When No Law is Better Than a Good Law*

DOI10.1093/ROF/RFP011MaRDI QIDQ3645206zbMATH OpenOpenAlexFDO

Authors Utpal Bhattacharya, Hazem Daouk

Publication date 16 November 2009

Published in Review of Finance (Search for Journal in Brave)

Full work available at URL https://ageconsearch.umn.edu/record/51184/files/WP%20Daouk%202009-24%20Bhattacharya%20_%20Daouk.pdf

zbMATH Keywords

insider tradingsecurities law

Mathematics Subject Classification ID

Applications of statistics to actuarial sciences and financial mathematics (62P05) Applications of statistics to economics (62P20) Economic models of real-world systems (e.g., electricity markets, etc.) (91B74) Statistical methods; risk measures (91G70)

Recommendations

• Laws are conditionals
• In favor of laws that are not \textit{ceteris paribus} after all
• Lawless order
• The quest for laws and structure
• The (non) economic properties of the law
• Probability in the law: a plea for not making do
• There is no such thing as a \textit{ceteris paribus} law

Cited in

(1)

• Breaking bad: malfunctioning control institutions erode good behavior in a cheating game

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