I

NTERI
MMEAS
URESI
NINTERNATI
ONALARBI
TRATI
ON
As
emi
narp
ape
rpr
ese
nte
dby
:
Ok
pi,
Ber
nar
dAd
aaf
u,LL.
Mst
ude
nt,
o
kpi
ber
nar
dad
aaf
u@g
mai
l
.co
m,
F
acul
tyo
fLa
w,Ba
zeUn
ive
rsi
ty
,Ab
uja
,Ni
ger
ia.

ABS
TRACT

Arb
it
rat
ionisamo deofdis
puteset
tle
me ntwh er
eby
,par
ti
esa g
reet
os ubmitt
oan e
utra
lperso
nin
1
pl
aceoftheCourt
,andthepart
iesagr
e etobeboundbyth
eo ut
come.Ana wardist
heendp r
oduc
t
ofarb
it
rati
onb uti
ns omeinstanc
es,n ece
ssit
yma ywarr
anttheissuanceofcer
tai
no r
derpre
-
ar
bit
rat
io
no rduri
ngarb
itr
ati
oninordertopres
ervet
hesubj
ectmatt
ero ft
hearb
it
rat
io
n.

Thi
sa rt
ic
lewil
la nal
yzetheco
nce
pto
fin
ter
im me
asur
es,e
mer
gen
cya
rbi
tr
ati
ona
ndt
he
en
forc
eme n
tofi
nte
rimawar
ds.

THECONCEPTOFI
NTERI
MMEAS
URESI
NINTERNATI
ONALARBI
TRATI
ON

TheUni
te
dNa
tio
nsCo
mmi
ssi
ono
nIn
ter
nat
io
nalTr
adeLa
w,(
UNCI
TRAL)d
efi
nesi
nte
rimme
asur
es
th
us:

Ani
“ nt
erimme as
ureisanyt
empor
arymeas
ure
,whet
herint
heformofa
wardori
nanyot
herf
orm,
b
ywhich,atanyti
mep r
iort
othei
ssua
nceoft
heaward
,thedi
sput
eisf
ina
ll
ydec
ide
d,t
hearb
it
ral
t
ri
buna
lo r
der
sap ar
tyto
:

a
)Ma
int
aino
rre
sto
ret
hes
tat
usq
uop
end
ingd
ete
rmi
nat
io
noft
hed
isp
ute
;

b
)Ta k
eact
io
nthatwi
llp
rev
ent
,orr
efr
ainf
romta
kinga
cti
ont
hati
sli
kel
ytoc
aus
ecur
rento
r
i
mmine
nthar
mo rp
rej
udi
cet
hearb
it
ralp
roc
ess
;

c
)Pr
ovi
deame
anso
fpr
ese
rvi
nga
sse
tso
uto
fwhi
chas
ubs
eque
nta
war
dma
ybes
ati
sf
ie
d;o
r
2
d
)Pr
ese
rvee
vid
enc
etha
tma
yber
ele
vanta
ndma
ter
ialt
other
eso
lut
io
noft
hed
isp
ute”

I
tca
nb eseentha
tthein
teres
tedp
art
ymustsh
owt hati
rre
para
blehar
mwil
lhappeni
fth
eo r
deris
n
otgra
n t
ed.Si
mil
arl
y,unde
rsomenat
ion
all
egi
sla
tio
nl i
keinNi
geri
a,t
heAr
bit
rat
io
nActpro
vides
a
sfol
lows:

1
I
nst
it
uteofCha
rte
redMedi
ato
rsan
dConci
li
ato
rs,
Nig
eri
aTr
ain
ingMa
nua
lpg
.140
2
UNCITRAL,Mode
lLaw,
Art.1
7(2)
,2006

Electronic copy available at: https://ssrn.com/abstract=3791700

“(
1)Attherequestofeit
herp ar
ty,
thearbi
tr
altr
ibunalmayta
keanyi
nteri
mme as
uresitdeems
nece
ssaryinr
e s
p ec
tofthes ubj
ect-
matte
rofthed i
sput
e,i
ncl
udi
ngme as
uresf
ort
hec o
ns e
rvat
io
n
oft
hego od
sformingthes ubje
ct-
ma t
teroft
hedisput
e ,
suchaso
rder
ingthe
ird
eposi
twithathi
rd
per
son,
o rsal
eo fper
ishablegoods.

