法律翻译 |《法与经济学杂志》第62卷第1期

译者 | 李心烨 中国人民大学 本科

审稿 | 富扬 北京师范大学法律硕士

         TYQ 外交学院国际法学硕士

编辑 | 余卓妍 西安交通大学 本科

责编 | 扎恩哈尔·阿黑哈提 新疆农业大学 本科‍‍‍‍

With a Little Help from My Friends: The Effects of Good Samaritan and Naloxone Access Laws on Opioid-Related Deaths

在朋友的援助下：好撒玛利亚人法案与纳洛酮获取法案对服用鸦片类药物死亡率的影响

Daniel I. Rees, Joseph J. Sabia, Laura M. Argys, Dhaval Dave, and Joshua Latshaw

In an effort to address the opioid epidemic, a majority of states recently passed some version of a Good Samaritan law (GSL) and/or a naloxone access law (NAL).  Good Samaritan laws provide immunity from prosecution for drug possession to anyone who seeks medical assistance in the event of a drug overdose; NALs allow laypersons to administer naloxone, which temporarily counteracts the effects of an opioid overdose. Using data from the National Vital Statistics System multiple-cause-of-death mortality files for 1999–2014, this study is the first to examine the effects of these laws on overdose deaths involving opioids. The estimated effects of GSLs on opioid-related mortality are consistently negative but not statistically significant. Adoption of an NAL is associated with a statistically significant 9–10 percent reduction in opioid-related mortality, although the negative association between NALs and opioid-related mortality appears to be driven by early adopters—states that passed legislation before 2011.

近日，为处理鸦片类药物的泛滥的问题，多数州同时或单独通过了不同版本的好撒玛利亚人法案（GSL）和纳洛酮获取法案（NAL）。好撒玛利亚人法案规定，对于药物成瘾者，只要寻求医疗救助，即可免受非法持有毒品罪的起诉；纳洛酮获取法案（NAL）则允许非专业人员管理纳洛酮，暂时限制了鸦片类药物的滥用。通过对国家生命统计系统中1999年至2014年间的多死因死亡档案的数据进行分析，本研究首次发现了两类法律对包括鸦片类药物在内的服药过量死亡的影响。GSL的实施减少了服用鸦片类药物死亡率，但效果在统计学上并不显著。NAL的实施使得服用鸦片类药物死亡率显著降低了9到10个百分点，虽然这一负相关效果可能是早期通过法案的州所推动的，即那些2011年之前通过法案的州。

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Trade Openness and Antitrust Law

贸易开放与反垄断法

Anu Bradford and Adam S. Chilton

Openness to international trade and adoption of antitrust laws can both curb anticompetitive behavior. But scholars have long debated the relationship between the two. Some argue that greater openness to trade makes antitrust laws unnecessary, while others contend that antitrust laws are still needed to realize the benefits of trade liberalization. Limitations of data have made this debate largely theoretical to date. We study the relationship between trade and antitrust regimes empirically using new data on antitrust laws and enforcement activities. We find that openness to trade and stringency of antitrust laws are positively correlated from 1950 to 2010 overall, but the positive correlation disappears in the early 1990s as a large number of countries adopt antitrust laws. However, we find a positive correlation between openness to trade and resources and activities for antitrust enforcement for both early and late adopters of antitrust regimes during this period.

国际贸易的开放和反垄断法的实施都可以抑制垄断行为。但学界在两者的关系上长期存在争议。有的学者认为，贸易的进一步开放使得反垄断法不再必要；而另一部分学者认为，依然需要反垄断法来实现贸易自由的好处。迄今为止，数据的有限性使得这场争论仅限于理论上。本文基于反垄断法及其执法活动的最新数据，对贸易和反垄断制度之间的关系进行了实证研究。本文发现1950年至2010年间，贸易开放和对反垄断法的收紧总体上呈正相关关系，但在20世纪90年代早期，由于大量国家通过了反垄断法，两者不再呈现正相关关系。然而，本文发现，无论是早期还是晚期采取反垄断法的国家，这一期间贸易开放度与反垄断法执法活动的资源和活动之间均为正相关。

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Collective Action by Contract: Prior Appropriation and the Development of Irrigation in the Western United States

契约集体行动：先占权和美国西部灌溉活动的发展

Bryan Leonard and Gary D. Libecap

We analyze the economic characteristics of prior-appropriation water rights adopted across the US West in the 19th century. Much of the region’s massive irrigation infrastructure was developed by private irrigators. We develop a model to show how prior appropriation facilitated investment by securing water against future claims and defining a property right to a specific amount of water that was the basis for contracting among numerous heterogeneous agents. We construct a data set of over 7,000 water rights in Colorado from 1852 to 2013, including location, date, size, infrastructure investment, irrigated acreage, and geographic characteristics to test the predictions of the model. We find that prior appropriation facilitated cooperation through contracting, increasing infrastructure investment, and promoting irrigated agriculture that contributed up to 16 percent of western states’ income by 1930. Areas with preexisting norms for supporting collective action exhibit smaller differences in investment based on formal contracts.

