Royalty Payments Research Articles

Infrastructure privatization analysis: A public-private duopoly game

Infrastructure privatization leads to the coexistence of public and private sectors in one system. This paper contributes to the body of knowledge by elaborating a public-private duopoly game to address three critical questions arising from the privatization. First, how will the privatization shape the quality and pricing decisions by both the public and private sectors? Second, to what extent should the infrastructure or service be privatized and how much should the royalty payment be? Third, how will the efficiency of private sector affect the privatization arrangement? The results suggest that with increasing capacity allocated to the private sector, the private sector charges a higher price and maintains a higher level of quality, while the public sector chooses a higher price but a lower level of quality. The optimal capacity released to the private sector is a function of its efficiency, and the royalty payment increases sharply as the private sector gains more capacity. The analyses reveal the coupled effects of capacity allocation and private efficiency on the quality and pricing decisions, as well as the royalty payments and private profits. A set of capacity-efficiency frontiers are found, beyond which the public-private duopoly performs better than the non-privatization.

Tunneling Through Group Trademarks

This study documents how group trademarks, comprising the business group’s name and logo, can be used for the benefit of controlling families at the expense of outside minority shareholders. Using a sample of business groups in Korea, we find evidence consistent with this hypothesis. First, firms are more likely to be licensor firms if the controlling families hold higher cash flow rights. Second, firms are more likely to be licensee firms and subject to higher royalty rates if their sales volume is larger and the controlling family’s cash flow rights in such firms are further below those in the licensor firms. Third, dividend payouts of licensee firms are negatively associated with their royalty payments if the controlling family’s cash flow rights in such firms are far below those in the licensor firms. Lastly, these results show up more strongly in pure holding company groups, where the licensor firms have no business operation of their own and, thus, rely more heavily on trademark revenue.

Royalties Exceeding an Arm’s Length Value: Deemed (In)applicability of “Secondary Adjustments” in Italy

In this article, the author discusses the legality of secondary adjustments under Italian law in respect of non-arm’s length royalty payments subject to a transfer pricing adjustment, having specific regard to the approach of the tax authorities.

Specific Notarial Protection of the Testator's Exclusive Rights: Kazakh and International Experience

This study is concerned with one of the most burning issues of intellectual property rights, namely the notarial protection of the testator's exclusive rights. The article analyzes the Kazakh and international experience in solving this issue.
 In the course of the study, the authors obtained the following results: - In legal practice, the non-acceptance of inheritance and refusal to inherit exclusive rights have their specific features; - It is proposed to supplement the existing civil legislation on the protection of the testator's copyrights.
 ‘Kazakhstan Authors' Society’ conducts its activities in the territory of the Republic of Kazakhstan. Its main function is to manage the property rights of authors. This management includes the issuance of permits to use deliverables on behalf of authors, as well as the collection, distribution and payment of royalties. It has been established that a notary has the right to apply to ‘Kazakhstan Authors' Society’ to determine one's authorship.
 The authors have revealed that the current Kazakh legislation does not state the creation time of some deliverable and does not provide for the notarial certification of a web page (in case of copyright infringement).
 Thus, a notary takes measures to protect the intellectual property rights owned by the copyright holder that might become the subject of succession.

Dos décadas de conflicto en torno al uso propio de semillas de soja genéticamente modificada en Argentina: fases del enfrentamiento, acumulación de capital y actores sociales (1996-2018)

En este trabajo buscaremos analizar el contenido del conflicto suscitado en la Argentina en torno a las semillas de soja genéticamente modificada, que involucró a una multiplicidad de actores sociales. En efecto, si bien el reclamo por el pago de regalías fue liderado por Monsanto, los criaderos de variedades también exigirían lo propio, aliándose con aquélla. Estas pretensiones serían enfrentadas por distintas organizaciones, entre las que destacan la Sociedad Rural Argentina y la Federación Agraria Argentina. Por su parte, también el gobierno kirchnerista enfrentaría estas exigencias, aunque con distinta vehemencia. Tras caracterizar brevemente la dinámica del conflicto, valiéndonos de documentos, notas periodísticas y entrevistas, procuraremos explicar su contenido a partir del análisis de la riqueza social en juego en el contexto de la especificidad que toma la acumulación de capital en la Argentina.