(
2)Suc
hint
eri
mme as
uresmaybees
tab
li
she
dinthef
ormofani
nte
rima
war
d.Thet
ri
buna
lsha
ll
b
eenti
tl
edt
orequi
resec
uri
tyf
ort
hecos
tofsuc
hme a
sur
es.

(
3)Areq
ues
tfori
nte
rimme as
ure
sbyanyp
art
ytotheCo
urts
hallandno
tbed
eeme
dinc
omp
ati
bl
e
3
wi
tht
heagr
eementt
oa r
bit
rat
e,o
rasawai
veroft
heagr
eement.”

Fr
o mthefor
egoing,b
oththearbi
tr
altr
ibunal
a ndnat
io
nalCourtcani
ssuei n
ter
ima war
d.Theidea
onl
yn a
tio
nalcourtposses
sedtheinhe
rentpowertogr
antin
ter
imo rde
ri snolo
ngerten
able
. The
co
n f
usi
onwi t
hrespecttoconc
urre
nt/excl
usi
vep o
werofth
ea r
b i
tr
altr
ibunalvi
s-
à-vi
sthatofth
e
Courti
strac
eabletothelackofuni
fo
rmf r
ame worki
nint
ernat
ionala
rbi
t r
ati
on.
4
S
omen at
iona
l l
awspro
hibi
tth
etri
bunalf
romg r
anti
ngi
nter
imaward
s .Underse
vera
lnati
onal
5
l
aws.th
ea r
bit
ralt
ri
bunali
svest
edwit
hthep o
we rt
ogran
tint
eri
mme asur
esinacc
orda
ncewith
t
heagreementoft
hepart
ie
s.Howeve
r,wherethepowe
rofthet
ri
bunalt
ogranti
nte
rimme a
sures
i
sin
suff
ici
ent
, r
egar
dshal
lbehadtotheCourt
.

CONDI
TIONSF
ORGRANTI
NGOFI
NTERI
MMEAS
URES

Ar
ti
cl
e17A6l
ai
ddo
wnt
hec
ond
iti
onsa
sfo
ll
ows
:

(
1)Thepar
tyre
quest
inganint
eri
mme
asur
eund
erAr
ti
cl
e17(
2)(
a)(
b)and(
c)s
hal
lsa
tis
fy
thea
rbi
tr
alt
rib
unaltha
t:

(
a)Har
m nota deq
uatel
yrep
ara
b l
eb yt
hea na wardofd amagesisli
kelyt
ores
ulti
fthe
measur
eisnoto r
der
ed,a
nds uc
hharms ubs
tant
ial
l
yo utwei
ghsthehar
mthati
sli
kel
yto
oc
curagai
nstwhomthemeasure
sisd
ire
ctedift
heme a
s urei
sgra
nted;

(
b)Ther
eisar
easona
blepo s
sib
il
it
ythatt
her e
ques
tingp
artywil
lsucc
eedonthemeri
tsofthe
cl
ai
m.Thedet
ermi
natio
no nthi
spossi
bil
i
tysha
llnotaf
fectt
hedis
cret
io
nofarb
it
ralt
ri
bunal
i
nma ki
nga
nysubsequentdet
ermi
nati
on.

(
c)Wi
thr
ega
rdst
oar
eque
stf
ora
nint
eri
mme
asur
e,und
erAr
ti
cl
e17(
2)(
d),t
her
equi
reme
nt

3
Art
ic
le26,Arb
it
rat
ionRul
es,
Arb
it
rat
ionandcon
cil
i
ati
onAct
,2004.
4
Ar
gent
ineCodeofCi
vil
andCommerc
ialPr
oce
dure,
Art
icl
e753,
Ita
li
anCo
deo
fCi
vi
lPr
oce
dur
e,Ar
ti
cl
e81
8,Ch
ine
se
Arb
it
rat
ionLaw,Art
ic
le68.
5
Uni
te
dStat
eso
fAmeri
ca,
Eng
lan
d,Ni
ger
iae
tc.
6
UNCI
TRALModel
Law

Electronic copy available at: https://ssrn.com/abstract=3791700

 i
nparagr
aph(1)(a)and(b)oft
hisa
rti
cl
esha
lla
ppl
yonl
ytot
hee
xte
ntt
hatt
hea
rbi
tr
al
t
ri
bunalc
onsi
der
sa pp
rop
ria
te”
.

