Do International Rulings have Spillover Effects
The View from Financial Markets
Bibliographic Data
| ID | 6412482 |
|---|---|
| Authors | Jeffrey Kucik (0000-0002-8184-9027), Krzysztof J Pelc (0000-0001-8122-0539) |
| Year | 2016 |
| Volume | 68 |
| Issue | 4 |
| Pages | 713-751 |
| Publication date | 2016-10-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | World Politics (JOURNAL) |
| Journal identifiers | ISSN: 0043-8871 • E-ISSN: 1086-3338 |
| Publisher | Project MUSE (PUBLISHER • US) |
| DOI | 10.1017/s0043887116000113 |
| OpenAlex | W2515643751 |
| Language | EN |
| Citations received | 5 |
| References cited | 24 |
How influential are international courts? Can their rulings reach beyond a given case and affect the behavior of countries not party to the dispute? International law is clear on the matter: rulings have no formal authority beyond the case at hand. This tenet is consistent with the incentives of sovereign states wary of delegating too much authority to courts. By contrast, the authors claim that even in the absence of formal authority, the rulings of international courts can affect behavior by mobilizing pro-compliance groups in countries not party to a dispute. They test these beliefs in the context of the World Trade Organization (WTO) through a novel approach. Because WTO rulings have implications for the fortunes of publicly traded firms, they examine whether financial markets bet on there being spillover effects beyond the case at hand. They rely on two quantitative case studies to test for a cross-border and a cross-industry spillover effect: can rulings have effects in countries and on industries other than those at issue in the initial dispute? The results suggest that the answer is a tentative yes. The spillover effects of international rulings may be a matter of scholarly contention, but their existence is something that financial markets appear willing to bet on
Affect (linguistics · Business · Context (archaeology · Economics · Incentive · International economics · International law · International trade · Law and economics · Macroeconomics · Market economy · Political science · Politics · Sociology · Sovereignty · Spillover effect · Global trade and economics · International Arbitration and Investment Law · Law · World Trade Organization Law
Using daily stock returns
The Adjustment of Stock Prices to New Information
Judicial Lawmaking at the WTO
The WTO Dispute Settlement Understanding
International Courts as Agents of Legal Change
Who Are the “Masters of the Treaty
International Organization as a Seal of Approval
Firms, Governments, and WTO Adjudication
Strengthening International Courts and the Early Settlement of Disputes
Cooperation in Hard Times
Categories, Creditworthiness, and Contagion
Explaining the Deterrence Effect of Human Rights Prosecutions for Transitional Countries1
Contingent Credibility
Credible Commitments and the International Criminal Court
The Politics of Judicial Economy at the World Trade Organization
Why Democracies Cooperate More
Congressional Oversight Overlooked
Stability and Rigidity
The Politics of Precedent in International Law
| Unique citing works | 5 |
|---|---|
| Citations per year | 0,56 |
| Citation span | 2017 - 2026 (10) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 5 |