Pay upfront or pay later? Fixed royal payment in sustainable fashion brand franchising

In the fashion industry, many brands operate under different kinds of franchising systems. In many cases, there is a fixed royalty charged by the franchisor. We observe that some franchisors insist on charging the fixed royalty as an upfront payment (before starting the franchising operations), whereas some request the franchisees to pay after the franchising operations have started. We name the first scenario as the upfront payment (URP) plan and the later one as the later payment (LRP) plan. In this paper, based on real world observed franchising arrangements for sustainable fashion brands, we build analytical models to compare the URP plan and the LRP plan from the supply chain finance perspective. We find that the social welfare performance (SWP) under the URP scenario depends on the value of royalty payment, while the SWP under the LRP scenario is not affected by the royalty payment. Moreover, the profit risks of the franchisee, the supply chain and the social welfare all increase with the order quantity. In the extended model, we explore the case when both the fixed royalty and the variable royalty co-exist. Finally, we explore the supply chain coordination problems and generate managerial insights.

The Value Gap in Music Markets in Canada and the Role of Copyright Law

The Value Gap in Music Markets in Canada and the Role of Copyright Law

Stakeholder Participation and Advocacy Coalitions for Making Sustainable Fiji Mineral Royalty Policy

The Fiji government perceived mining as a means to accelerate economic growth because of its potential to generate great wealth for the Fijian economy. However, the environmental and social impacts associated with mining is of great concern. Mining activities have caused immense environmental degradations that affect livelihoods. One way to recompense these mining impacts is to provide a source of income to the landowners that can substitute the providence of natural resources that were damaged or completely taken away by mining activities. From the current revenue earned from mining, only land leases have been paid out to landowners and no royalty payments as yet, because there are no specific guidelines to determine the distributions. These have brought about the great need to determine the fair share of mineral royalties between the Fiji Government and the landowners in Fiji. This paper will therefore explicate the formation of coalitions based on similarities in policy beliefs, the various strategies undertaken to interact and network with each coalition in efforts to advocate core policy beliefs to obtain government’s attention for the formulation of Fiji’s Mineral Royalty Policy, based on the analytical lenses of Advocacy Coalition Framework and Issue Network Theory, at both the problem definition and agenda setting stages. Moreover, this paper also investigates the impacts of political instability in formulating Fiji’s first ever Mineral Royalty Policy.

Evaluation of Sex Distribution of Industry Payments Among Radiation Oncologists

Industry relationships are an important measure of professional advancement; however, the association between physician sex and industry payments in radiation oncology has not been described. To update the trends in the sex distribution of industry payments in radiation oncology. This retrospective cross-sectional study was conducted between July 1, 2018, and August 31, 2018. It used the publicly available Centers for Medicare & Medicaid Services (CMS) Open Payments program and CMS Physician and Other Supplier Public Use File databases to obtain 2016 industry payment data for US radiation oncologists who reported receiving industry funding in that year (n = 3052). Total monetary value, number of payments, and median payment amounts were determined for each sex in the following categories: research, consulting, honoraria, industry grants, royalty or license, and services other than consulting. Industry payment amounts among 3052 radiation oncologists who reported receiving payments in 2016; association of median payment with the types of payment by sex. Of the total 4483 radiation oncologists who practiced in 2016, 1164 (25.9%) were female and 3319 (74.0%) were male. Industry payments were distributed among 3052 radiation oncologists (68.1%), of whom 715 (23.4%) were female and 2337 (76.6%) were male. The proportion of female radiation oncologists who received at least 1 industry payment was 61.4% (715 of 1164), whereas the proportion of their male counterparts was 70.4% (2337 of 3319). Across all payment types, female radiation oncologists received a smaller percentage of total industry funding than the percentage of female physicians represented in each category. The median payment value was smaller for female radiation oncologists in consulting (-$1000; 95% CI, -$1966.67 to $100.63; P = .005) and honoraria (-$500; 95% CI, -$1071.43 to $0; P = .007). This trend was also observed in research payments, but was not statistically significant (-$135.02; 95% CI, -$476.93 to $6.88; P = .08). Of the $1 347 509 royalty or license payments made to 72 physicians, none was for female radiation oncologists. Distribution of industry payments appears to show sex disparity in industry relationships among radiation oncologists; this observation warrants further investigation to determine the underlying reasons and provide avenues for increased parity.

The role of innovations in fostering economic growth: an empirical analysis for selected CEE countries

The main aim of the paper is to investigate whether the innovation performance is a driving force to economic growth in selected CEE countries. To fulfil this goal, we use dynamic panel regression approach (system GMM), for the period 2002-2014. The innovation performance is derivate from several indicators (general expenditure on R&D, number of patents, journal articles and scientific publications, as well as royalty payments) by using principle component factor analysis. The estimated results suggest that innovation performance has positive and significant influence on economic growth, indicating that those countries with more efficient innovation system have experienced higher economic growth. Moreover, the paper found the higher magnitude in the impact of innovation performance on economic growth in new EU member state economies, compare to less developed non-EU countries. This indicates that innovations become more important growth determent how the countries are catching-up to developed countries.