Thea bovecond
iti
onsarefle
x i
bl
ea ndshoul
dn otbes ee
na sh ar
da ndfas
trules.Thetri
bunal
usual
lyconsi
dere
dur g
encytob einher
entinar equestbyanyp ar
tyfo
rinte
rim measure
s.The
burde
no fpr
ooflie
swi t
ht hep ar
tyrequest
inginte
rim measure,tosho
wt hatt hetri
bunal
’s
i
n t
erve
n t
ioni
surgentandthatthedeci
si
onofinte
rimme asur
esc a
n n
otwai
ttheissuanceoffi
nal
award.Theur
gencycri
te
rio
nisus ua
ll
yanaly
zedwiththedegre
eo fhar
m.

Underth
eUNCI TRALMo delLaw,“s
e r
iousne
sso fharm”isnotdefi
ned.Theph r
ase“se
riousne
sso f
harm”isc on
trovers
ialasdif
fer
enta r
b i
tr
ator
sa pplyd i
ff
ere
ntme aningtoi tdepe
ndingo nthe
ci
rcumst
ance.Itisarg
uedthat
,‘i
rr
eparabl
eh ar
m”o r“ah ar
mn otadeq
ua t
elyrepar
abl
eb yanawa r
d
ofdamages”shouldbeunders
toodinane cono
mi csenseandmus tta
k eaccountoft
hef ac
tthatit
mayn o
ta l
waysb epossi
bl
etocompe ns
a t
eforactuallo
ssessuff
eredorsul
lie
db usi
nessreput
ati
on
7
thr
oughdama g
e s.

Ge
ner
all
y,i
np r
acti
calsi
tuat
io
ns,t
hesi
mplereq
uir
ementi
sthat
,“t
her
eisama t
eri
alri
skofser
ious
da
magetotheappl
icantbe
cause
,inc
omme r
ci
alcase
siti
ssometi
mesdi
ff
icult
,i
fnotimposs
ibl
e,to
de
monst
rat
etruly“
irr
epara
blehar
m”tha
tcannotb
ecompens
atedbymone
yi nfi
nalaward
.

TYPESOFI
NTERI
MMEAS
URES

Nat
io
n allawsa nda r
bit
rat
io
nr ulesrarel
yprovi
dea nyproced
uralrul
esh owinter
im measur
es
sh
ouldb edealtwit
h.Thetri
bun ali
sg i
venwidedis
c r
eti
ontod et
erminethekindofawardtobe
gr
ant
e da ndthec o
ndit
iontobes a
tis
fi
edb ytheappl
icant
.Therea r
ed if
fer
entkin
dso fi
nter
im
measur
es ,
n a
me l
y;inj
unct
ion,
se c
urit
yforcost
,pr
eserv
ati
ono fpr
opert
yo revi
denc
e,act
iv
einter
im
measur
es ,
passiv
einter
imme asur
e s
,att
achment,
partpay
me ntet
c.

1
)Secur
it
yforcos
t:t
heot
herpar
tymayre
questf
orth
isin
teri
mmeasur
e,wher
ether
eisc
aus
e
t
obel
iev
et h
attheAp
pli
can
tisin
sol
venta
ndwillnotpa
ythec
ostofar
bit
rat
io
nifhei
snot
t
hewinn
er.

2)Appl
ic
ati
onf o
rp rese
rvat
iono fprop
ert
yo re vi
denc
e:thi
si n
teri
m me as
ureisus ua
ll
y
re
quest
edwh er
e,itappe
arsthatthepro
pe r
tymayloseva
lueorperi
shbefo
refi
nalaward.
Als
o,ano r
deroft hetr
ibunalmayb egiventoemp o
wercert
ainperso
nstoinspe
ctthe
pr
opert
y.Th
etrib
un a
lcang r
antth
erequesttop
reser
vemater
iale
viden
ce.

3
)Inju
ncti
ons:t
heCour
tortr
ibunalcanorde
rtheCl
aima
ntorDe f
end
anti nar
bit
ral
p
rocee
ding
stodoa
nacto
rre
frai
nfro
md o
ingana
ctwh
ichi
sli
kel
ytoj
eopar
diz
eth
efinal

7
J
uli
anD.
M.Le
w,Lo
uka
s,A.
Mis
tel
i
seta
l.Co
mpo
rat
iv
eIn
ter
nat
io
nal
Comme
rci
alAr
bit
rat
io
n;Kl
uwe
rIn
ter
nat
io
nal
La
w,2003
,pag
e604

Electronic copy available at: https://ssrn.com/abstract=3791700

 a
war
d.