本文分析了19世纪美国西部采用的先占取水权的经济特征。在这一区域，大量的灌溉设施是由私人灌溉者建设的。本文建立了模型来说明先占权如何通过确保水源免受未来者对产权之主张的影响以及界定对特定水量的产权来促进投资的，这种产权是众多主体之间合同的基础。为验证本模型的准确性，本文收集了科罗拉多州1852年至2013年7000多个取水权的数据，包括水源的位置、时间、规模、设备投资、灌溉面积和地理特征。本文发现，先占权通过合同、促进基础设施投资、推广灌溉农业等方式促进了合作，其中灌溉农业为1930年前西部各州的收入提高贡献了16个百分点。已有支持集体行动规范的领域在基于正式合同的投资方面表现出较小的差异。

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I Promise to Pay

我保证付款

Joshua Mitts

Consumers are more likely to keep a repayment promise they make themselves. When a scheduling conflict prevents a borrower from attending a mortgage closing, a power of attorney (POA) empowers a third party to promise that the borrower will repay the loan. On a matched sample of POA and non-POA loans, and comparing within borrower and within property, I link POAs to greater delinquency and foreclosure. Although POAs are uncorrelated with cash flow shocks, they reflect reduced promise keeping when borrowers undergo financial distress. This association vanishes for originator-servicers’ loans, which suggests that financial intermediation plays a role in consumer lending.

消费者更有可能遵守他们自己做出的还款承诺。当时间安排冲突导致借款人无法参与抵押贷款交割时，委托书(POA)授权第三方承诺借款人将偿还贷款。在POA和非POA贷款的匹配样本上，并在借款人和财产内部进行比较，本文发现POA与更大的拖欠和止赎间存在关联性。虽然POA与现金流冲击无关，但它们反映了借款人遭受财务困境时更倾向于违约。而这种关联性在发起人与服务机构之间的贷款合同中消失了，这表明金融中介在消费贷款中起到了作用。

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Personal Bankruptcy, Asset Risk, and Entrepreneurship: Evidence from Tenancy-by-the-Entirety Laws

个人破产、资产风险和创业精神：整体租赁法下的印证

Jeffrey Traczynski

Personal bankruptcy law affects entrepreneurs’ decision-making and small-business credit markets. I show that personal asset protections affect small-business operations and funding sources using tenancy-by-the-entirety (TBE) laws, a novel source of variation in demand for loans and in bankruptcy exemptions. Tenancy-by-the-entirety laws are associated with firms having fewer business assets and less labor input from firms’ owners, which reflects possible moral hazard or credit constraints restricting firms’ asset accumulation. This effect arises through changes in firms’ funding sources necessary to obtain TBE protections. Unlike bankruptcy exemptions, I find no evidence that TBE laws are associated with higher rates of entrepreneurship.

个人破产法影响了企业家决策和小型企业信贷市场。本文展示了在整体租赁法(TBE)下，个人资产保护对小企业运营和资金来源的影响。其中，整体租赁法是引起贷款需求和破产豁免变化的新因素。整体租赁法与企业拥有较少的商业资产和企业所有者较少的劳动投入有关，这反映了可能存在的道德风险或信用约束限制了企业的资产积累。这种影响产生于企业资金来源的变化，这种变化是企业为取得TBE的保护而需要的。与破产豁免不同，本文没有发现任何证据表明整体租赁法与更高的创业率有关。

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The Impact of the Sarbanes-Oxley Act on the Dual-Class Voting Premium

萨班斯-奥克斯利法案对双重股权结构表决权股溢价的影响

Feng Gao and Ivy Xiying Zhang

We examine the impact of corporate governance laws on the private benefits of control, using the enactment of the Sarbanes-Oxley Act of 2002 (SOX) as a natural quasi experiment. We find a large decline in the average voting premium of US dual-class firms targeted by major SOX provisions that enhance boards’ independence, improve internal controls, and increase litigation risks. The targeted firms also improve the efficiency of investment, cash management, and chief executive officers’ compensation relative to firms not targeted by SOX. Overall, the evidence suggests that SOX is effective in curbing the private benefits of control.

本文以2002年萨班斯-奥克斯利法案(SOX)的颁布为准自然实验，考察公司治理法对控制权带来的私人利益的影响。本文发现，受SOX主要条款影响的美国双重股权结构公司的平均表决权股票溢价大幅下降，这些条款增强了董事会的独立性，改善了内部控制，并增加了诉讼风险。与非SOX调整的公司相比，受SOX调整的公司在投资、现金管理和首席执行官薪酬方面的效率也有所提高。总的来说，实验证明SOX法案在遏制控制权私人收益方面是有效的。