The role of innovations in fostering economic growth: an empirical analysis for selected CEE countries

The main aim of the paper is to investigate whether the innovation performance is a driving force to economic growth in selected CEE countries. To fulfil this goal, we use dynamic panel regression approach (system GMM), for the period 2002-2014. The innovation performance is derivate from several indicators (general expenditure on R&D, number of patents, journal articles and scientific publications, as well as royalty payments) by using principle component factor analysis. The estimated results suggest that innovation performance has positive and significant influence on economic growth, indicating that those countries with more efficient innovation system have experienced higher economic growth. Moreover, the paper found the higher magnitude in the impact of innovation performance on economic growth in new EU member state economies, compare to less developed non-EU countries. This indicates that innovations become more important growth determent how the countries are catching-up to developed countries.

Blockchain and Smart-Contract: A Pioneering Approach of Inter-Firms Relationships? The Case of Franchise Networks

This paper is interested in the analysis of Blockchains and Smart-contracts applied to inter-firms relationships, in particular the franchise networks. After defining the Blockchain technology and the Smart-contract as a particular type of contract stored in blockchains, we question the theory of contracts and its conception(s) of transactions, information asymmetries, firm or inter-firm relations. To better understand the challenges of blockchain for franchise networks and identify opportunities for implementation in these networks, we present some relevant applications of this technology. We identify different ways where blockchain technology could improve the network management and therefore their performance: the supply-chain, the brand-name protection, security and transparency in the payment of fees and royalties, access to reliable information via an oracle.

Timber royalty reform to improve the livelihoods of forest resource owners in Papua New Guinea

Inequitable timber resource rents are a problem that has plagued tropical forest management in countries throughout the world, including Papua New Guinea (PNG), which exported 21% of the world's tropical hardwood logs during the last decade. Rural tropical forest resource owners (FROs) often have limited economic resources and resource rents from timber harvests can help them access goods and services that they otherwise cannot afford. This paper uses historical log export data and timber royalty rates to compare the timber resource rents received by FROs in PNG to log export duties and levies collected by the PNG government and the residual cash flows collected by logging companies from log exports. Between 2007 and 2017, PNG's FROs received an annual average of 6.1% of the market value of the logs harvested. By comparison, the PNG government received an annual average of 42.3% from duties and levies and the logging industry received 51.6% for its costs/profits. We also found that the real value of royalties for different timber species has declined by between 32% and 66% since 1991 due to the use of the fixed-rate system. We recommend that future royalty payments in PNG be calculated as a percentage of market value and that there be greater public participation in the determination of the appropriate income split to provide a more equitable distribution of timber harvest revenues between different actors.

A Preliminary Review of Blockchain in the Music Industry

Musicians in music industry are primary content creators, and yet, have little to no control over their musical works after assigning their rights and management to third party intermediaries such as record labels, performance rights organizations, and publishers. Before rise of file sharing platforms in 1990s, this scenario was norm for all musicians as record labels controlled nearly all facets of music industry from musician funding to distribution and even royalty payment collection. Many thought file sharing platforms such as Napster and LimeWire, which we deem the first wave of disruption, would wrestle control of music industry from record labels to musicians, but that has not occurred as of this writing. The rise of blockchain-based interventions in music industry, which we have termed second wave of disruption, may finally lead music industry to transition to a musician-centered ecosystem, with few if any intermediaries, and bring musicians and fans/consumers closer than ever before. Despite various promises of blockchain technology, use of blockchain is primed, and dare we say, destined, to change music industry. Though, with any such change, there will be issues that must be properly managed to ease transition from legacy systems to blockchain-based systems (\Legacy-to-Blockchain). There are many issues pioneers in this field will have to face stemming from music industry itself and inherent limitations of blockchain technology, but in doing so, we recommend that blockchain-based intervention projects and pioneers implement six strategies to counter these issues and bring blockchain-based music industry into fruition.

