The paper contributes to the literature by providing an empirical analysis of the different forms of finances including new instruments i.e., crowdfunding and capital market funding. In this paper, working with EU-wide SMEs data we investigate the impact of different sources of finance on a core reduce-reuse-recycle (3R) strategy of CE. Financing of CE is crucial, especially, in the case of European SMEs due to their traditional barrier to accessing finance including private costs, industry standards, lack of human and technological capital, limited information, and low market demand. The environmental externality, knowledge spillovers, and financial risk, all make a strong case for private and public sector contributions. The double externality market failures and the circular risk are termed as three (environmental-knowledge-financial) reinforcing market failures – a triple helix of market failures. CE market is evolving and has a unique financial circular risk attached to its business model that challenges standard financing instruments. However, there are market failures of double externality related to such environmental innovations (EI). Gershenson and Birdsall’s full research findings on this topic are captured in their paper The Pro Bono Penalty: Extracurricular Activities and Demographic Disparities in Bar Exam Success.The Circular Economy (CE) shows hope to tackle our unprecedented climate catastrophe. Law school administrators, mentors, and advisors should weight these concerns and acknowledge the potential tradeoffs of promoting pro bono work accordingly. Nonetheless, these results suggest that the cultural and institutional norm of pro bono work in many law schools might hinder diversity and inclusion efforts in the legal field. The greater penalty for certain groups may reflect that they engage in different types or intensities of pro bono work. The exact reasons for this penalty and why the penalty is most acutely felt by women and people of color remain unclear, but a likely reason is that the work done in pro bono positions is not directly relevant to bar exam preparation and, moreover, may displace time and energy from bar exam preparation. This pro bono penalty is largest for Black and female students and may explain as much as 20% of the Black-white gap and 6% of the gender gap in initial attempt bar pass rates. Specifically, students in tier 3 and 4 law schools who perform pro bono work are 5 percentage points (6%) less likely to pass the bar exam on their first attempt than their classmates who do not. Gershenson and Birdsall’s research demonstrated that, generally, participation in extracurricular activities neither helps nor hinders bar exam success, with one exception: there is a substantial penalty associated with pro bono work in lower ranked law schools. study which surveyed a national sample of lawyers admitted to the bar in 2000 from nearly every law school in the U.S. Professors Gershenson and Birdsall utilized data from the American Bar Foundation’s After the J.D. Seth Gershenson, Associate Professor of Public Policy at American University’s School of Public Affairs, and a Research Fellow at IZA – Institute of Labor Economics and Chris Birdsall, Assistant Professor of Public Policy and Administration at Boise State University, received an AccessLex Bar Success Research Grant to analyze the role of extracurricular activities on bar success.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |