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Abstract

Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and judicial decisions that contain 2,041 quantitative estimates of overcharges of hard-core cartels. The primary findings are: (1) the median average long-run overcharge for all types of cartels over all time periods is 23.0%; (2) the mean average is at least 49%; (3) overcharges reached their zenith in 1891–1945 and have trended downward ever since; (4) 6% of the cartel episodes are zero; (5) median overcharges of international-membership cartels are 38% higher than those of domestic cartels; (6) convicted cartels are on average 19% more effective at raising prices as unpunished cartels; (7) bid-rigging conduct displays 25% lower markups than price-fixing cartels; (8) contemporary cartels targeted by class actions have higher overcharges; and (9) when cartels operate at peak effectiveness, price changes are 60–80% higher than the whole episode. Historical penalty guidelines aimed at optimally deterring cartels are likely to be too low.

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The Law and Economics of Class Actions
Type: Book
ISBN: 978-1-78350-951-5

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Article
Publication date: 1 April 1985

J.R. Carby‐Hall

It will be recalled that the last monograph treated the significance of the collective agreement in society. If solely a function in society, (though having a legal…

Abstract

It will be recalled that the last monograph treated the significance of the collective agreement in society. If solely a function in society, (though having a legal basis), were to be attributed to the collective agreement, this would mean that no rights or obligations whatsoever would be created between the parties to it. This is not so in practice. It is of course a fact that no legally enforceable rights and obligations normally accrue, and as already indicated, those are moral ones and are only enforceable in honour, i.e. a gentleman's agreement. Nevertheless, this does not necessarily mean that the collective agreement has no juridical significance. Even agreements which are binding in honour only, as for example the kind of agreement found in Balfour v. Balfour, have a known juridical nature. Furthermore, though the collective agreement is only binding in honour, its incorporation into the individual contract of employment makes its terms legally enforceable even though recourse to the courts is seldom had. As a source of rights and obligations of considerable importance the collective agreement must therefore have some juridical significance and cannot remain entirely in the realms of society.

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Managerial Law, vol. 27 no. 4
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and…

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2579

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

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Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 January 1979

In order to succeed in an action under the Equal Pay Act 1970, should the woman and the man be employed by the same employer on like work at the same time or would the…

Abstract

In order to succeed in an action under the Equal Pay Act 1970, should the woman and the man be employed by the same employer on like work at the same time or would the woman still be covered by the Act if she were employed on like work in succession to the man? This is the question which had to be solved in Macarthys Ltd v. Smith. Unfortunately it was not. Their Lordships interpreted the relevant section in different ways and since Article 119 of the Treaty of Rome was also subject to different interpretations, the case has been referred to the European Court of Justice.

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Managerial Law, vol. 22 no. 1
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 April 1986

J.R. Carby‐Hall

Phillips, J. has drawn the distinction between wrongful dismissal at common law and unfair dismissal under statute. He points out the considerable difference which exists…

Abstract

Phillips, J. has drawn the distinction between wrongful dismissal at common law and unfair dismissal under statute. He points out the considerable difference which exists between the position at common law and the position under statute. “The common law” he says “is concerned merely with the contractual relationship between the parties, whereas a complaint of unfair dismissal…is concerned with the statutory right of an employee not to be unfairly dismissed.” There thus exists a fundamental difference between the two concepts, both of which are in their different circumstances important. In this monograph, it is proposed to treat the common law of wrongful dismissal. Statutory unfair dismissal will be the subject of discussion in a future monograph.

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Managerial Law, vol. 28 no. 4
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 December 2003

Jo Carby‐Hall

Proposes to treat social law contracts by covering the two most important aspects of the contract of employment, and also the collective agreement. Covers the contract of…

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2588

Abstract

Proposes to treat social law contracts by covering the two most important aspects of the contract of employment, and also the collective agreement. Covers the contract of employment in full with all the integral laws explained as required, including its characteristics, written particulars, sources or regulations, with regard to employers, are also covered. Lengthy coverage of the collective agreement is also included, showing legal as well as moral (!) requirements, also included are cases in law that are covered in depth.

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Managerial Law, vol. 45 no. 3/4
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 May 1987

Geraint G. Howells

The four sections to this article have distinct but inter‐related objectives. Part I introduces the concepts, problems and tensions central to an understanding of the…

Abstract

The four sections to this article have distinct but inter‐related objectives. Part I introduces the concepts, problems and tensions central to an understanding of the product liability debate. These issues recur throughout the article. Part II outlines the development of product liability law in Europe and assesses the impact of the European Directive on Product Liability. The “product liability crisis” in the United States is discussed in Part III, which looks at the law's development and proposals for reform. In Part IV the United States and European positions are compared and the case is made out for a global uniform product liability law which recognises the social responsibility of the producer towards those injured by his products.

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Managerial Law, vol. 29 no. 5/6
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 April 1999

Jo Carby‐Hall

Discusses the transfer of undertakings in the UK, referring to the Transfer of Undertakings (Protection of Employment) Regulations of 1981, the Employment Rights Act 1996…

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2837

Abstract

Discusses the transfer of undertakings in the UK, referring to the Transfer of Undertakings (Protection of Employment) Regulations of 1981, the Employment Rights Act 1996, and the Acquired Rights Directive 1977. Provides the raison d’etre of the Acquired Rights Directive and outlines how it was implemented in the UK. Talks about the confusing jurisprudence of the European and British courts, mentioning the European Court of Justice’s challenges to the directive, the 1994 proposals, amended 1997 proposals, the Commission’s memorandum of 1997 and the UK government’s consultation papers. Describes how the European Directive is applied and interpreted in relation to the Acquired Rights Directive and transfer of undertakings. Outlines the regulations controlling compulsory competitive tendering. Points out the obligation to inform and consult on the transfer of an undertaking and how the directive is enforced if this fails to occur. Notes the effect a relevant transfer has on existing collective agreements and the legal implications of dismissing employees by reason of the relevant transfer. Looks at the European Commission’s proposal for a directive on safeguarding employees’ rights in the event of transfer and the implications that would have on UK business. Concludes that a new directive is needed, building on the 1977 Directive but ironing out its inconsistencies.

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Managerial Law, vol. 41 no. 2
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 February 1988

Jo Carby‐Hall

The original legislation which introduced the redundancy payments scheme was the Redundancy Payments Act 1965. This was the first of the substantive statutory individual…

Abstract

The original legislation which introduced the redundancy payments scheme was the Redundancy Payments Act 1965. This was the first of the substantive statutory individual employment rights given to an employee; other individual employment rights, as for example, the right not to be unfairly dismissed, followed some years later. The Redundancy Payments Act 1965 has been repealed and the provisions on redundancy are now to be found in the Employment Protection (Consolidation) Act 1978.

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Managerial Law, vol. 30 no. 2/3
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 January 1989

J.R. Carby‐Hall

One of the common law duties owed by the employer is his duty to take reasonable care for the safety of his employee. This common law duty is an implied term in the…

Abstract

One of the common law duties owed by the employer is his duty to take reasonable care for the safety of his employee. This common law duty is an implied term in the contract of employment and is therefore contractual in nature. Because of the difficulties which may arise in bringing an action in contract for breach of the employer's duty of care, the employee who has sustained injuries during the course of his employment (although he may sue either in contract of tort will normally bring a tort action.

Details

Managerial Law, vol. 31 no. 1/2
Type: Research Article
ISSN: 0309-0558

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