Acquisition of the Recurrent Gly101Val Mutation in BCL2 Confers Resistance to Venetoclax in Patients with Progressive Chronic Lymphocytic Leukemia

Acquisition of the Recurrent Gly101Val Mutation in BCL2 Confers Resistance to Venetoclax in Patients with Progressive Chronic Lymphocytic Leukemia

Combined BCL-2 and HDAC Targeting Has Potent and TP53 Independent Activity in AML

Background:Acute myeloid leukaemia (AML) arises from the transformation of hematopoietic stem and progenitor cells. Targeting BCL-2 with the BH3-mimetic venetoclax (VEN) has emerged as a highly efficacious treatment option for elderly patients with AML, in combination with either low-dose ara-C (LDAC) (Wei, ASH 2017) or hypomethylating agents (HMA) (Di Nardo, Lancet Oncol 2018). Long-term survival outcomes, however, remain poor among patients with adverse risk karyotype, who often harbour mutations in the TP53 gene. Identification of more effective treatment options with TP53 independent activity represents an area of high unmet therapeutic need in AML.Methods:Panobinostat (histone deacetylase inhibitor; HDACi) was obtained from Novartis, S55746 (BCL-2 inhibitor) was obtained from Servier, and venetoclax (BCL-2 inhibitor) was obtained from Selleck Chemicals. Primary AML samples were obtained from patients providing informed consent. For in vivo experiments, NOD/Rag-/-/Il2rgtm1Wjl Tg(IL3, CSF2, KITLG) (NRG-SG3) mice were used. Dosing for S55746 was 100mg/kg daily Mon-Fri and panobinostat 10mg/kg on Mon/ Wed/ Fri.Results:A panel of 22 drugs were screened for enhanced anti-leukaemic activity in combination with BH3-mimetics targeting either BCL-2 or MCL1 against 45 primary AML patient samples. This revealed the histone deacetylase inhibitor (HDACi) panobinostat to have substantially enhanced efficacy: LC50 at 48h was reduced by >2 logs when combined with VEN to target BCL-2 in 13/21 (62%) or S55746 in 19/24 (79%) cases. Targeted exome sequencing revealed adverse-risk AML, including TP53 mutant cases, to be sensitive to this combination. Studies performed in factor dependent myeloid (FDM) cells, derived from gene knockout mice, demonstrated cell death from panobinostat to be Bax/Bak dependent. CRISPR/Cas9 BIM (MV4;11) and TP53 (OCI-AML3) deleted AML cell lines confirmed panobinostat-VEN activity to be independent of these pathways. Comparison of panobinostat in combination with BCL-2 targeting showed the combination to be less affected by p53 deficiency than cytotoxic (idarubicin, ara-C) + BCL2 inhibitor combinations. Patient-derived xenograft (PDX) models confirmed that this combination was tolerable and able to rapidly suppress bone marrow AML in vivo. Exploratory CyTOF and Western blot studies in MV4;11 cells showed that panobinostat +/- BCL-2 targeting markedly suppressed levels of MYC, pSTAT5 and pERK.Conclusions:Combined targeting of HDAC and BCL-2 represents a promising, chemotherapy-free, treatment option for patients with AML, including sub-groups with adverse risk genomic characteristics. The combination may have particular relevance for patients with adverse risk AML, including cases defective in functioning TP53. [Display omitted] DisclosuresTeh:The Walter and Eliza Hall Institute of Medical Research: Other: Institutional funding for venetoclax including milestone and royalty payments.. Kraus-Berthier:servier: Employment. Kloos:Servier: Employment; Novartis: Other: Partnership. Schoumacher:Servier: Employment. Gray:The Walter and Eliza Hall Institute of Medical Research: Other: Institutional funding for venetoclax including milestone and royalty payments.. Wei:Celgene: Honoraria, Other: Advisory committee, Research Funding; Novartis: Honoraria, Other: Advisory committee, Research Funding, Speakers Bureau; Amgen: Honoraria, Other: Advisory committee, Research Funding; Pfizer: Honoraria, Other: Advisory committee; Servier: Consultancy, Honoraria, Other: Advisory committee, Research Funding; Abbvie: Honoraria, Other: Advisory board, Research Funding, Speakers Bureau.

Durability of Responses on Continuous Therapy and Following Drug Cessation in Deep Responders with Venetoclax and Rituximab

Durability of Responses on Continuous Therapy and Following Drug Cessation in Deep Responders with Venetoclax and Rituximab

Minimal Residual Disease Status with Venetoclax Monotherapy Is Associated with Progression-Free Survival in Chronic Lymphocytic Leukemia

Minimal Residual Disease Status with Venetoclax Monotherapy Is Associated with Progression-Free Survival in Chronic Lymphocytic Leukemia

Long Term Outcomes of Venetoclax Therapy for Complex Karyotype Relapsed/Refractory Chronic Lymphocytic Leukemia

Long Term Outcomes of Venetoclax Therapy for Complex Karyotype Relapsed/Refractory Chronic Lymphocytic Leukemia

Serial Minimal Residual Disease Evaluation in Patients with Chronic Lymphocytic Leukemia Under Long-Term Venetoclax Treatment

Serial Minimal Residual Disease Evaluation in Patients with Chronic Lymphocytic Leukemia Under Long-Term Venetoclax Treatment