4)Par
tpa
ymento
fcl
ai
m:t
hetr
ibun
alatt
her
eques
tofe
it
herp
art
yca
nor
dert
heo
the
rpa
rtyt
o
ad
vanc
ece
rtai
npa
ymen
ttoavoi
dse
rio
ushar
m.

5)Pass
ive
/Acti
veint
eri
m meas
ures
:Her
ethetr
ibuna
lmai
nta
inst
hes
tat
usq
uoo
rhe
lp
pa
rti
estos
etr
ule
sonh owa
rbi
tr
ati
onwi
l
lbec
onduct
ed.

Thepowe
rtogr
anti
nte
rim meas
ureswa
sso
lel
yre
ser
vedt
ona
tio
nalCo
urt
s.Ho
wev
er,t
he
at
ti
tud
ehasc
hang
edi
nrecentt
imes.

EMERGENCYARBI
TRATOR

Thisiswhereas ol
ea rbi
tr
atori
sa p
p o
int
edb yar
bitr
alins
ti
tuti
ontodeter
mineappl
ica
tio
nfor
i
n t
erimrel
ief
sone x pe
dit
edb as
isforint
eri
mr el
i
efthatcannotwaitfort
heformat
ionofthe
substa
nti
vetri
bunal.Thed ec
isi
onofa nemergenc
ya rb
it
ratori
sinter
ima n
db i
ndi
ng,butca
n
l
a t
erbevari
edo rsuspendedbysubst
anti
vetri
bunaluponfor
ma t
io
n.Eme r
genc
ya r
bit
rat
orca
n
granti
nte
rimawa r
dt opre
servether
es.
8
InSeeleMiddleEastFzevDr ake&S cullI
nternati
onalS ACo .,anapplic
ati
onwa sma detothe
Engli
shHi g
hCo urtfora ninjuncti
oni nr e
lati
ont oac ontr
actg o
ver nedbyEn gl
ishlawb ut
provi
di
n gfo
ra r
bit
ralpro
c eedi
n gsund e
rt heInter
nati
ona lChamb e
rofJ usti
ce(I
CC)arbit
rat
ionin
London.Th ea ppl
icat
ion wa sma deo n urgen
tb as isb ef
orec omme ncemento fa rbi
tr
al
9
proce
ed i
ngsun d
erS ect
ion44o ftheAr bit
rati
onAc t,whi chb asi
cal
lyl ay
sd o
wnt h
ep owers
grant
edt otheEngli
shCo urt
si ns upportofarbit
rat
ions eate
di nEngl
a nda ndWales.TheCourt
recog
nizedtheurgencyo fth
ea ppl
ic
a t
ion,sati
sfyi
ngSec ti
on44( 3)andf urt
herdete
rminedthat
atthatpoin
t,thearbi
traltri
bun alhadn op o
we rtogrants uchme as
ure ,whic
hisina cco
rdance
withSecti
on44( 5).Thus ,t
heCo urtacceptedjuri
sdi
ctiona ndorder
edt heme as
urer eq
uested
forpr
eservi
nge vi
dence.

ENF
ORCEMENTOFI
NTERI
MMEAS
URES

Theessen
tialcha
ract
eri
st
icofanawardisfi
nal
it
y.Int
eri
m measureisnotafinalawardand
do
e sn
otfallin
tothedefi
ni
ti
onofawardbytheUni
tedNa t
io
nsCo n
v e
nti
ono nth
eRe cogni
ti
on
andEnf
orcementoffor
eig
nArbi
tra
lAwa r
ds1958(theNewYo r
kCo nven
tio
n).TheMo delLaw
ex
pres
slyprovi
dedfori
nter
imre
li
efbutfa
il
stoexten
sivel
yaddr
esstheenfor
cemen tofi
nter
im

8
(
2013
)EWHC4350(
TCC)
9
S
ect
io
n44Engl
i
shArb
it
rat
io
nAc
t1996

Electronic copy available at: https://ssrn.com/abstract=3791700

 1
0
me
asur
es.
Somen
ati
ona
lla
ws a
ddr
ess
edt
hei
ssueo
fen
for
ceme
nto
fin
ter
imme
asur
es.
11
Themode
llawwasamende
di n2006andite
mp o
we r
sth
etr
ibun
alt
og r
antin
ter
imreli
ef
s in
bo
ththef
ormofanawar
da swellasi
n“anot
herfo
rm”ands
tate
dthatsuc
hme asur
eswil
lb e
bi
ndi
ngandenf
orc
eab
lea
sa nyot
h e
rawar
d.

