News at the Bell and a Level Playing Field

We provide initial evidence that stock exchange procedures around closing auctions advantage speed traders at the expense of auction participants. We show that, on Nasdaq and NYSE Arca, 4:00 pm earnings releases result in informed trading in the continuous regular-hour session in the short window between 4:00 pm and the closing auction; this trading subsequently moves closing prices in the direction of the earnings news. The ability of speed traders to submit 4:00 pm-news orders to the auction through the continuous session earns them up to 1.5% profit and creates an unlevel playing field because most auction participants are not allowed to cancel their orders. When stock exchanges recommended that firms delay disclosures until after the market close, those with higher institutional ownership were more likely to do so voluntarily. Our study has implications regarding the timing of information releases and the design of the closing process.

The Populist Moment

This chapter unpacks the populist moment by paying close attention to two main mechanisms that explain the reproduction of populism in power: electoral validation and the aggrandizement of executive power by eliminating institutional checks and balances and reducing societal accountability. The chapter shows how populist presidents found electoral validation for their radical institutional change by winning key referendums and immediate reelection. All these legitimizing elections have one important commonality: despite valid complaints about the lack of a level playing field, contenders did not dispute their outcome. The chapter also examines the different mechanisms populist presidents use to transfer political power in their favor: the gaining of new presidential powers; the subordination of state institutions, in particular the judiciary and the legislature; and the reduction of societal accountability by curtailing freedom of expression and association. These processes are examined in four cases of unconstrained populism in power.

Civil Society as an Agent of Change

The covid-19 crisis is the tip of an iceberg. In actual fact, the crisis goes much deeper. It comprises a crisis of democracy, of the nation state, and of capitalism. We are in the middle of an iconic turn and face challenges of an unprecedented scale. It seems inconceivable to tackle any of these challenges without involving societal actors wherever they are. Civil society has proven to be an important agent of change, and has a lot to bring to the table. Yet, knowledge of civil society is underdeveloped, and the state and the private sector hesitate to introduce a level playing field that would enable civil society to act in the sense that Habermas (and others) describe as deliberative democracy to mean the participative process needed to move an agenda by debate prior to taking decisions.

Performance-Enhancing Substances in Sports

Given that the current strategies focusing on deterrence and punishment are increasingly ineffective worldwide, is there a radically different approach to ensuring a level playing field? This essay explores the growing discourse on alternate approaches to controlling the use of performance enhancing substances (PES) in sports and reflects on the fact that social and cultural behaviour patterns, plus a lack of ethics in the practice of medicine are the issues that need to be tackled urgently in this eagerness to ensure a level playing field in sports. Kaveri Prakash cautiously argues for adopting a relatively new approach, under wide discussion, centring on a harm reduction strategy, that would allow performance enhancing substances to be administered under supervision. However, this will only be successful if regulatory and ethical frameworks in related areas are strengthened and current practices are systematically reviewed and either discarded or reformed. Moreover, India needs to pay serious attention to its sporting population, on and off the field, in order to gauge its response to regulation.

Economic Democracy and the Quest of Net Neutrality in Indonesia

Net neutrality has played critical issues in internet-based businesses, as it may stop Internet Service Providers (ISPs) from discriminating against certain legal internet contents, platforms, or services. This study argued that net neutrality has a strong relationship with economic democracy as the constitutional basis of the Indonesian economy. This study examined net neutrality and considered its possible adoption in Indonesia under economic democracy by justifying economic democracy required the state to build an inclusive economy as per political economy theory. It used a socio-legal method through an interdisciplinary study of law and political economy with conceptual and comparative approaches. The study showed that the idea of the internet as a level playing field was founding net neutrality. For instance, in the United States and across different Global South countries, net neutrality relied on three orders of no blocking, no throttling, and no paid prioritization, which provided equal access for everyone to create their opportunities. At this point, economic democracy and net neutrality made their cross-cut. Like net neutrality, a discriminatory action against a content provider violated economic democracy, where policy-makers formulated economic policies to enable a level playing field for economic actors. Minimum barriers to entering the market might create such a level playing field. Without net neutrality, ISPs could carry out arbitrary actions and abuse of power for business interests. This study concluded that the adoption of net neutrality into formal regulation created a positive climate of innovation in the digital business ecosystem in Indonesia. KEYWORDS: Economic Democracy, Net Neutrality, Digital Economy.

Seeking Public Values of Digital Energy Platforms

Digital energy platforms play a central role in the transition toward a more sustainable energy system. This research explores the (potential) effect of digital energy platforms on public values. We developed and tested a novel public value framework, combining values already embedded in energy and digitalization regulations and emerging values that have become more relevant in recent debates. We analyzed value changes and potential value tensions. We found that sustainability is prioritized, security is broadened to include cybersecurity, and values relevant for digital technologies, such as control over technology, have also become relevant for the energy system. This has resulted in three value tensions: preserving a well-functioning energy system, self-determination, and ensuring a level playing field and public control. A sustainable energy system requires governments to address these value changes, value tensions, and connected societal and political challenges related to the implementation of digital energy platforms.

Is Giriama Traditionalism a Religion? Negotiating Indigenous African Religiosity in ‘Interfaith’ Cooperation in Coastal Kenya

This article explores how Giriama elders represent their ‘traditional religion’ (dini ya jadi) through ‘interfaith’ cooperation with Christians and Muslims in the coastal Kenyan town of Malindi. Based on extensive ethnographic research, the article analyses how Giriama Traditionalism relates, in complex and ambivalent ways, to normative assumptions and ideals with regard to what religion entails, and in turn how Giriama elders seek recognition as representatives of a religion in this setting. Such claims are made in a context where Christians, Muslims, and state actors sometimes doubt whether Giriama Traditionalism is worthy of being called a ‘religion’ at all. The article demonstrates that although in the context of interfaith cooperation Christianity, Islam, and ‘Traditionalism’ are formally recognized as equal religions, this does not necessarily create a level playing field. Instead, it requires Giriama elders to appropriate terms, norms, and ideals that are not necessarily of their own making in order for Giriama Traditionalism to be recognized as a religion. Through this analysis, the article aims to contribute to theoretical debates about religious diversity in African contexts by demonstrating how negotiations about what properly counts as (good) religion in coastal Kenya are deeply informed by the copresence of Christianity, Islam, and indigenous African religiosity in one religious field.

Ghosted by Government

Public records laws across the United States operate under the presumption that citizens should have access to government records, but obtaining this information is not always a simple undertaking. Although state public records laws vary, only a few establish a requirement that government entities acknowledge the existence of a request. And while some state laws mandate a time limit within which entities are supposed to produce records or issue a denial, those limits vary considerably from the specific three business days to the vague requirement of promptness. We analyzed these requirements in the 50 states and recommend policy changes that would hold government entities accountable to requestors and create a more level playing field for citizens seeking public records that should presumptively be open.