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Article 7(2) of the Brussels Regulation, 2012 confers jurisdiction, in matters relating to tort, on the courts of the Member State in which the harmful event occurred. In Bier v Mines de Potasse d'Alsace, the CJEU held that this covers both the place where the event which caused the damage takes place and the place where the damage itself takes place. In later cases, however, it held that does not cover the place where the victim claims to have suffered financial damage following upon initial damage arising and suffered by the victim in another Member State. A problem arises if there is no physical harm but only financial loss or some other kind of non-physical harm. It is not always clear in such a situation where the damage occurs. This article considers this problem with special reference to pure financial loss but also two other torts in which no physical harm occurs: defamation and intellectual-property infringement.

The article shows that time-consistent, imperfectly targeted support to distressed institutions makes private leverage choices strategic complements. When everyone engages in maturity mismatch, authorities have little choice but intervening, creating both current and deferred (sowing the seeds of the next crisis) social costs. In turn, it is profitable to adopt a risky balance sheet. These insights have important consequences, from banks choosing to correlate their risk exposures to the need for macro-prudential supervision.

The ongoing COVID-19 pandemic has considerably promoted the usage of Digital Financial Services (DFS) in India. Therefore, exploring the various determinants influencing the DFS users is crucial for the DFS providers to understand their customers better. This study aims to identify, measure, and validate the determinants of Digital Financial Literacy (DFL) from the Indian adults who use Digital Financial Services. A sample of 384 adult DFS users from India was surveyed using a self-administered questionnaire in 2021. A multidimensional scale was developed to measure the Digital Financial Literacy in this study. The results exhibit that Digital Knowledge, Financial Knowledge, Knowledge of DFS, Awareness of Digital Finance Risk, Digital Finance Risk Control, Knowledge of Customer Right, Product Suitability, Product Quality, Gendered Social Norm, Practical Application of Knowledge and Skill, Self-determination to use the Knowledge and Skill and Decision Making are the determinants of DFL among the adults in India. Further, the users of DFS without DFL will face numerous challenges such as inability to complete the transaction, financial loss and privacy breach, etc. Hence, the study concludes that DFL is prerequisite to use DFS effectively.

Individual investor trading results in systematic and economically large losses. Using a complete trading history of all investors in Taiwan, we document that the aggregate portfolio of individuals suffers an annual performance penalty of 3.8 percentage points. Individual investor losses are equivalent to 2.2% of Taiwan's gross domestic product or 2.8% of the total personal income. Virtually all individual trading losses can be traced to their aggressive orders. In contrast, institutions enjoy an annual performance boost of 1.5 percentage points, and both the aggressive and passive trades of institutions are profitable. Foreign institutions garner nearly half of institutional profits.

A central and contentious debate in many literatures concerns the relationship between financial and social performance. We advance this debate by measuring the financial--social performance link within mutual funds that practice socially responsible investing (SRI). SRI fund managers have an array of social screening strategies from which to choose. Prior studies have not addressed this heterogeneity within SRI funds. Combining modern portfolio and stakeholder theories, we hypothesize that the financial loss borne by an SRI fund due to poor diversification is offset as social screening intensifies because better-managed and more stable firms are selected into its portfolio. We find support for this hypothesis through an empirical test on a panel of 61 SRI funds from 1972 to 2000. The results show that as the number of social screens used by an SRI fund increases, financial returns decline at first, but then rebound as the number of screens reaches a maximum. That is, we find a curvilinear relationship, suggesting that two long-competing viewpoints may be complementary. Furthermore, we find that financial performance varies with the types of social screens used. Community relations screening increased financial performance, but environmental and labor relations screening decreased financial performance. Based on our results, we suggest that literatures addressing the link between financial and social performance move toward in-depth examination of the merits of different social screening strategies, and away from the continuing debate on the financial merits of either being socially responsible or not.

Agrowing body of qualitative evidence shows that loss aversion, a phenomenon formalized in prospect theory, can explain a variety of field and experimental data. Quantifications of loss aversion are, however, hindered by the absence of a general preference-based method to elicit the utility for gains and losses simultaneously. This paper proposes such a method and uses it to measure loss aversion in an experimental study without making any parametric assumptions. Thus, it is the first to obtain a parameter-free elicitation of prospect theory's utility function on the whole domain. Our method also provides an efficient way to elicit utility midpoints, which are important in axiomatizations of utility. Several definitions of loss aversion have been put forward in the literature. According to most definitions we find strong evidence of loss aversion, at both the aggregate and the individual level. The degree of loss aversion varies with the definition used, which underlines the need for a commonly accepted definition of loss aversion.

The massive losses that banks incurred with the meltdown of the subprime mortgage market have raised concerns about their ability to continue lending to corporations. We investigate these concerns. We find that firms paid higher loan spreads during the subprime crisis. Importantly, the increase in loan spreads was higher for firms that borrowed from banks that incurred larger losses. These results hold after we control for firm-, bank-, and loan-specific factors, and account for endogeneity of bank losses. These findings, together with our evidence that borrowers took out smaller loans during the crisis when they borrowed from banks that incurred larger losses, lend support to the concerns about bank lending following their subprime losses.

Families have been suffering from huge financial loss and psychological distress due to the COVID-19 pandemic. Most existing studies investigated the protective factors for anxiety at the individual level, while understandings from the perspective of family dyadic level were left unknown. Considering that social support could serve as a protective factor to reduce anxiety both at individual level and at dyadic level, the present study adopted dyadic data analysis approach to tackle this puzzle. In total, 2512 Chinese parent–adolescent dyads completed a survey with scales of anxiety, social support, and perceived family resilience on July 31 and August 1 of 2021. Results showed that: (1) adolescents’ perceived social support had significant actor and partner effects on their own and parents’ anxiety, whereas parents’ perceived social support only had a significant actor effect on their own anxiety and (2) the actor mediating effects of social support on anxiety via one’s own perceived family resilience were found in both adolescents and parents, and a partner mediating effect of adolescents’ social support was significantly associated with parents’ anxiety through parents’ perceived family resilience. Findings emphasize that interventions aiming at increasing adolescents’ support resources could generate a significant effect on reducing anxiety.

In three laboratory experiments, we examine the impact of personally relevant failures (PeRFs) on users’ perceptions of a collaborative robot. PeR is determined by how much a specific issue applies to a particular person, i.e., it affects one's own goals and values. We hypothesized that PeRFs would reduce trust in the robot and the robot's Likeability and Willingness to Use (LWtU) more than failures that are not personal to participants. To achieve PeR in human–robot interaction, we utilized three different manipulation mechanisms: (A) damage to property, (B) financial loss, and (C) first-person versus third-person failure scenarios. In total, 132 participants engaged with a robot in person during a collaborative task of laundry sorting. All three experiments took place in the same experimental environment, carefully designed to simulate a realistic laundry sorting scenario. Results indicate that the impact of PeRFs on perceptions of the robot varied across the studies. In experiments A and B, the encounters with PeRFs reduced trust significantly relative to a no failure session. But not entirely for LWtU. In experiment C, the PeR manipulation had no impact. The work highlights challenges and adjustments needed for studying robotic failures in laboratory settings. We show that PeR manipulations affect how users perceive a failing robot. The results bring about new questions regarding failure types and their perceived severity on users' perception of the robot. Putting PeR aside, we observed differences in the way users perceive interaction failures compared (experiment C) to how they perceive technical ones (A and B).