However,i
tpro
vid
edthat,i
ftheawardismad einfor
mo fprel
i
minaryor
d e
r,al
tho
ughbind
ingon
th
ep ar
tie
s,suchanorderwil
ln o
tbesubjec
tt oenf
orce
me nt(t
hus,doesnotco
nsti
tut
eaward).
Domesti
cCo ur
tshav
efoundth at
,wherearb
itrat
or’
sint
eri
mme as
uresfi
nall
ydi
sposeofcer
tai
n
12
i
ssues,theyareenfor
ceabl
e .Ot h
erCo ur
tsma yenfor
cet hearbi
tr
ator
’sorderandawa r
d
depe
nd i
ngonthesubst
anceandn at
ureoftheint
eri
mme a
sure.

Thee nf
orc
ementofint
eri
m measur
esgrant
edb ynat
iona
lCourt
sisnotdif
fi
cul
tb ec
ausethe
Courtadopt
sitsmechani
smo fenf
orc
eme ntasinfin
ala wa
rd.Ontheo t
herh an
d,arbi
tr
al
tr
ibunaldon o
th av
et hecoerc
ivepowerstoe nf
orceitsint
eri
ma ward
s,t hema t
terof
enf
o r
cementissol
elysubj
ecttothediscr
eti
onofthec ompet
entnati
onalCourt
s.Usuall
y
enf
o r
cementofin
teri
m me a
suresgr
antedbyat ri
bunalisdonethr
oughg en
eralsta
tuto
ry
pr
ov i
si
onswit
hres
pecttoar
bit
ral
awards
.

Underinter
nati
onala r
bitr
ati
on,n at
ionalCo urt
sma yenf
o r
ceinter
im me a
suresina ccor
dance
wit
hth eprov
isi
onso ftheNewYo r
kCo nv e
nt i
on.InthecaseofFourSeasonsHo telvConcorci
o
13
Barr,t h
ea rbi
tra
ltrib
un ali
ssuedp art
ialawa rdthatordere
dt heotherpart
ytoa r
bit
rat
e,and
pr
ohibi
teditfr
oms e
e k
ingad if
ferentforumf ortheresol
uti
ono fdis
puteinques t
ion,t
heCo ur
t
enf
orcedt h
ep a r
ti
ala ward(in t
eri
m me asure)und e
rth eNe w YorkCo nv
ention.Thus,the
enf
orceabi
li
tyofinteri
ma war
dun d
erth ep rovi
sion
so ftheNe wYo r
kCo nvent
iond ependson
whetheras t
ateisac ont
ract
ingp art
y.Also ,theenfor
ceme n
to fin
teri
m me asuresunderthe
pr
ovis
ionsoftheNe wYo rkConv ent
ionbyt heNa ti
onalCour
tsdependso nwhethertheawa r
dis
14
‘
part
ialaward’or‘
fi
na laward
’.
1
5
TheModelLaw e xpr
essl
ypro
v i
dedthat
,“aninteri
m mea sur
eissuedbya narbi
tr
altr
ib
unal
shal
lberecogni
zedand,unl
esso t
her
wiseprovid
e db ythea r
bit
raltr
ibunal
,enfo
rce
dup on
appl
i
cat
io
nt othecompet
entCo
urt,i
rr
espec
ti
veo ftheCountryi
nwhi c
hitwa siss
ued…”Unli
ke
theNewYo r
kCo nv
ent
ion,t
heprovi
si
onsoftheMo delLawd onotrequi
r ei
nter
im measur
es
soug
htt
ob eenfo
rcedt
obeinthefor
mo ff
inal
awa rdorparti
alaward.

