Keynote & Chapman Dialogue Address: Ex Ante Versus Ex Post Approaches to Financial Regulation

2011 ◽  
Author(s):  
Steven L. Schwarcz
Keyword(s):  
Financial Regulation ◽  
Ex Post ◽  
Ex Ante

Fiduciary Law and Financial Regulation

2019 ◽  
pp. 849-870
Author(s):  
Howell E. Jackson ◽  
Talia B. Gillis
Keyword(s):  
Financial Services ◽  
Financial Regulation ◽  
Legal Requirements ◽  
Fiduciary Duties ◽  
Rule Based ◽  
Financial Firms ◽  
Financial Regulations ◽  
Judicial Decisions ◽  
Ex Post ◽  
Ex Ante

This chapter explores the application of fiduciary duties to regulated financial firms and financial services. At first blush, the need for such a chapter might strike some as surprising in that fiduciary duties and systems of financial regulation can be conceptualized as governing distinctive and nonoverlapping spheres: fiduciary duties police private activity through open-ended, judicially defined standards imposed on an ex post basis, whereas financial regulations set largely mandatory, ex ante obligations for regulated entities under supervisory systems established in legislation and implemented through expert administrative agencies. Yet, as the chapter documents, fiduciary duties often do overlap with systems of financial regulation. In many regulatory contexts, fiduciary duties arise as a complement to, or sometimes substitute for, other mechanisms of financial regulation. Moreover, the interactions between fiduciary duties and systems of financial regulation generate a host of recurring and challenging interpretative issues. The chapter explores the reasons fiduciary duties arise so frequently in the field of financial regulation and provides a structured account of how the principles of fiduciary duties interact with the more rule-based legal requirements that characterize financial regulation. As grist for this undertaking the chapter focuses on a set of roughly two dozen judicial decisions and administrative rulings to illustrate its claims.

Let’s Talk: What FinReg Can Learn from New Governance (and Vice Versa)

2019 ◽  
Vol 44 (04) ◽  
pp. 1241-1250
Author(s):  
Kimberly D. Krawiec
Keyword(s):  
Civil Rights ◽  
Outcome Measures ◽  
Financial Institutions ◽  
Financial Regulation ◽  
New Governance ◽  
Ex Post ◽  
Ex Ante ◽  
The Law ◽  
Endogenous Process ◽  
Do So

Lauren Edelman’s Working Law: Courts, Corporation, and Symbolic Civil Rights (2016) is remarkably relevant to the study of financial regulation. In particular, three factors that Edelman identifies as contributing to legal endogeneity and symbolic compliance—ambiguous law, a lack of clear outcome measures, and the presence of legal intermediaries—are especially salient in this context. It has long been recognized that powerful financial institutions and the lawyers, lobbyists, and other agents who serve them have the ability to influence the law ex ante, through political lobbying. Edelman’s work reinforces the point that they may also do so ex post through an endogenous process of interpretation, implementation, and, ultimately, enshrinement of symbolic compliance with ambiguous law.

Ex-Ante and Ex-Post Performance of Optimal REIT Portfolios

CFA Digest ◽  
2003 ◽  
Vol 33 (3) ◽  
pp. 8-9
Author(s):  
Ann C. Logue
Keyword(s):  
Ex Post ◽  
Ex Ante

Erreurs de prévision ex ante et ex post

1993 ◽  
Vol 108 (2) ◽  
pp. 135-138
Author(s):  
Pierre Malgrange ◽  
Silvia Mira d'Ercole
Keyword(s):  
Ex Post ◽  
Ex Ante

Crime and Punishment

2017 ◽  
Author(s):  
Richard Adelstein
Keyword(s):  
Criminal Liability ◽  
Court Case ◽  
Efficient Allocation ◽  
Two Stage ◽  
Crime And Punishment ◽  
The Past ◽  
Ex Post ◽  
Ex Ante ◽  
Supreme Court Case

This chapter elaborates the operation of criminal liability by closely considering efficient crimes and the law’s stance toward them, shows how its commitment to proportional punishment prevents the probability scaling that systemically efficient allocation requires, and discusses the procedures that determine the actual liability prices imposed on offenders. Efficient crimes are effectively encouraged by proportional punishment, and their nature and implications are examined. But proportional punishment precludes probability scaling, and induces far more than the systemically efficient number of crimes. Liability prices that match the specific costs imposed by the offender at bar are sought through a two-stage procedure of legislative determination of punishment ranges ex ante and judicial determination of exact prices ex post, which creates a dilemma: whether to price crimes accurately in the past or deter them accurately in the future. An illustrative Supreme Court case bringing all these themes together is discussed in conclusion.

scholarly journals Going Beyond Panaceas: The Diversity of Land Observatory Forms in Africa

Land ◽  
2020 ◽  
Vol 9 (3) ◽  
pp. 70 ◽  
Author(s):  
Quentin Grislain ◽  
Jeremy Bourgoin ◽  
Ward Anseeuw ◽  
Perrine Burnod ◽  
Eva Hershaw ◽  
...  
Keyword(s):  
Decision Making ◽  
Participant Observation ◽  
Video Conferencing ◽  
Analytical Framework ◽  
Informed Decision ◽  
Informed Decision Making ◽  
Information Production ◽  
Dynamic Data ◽  
Ex Post ◽  
Ex Ante

In recent decades, mechanisms for observation and information production have proliferated in an attempt to meet the growing needs of stakeholders to access dynamic data for the purposes of informed decision-making. In the land sector, a growing number of land observatories are producing data and ensuring its transparency. We hypothesize that these structures are being developed in response to the need for information and knowledge, a need that is being driven by the scale and diversity of land issues. Based on the results of a study conducted on land observatories in Africa, this paper presents existing and past land observatories on the continent and proposes to assess their diversity through an analysis of core dimensions identified in the literature. The analytical framework was implemented through i) an analysis of existing literature on land observatories, ii) detailed assessments of land observatories based on semi-open interviews conducted via video conferencing, iii) fieldwork and visits to several observatories, and iv) participant observation through direct engagement and work at land observatories. We emphasize that the analytical framework presented here can be used as a tool by land observatories to undertake ex-post self-evaluations that take the observatory’s trajectory into account, or in the case of proposed new land observatories, to undertake ex-ante analyses and design the pathway towards the intended observatory.

scholarly journals Measurement of inequality of opportunity: A normative approach

2021 ◽  
Author(s):  
Kristof Bosmans ◽  
Z. Emel Öztürk
Keyword(s):  
Income Distribution ◽  
Social Welfare ◽  
Inequality Of Opportunity ◽  
Welfare Gain ◽  
Allocation Rules ◽  
Normative Approach ◽  
Ex Post ◽  
Ex Ante ◽  
Measurement Of Inequality

AbstractWe develop a normative approach to the measurement of inequality of opportunity. That is, we measure inequality of opportunity by the welfare gain obtained in moving from the actual income distribution to the optimal income distribution of the total available income. Our study brings together the main approaches in the literature: we axiomatically characterize social welfare functions, we obtain prominent allocation rules as their optima, and we derive familiar classes of inequality of opportunity measures. Our analysis captures moreover the key philosophical distinctions in the literature: ex post versus ex ante compensation, and liberal versus utilitarian reward.

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