Bank payouts divert cash to shareholders, while leaving behind riskier and less liquid assets to repay debt holders in the future. Bank payouts, therefore, constitute a type of risk-shifting that benefits equity holders at the expense of debt holders. In this paper, we provide insights on how incentives stemming from inside debt impact bank payout policy in a manner that protects debt holder in...

From the perspective of antitrust authorities, the multiplication of patents embodied in technology standards is a source of concerns. Certainly it is necessary and efficient that patents owners derive a revenue from the use of the standard. Yet by their function – ensuring compatibility between different products by promoting a common technology platform in a particular industry – standards ge...

This article analyses how and why the residents of Northwest Russia—holders users unified Schengen multiple-entry ‘C’ visas issued by state Finland—care for their balancing trips to Finland against wider Area, according rules that require such balancing. Applying concept productive work reproductive labour, drawing on in-depth interviews with visa-dependants in Russia, I show visa policies oper...

driver (Figure 1), is made from stainless steel and is used to hold a suturing needle during surgical procedures. To maintain a firm grip on the needle, the jaws have textured patterns either etched directly on the stainless steel or on a replaceable tungsten carbide insert, which grips the suture needle more precisely and wears out much slower than stainless steel. Needle holders with tungsten...

A broad competence is conferred upon judges in their capacity as public-office holders, including achieving the fair settlement of criminal and civil relationships solving disputes between private persons public authorities by way administrative proceedings. In administering justice, are officials who have a task to ensure that what today’s society understands trial. democratic world, right tri...