Th
eenfo
rce
mentofi
nte
rimmeas
uresi
ssue
dbyemergen
c yar
bit
rat
orisno
tcove
redun
derthe
NewYo
rkConv
ent
ion
,mo d
ell
awandnat
ion
all
egi
sl
ati
ons.Th
ec onc
eptofeme
rgenc
yar
bit
rat
or

1
0
12AS i
nghapo
reInter
nati
onalArbi
tr
ati
onAct.
1
1
Arti
cl
e17UNCI TRALMo delLaw2006.
1
2
Isl
andCree
kCo alSal
esComp anyv.Ci
tyofGai
nes
vil
l
e
1
3 th
(2004)11 Cir
. 3
777f.3
D1 1
6 4
1
4
YasudaFi
re&Ma ri
neIn
s.Co .
vCo nt
ine
ntalCa
s.(
1994)7thCi
r.3
7F.
3D3
45
1
5
Arti
cl
e17H( 1
),UNCITRALMo delLaw2006

Electronic copy available at: https://ssrn.com/abstract=3791700

 i
snov e
la ndasanemergi
ngtrendit’
syettobea
ddres
sed.I
nS i
ngapor
e,th
er e
vis
edArbi
tr
ati
on
16
Acta d d
ress
edtheissueinthef o
ll
owi
n gte
rms“i
nter
im measure
so r
deredbyatri
buna
lfal
l
wi
thi
nt hed e
fi
nit
io
no f‘a
wa r
d’,andtha
ta nemerg
encyarbi
tr
atorist
ob eregar
dedasfal
li
ng
wi
thi
nt hedefi
ni
ti
onofan‘ar
bit
ralaward
”.

GROUNDSUPONWHI
CHCOURTMAYREF
USETORECOGNI
ZEORENF
ORCEI
NTERI
MAWARDS

Unde
rArt
ic
le17IUNCI TRALMODELLAW 2006
,th
eco
urtma
yre
fus
etor
eco
gni
zeo
ren
for
ce
i
nte
rimmeasur
esi
fiti
ss a
tis
fi
edt
hat
:

• Th
ede
cis
ionc
onf
ormswi
thAr
t.3
6(1
)(i
)-
(i
ii
)or(
iv
)or

• Th
etr
ibun
alo
rde
rDe
cis
iono
nse
cur
it
yha
sno
tbe
enc
omp
li
edo
r

• Th
ein
ter
imme
asur
ewa
ste
rmi
nat
edo
rsus
pen
dedo
r

I
fth
eco
urtf
ind
sth
at:

• I
nte
rimme
asur
eisi
nco
mpa
tib
lewi
thp
owe
rgr
ant
edt
oth
eco
urto
r

• Thedec
isi
onn
ott
ore
cog
niz
eore
nfo
rcef
all
sun
dera
nyo
fth
egr
oun
dsi
nAr
t.3
6(1
)(b
)(i
)
or(
i)
.

Not
e:iti
ssuf
fi
ci
enttore
fuser
eco
gni
ti
ono
ren
for
ceme
ntup
ons
ati
sf
act
io
nofo
nlyo
neg
roun
d
amongth
osement
ion
e dab
ove.

CONCLUS
ION

Fromtheforegoi
ng,iti
so bvi
oust h
at,in
teri
mme a
suresini n
ternat
io
n a
la r
bit
rat
ionhavebeen
addres
sedb yMo delLaw,insti
tuti
onalrul
esa ndnati
onall e
g i
sl
ati
ons.Thereares t
il
lis
sues
surr
oundi
ngi nt
eri
m me asureslikethe“ emer
gencya rb
it
ra t
ion,j
uri
sdict
iontog r
antint
eri
m
me a
sures,andenf
orcementofinter
imme a
sure
s”.Eventhoughn ot
ableeff
ort
sh a
veb ee
nma de
bysomen ati
onall
egisl
ati
ontoco n
formtothestandar
dss t
ipul
a t
edbyinter
nati
onalconv
enti
ons
,
i
n s
ti
tuti
onalrul
esandt heMo d
elL aw,theexpec
tedresul
tma ynotbeachieve
dint h
ea bs
ence
ofaunifo
rma rb
itr
ati
ons ys
tem.

1
6
S
ect
io
n143
A,I
nte
rna
tio
nal
Arb
it
rat
io
n2002

Electronic copy available at: https://ssrn.com/abstract=3791700