 Elsevier B.V. All rights reserved.

Noise trader risk and the welfare effects of privatization

Excessive volatility of asset prices like that generated in the 'noise trader' model of De Long et al. is one factor that plausibly might contribute to an explanation of the equity premium. We extend the De Long et al. model to allow for privatization of publicly-owned assets and assess the welfare effects of such privatization in the presence of excess volatility arising from noise traders' mistaken beliefs.

System for foreign exchange trading using genetic algorithms and reinforcement learning

Foreign exchange trading has emerged recently as a significant activity in many countries. As with most forms of trading, the activity is influenced by many random parameters so that the creation of a system that effectively emulates the trading process will be very helpful. A major issue for traders in the deregulated Foreign Exchange Market is when to sell and when to buy a particular currency in order to maximize profit. This paper presents novel trading strategies based on the machine learning methods of genetic algorithms and reinforcement learning.

'Seeing the market': Technical analysis in trading styles

Whilst financial markets are not strangers to academic and professional scrutiny, they still remain epistemologically contested. For individuals trying to profit by trading shares, this uncertainty is manifested in the varying trading styles which they are able to utilize. This paper examines one trading style commonly used by non-professional share traders-technical analysis. Using research data obtained from individuals who identify themselves as technical analysts, this paper seeks to explain the ways in which individuals understand and use the technique in an attempt to make trading profits. In particular, four distinct subcategories or ideal types of technical analysis can be identified, each providing an alternative perceptual form for participating in financial markets. Each of these types relies upon a particular method for seeing the market, these visualization techniques highlighting the existence of forms of professional vision (as originally identified by Goodwin (1994)) in the way the trading styles are comprehended and acted upon.

Husbandry and trade of indigenous chickens in Myanmar - results of a participatory rural appraisal in the Yangon and the Mandalay divisions

There is a variety of professions working with village chickens in developing countries, including farmers, veterinarians and chicken traders. People from all these occupations were involved in a participatory rural appraisal to investigate husbandry practices and trade of village chickens in Myanmar. Data were collected in two climatically different regions of the country, in the Yangon and in the Mandalay divisions. The breeding and training of fighting cocks was practised only in the Mandalay division, with well-trained birds sold for very high prices. Apart from this, chickens were raised in both regions mainly for small disposable income and were generally sold when money was needed, in particular during religious festivals. Chicken traders on bicycles, often called 'middle men', usually purchase birds from farmers in about 10 villages per day. Several 'middle men' supply birds to wealthier chicken merchants, who sell these birds at larger chicken markets. There is in general limited knowledge among farmers about the prevention of Newcastle disease via vaccination. Commercial indigenous chicken production is practised in Myanmar, but family poultry farming dominates indigenous chicken production in the country.

Compositional analysis of teas from Australian supermarkets

Caffeine, total amino acids, water extract and moisture content are considered to be quality indicators for leaf teas and teabags. These analyses were examined in 20 leaf teas and 36 teabags sampled from Australian supermarkets. About 70% of the analysed samples showed a moisture content higher than Vie maximum accepted level, 6.5%, for tea storage and marketing by the tea industries and traders. Water appropriate extract of 15 samples out of 36 teabags was lower than that of the teas without teabags, which indicates that the quality of the paper used for teabags needs to be evaluated. Moreover, one of the black leaf tea samples was found to have a water extract below the lower limit of international standards. Four green and black teas of the same brand, claimed to contain less than 3% caffeine, were found to have 3-4%, the same as the other samples analysed in this study. The mean total contents of amino acids were 2.50% and 1.76% in black leaf teas and the teabags, respectively, whereas they were 3.44% and 2.28% in green leaf teas and the teabags, respectively. Furthermore, the weights of 28 teabags out of 36 samples were found to lie outside of the proposed +/- 2% variation accepted by the tea industries and traders, and 4 samples showed even larger variation, 10% being out of the proposed weights. This investigation also showed that the solubility of caffeine and water extract was affected by the permeability of teabags, whereas total amino acids were very variable. These results suggest that an efficient and practical quality control system for both imported and Australian-made teas in the Australian supermarkets should be developed, implemented and enforced. Chemical analysis should be a part of the system for establishing an objective assessment for the quality control. (c) 2004 Elsevier Ltd. All rights reserved.

GESTÃO DO CONHECIMENTO EM ARRANJOS PRODUTIVOS LOCAIS ESTUDO DE CASO DO PÓLO BRASILEIRO DE COSMÉTICO EM DIADEMA

Esta pesquisa apresenta um estudo de caso cujo objetivo é analisar se arranjos produtivos locais realizam a prática da gestão do conhecimento. A pesquisa foi realizada junto ao Pólo Brasileiro de Cosmético em Diadema, organização sem fins lucrativos, que articula as ações de micro, pequenas e médias empresas organizadas em fabricantes de cosméticos, produtores de bens e serviços, fornecedores de matéria-prima, prestadores de consultoria, comercializadores, clientes e parceiros. Para atender ao objetivo proposto recorreu-se a recursos quantitativo e qualitativo, com a utilização de formulários eletrônicos estruturados, disponibilizados na internet e técnicas da observação participante, envolvendo visitas previamente agendadas ao Pólo de Cosmético. O material de análise utilizou a pesquisa bibliográfica sobre arranjo produtivo local e gestão do conhecimento, caracterização da região do grande ABC e da cidade de Diadema, dados oficiais, políticas governamentais e entrevistas com o corpo diretivo do Pólo. Foi aplicado o instrumento de Terra (2005) que a partir de sete dimensões (estratégia e alta administração, sistemas de informação e comunicação, cultura organizacional, organização e processos de trabalho, políticas e práticas para a administração de recursos humanos e mensuração de resultados), avaliou se as organizações do arranjo produtivo realizam a prática da gestão do conhecimento. Os resultados obtidos apontaram a existência de práticas de gestão do conhecimento, com índices acima da média, convergindo para o entendimento de que se trata de um processo de gestão empresarial, além de confirmar, a partir de um sistema de intercâmbio social a origem do Pólo e seu desenvolvimento.(AU)