上市公司预测性信息披露制度研究

上市公司信息披露制度是现代证券监管制度的核心内容与基石。在我国证券市场中，立法疏漏和监管不力使得上市公司预测性信息披露实质上已经构成了信息披露的主要违规行为类型之一。最高人民法院《关于审理证券市场因虚假陈述引发的民事赔偿案件的若干规定》（以下简称《规定》）对人民法院审理虚假陈述证券民事赔偿案件具有重要的规范作用，而且对中国证券市场稳步健康发展将产生重大影响。但《规定》本身对预测性信息披露没有涉及。本文将借鉴美国预测性信息披露的相关制度，分析目前我国上市公司预测性信息披露的实践，并提出相应的制度改…     

信息确定性视角下的披露与反欺诈制度一体性

证券法的两大重要领域信息披露和反欺诈制度可以通过信息确定性的关键概念实现一体性，从而既可加强理论贯通，又可减少披露要求过多、执法范围过泛等实务误区。在理论层面，应正视证券信息的重大性由规模和概率的乘积决定。一项信息只有在发生概率达到一定程度即具有确定性后，才真正有意义。在实务层面，为避免信息过载或信息误导，积极披露义务人只应披露具备确定性的信息。虚假陈述和信息型操纵的本质均是对所披露信息之确定性的非法改变。对积极或消极披露义务人的追责基础均为其行为造成的信息确定性假象。内幕交易的本质是对未披露信息的确定性的非法利用。内幕信息包含了应披露的重大事件，且已经具有了启动披露准备的实质确定性，或符合法定的形式确定性条件，或至少具备定性的信息确定性。对内幕信息敏感期的起算方式应避免倒果为因，将事后实现的确定性适用于事前，对公司控制人亦不应有所谓主观确定性标准。     

析信息披露的准确性原则

信息披露的准确性原则是指被披露的信息在内容上必须符合完整性、真实性和有效性的要求,不得有重大遗漏、虚假或不可利用性,被披露的信息只有同时具备完整性、真实性和有效性,才符合准确性原则。如果披露的信息虽是完整的.但不具有真实性或有效性;或虽是有效的,但不具有完整性或真实性,都是违背信息披露的准确性原则的。信息披露的准确性原则是信息披露最根本的原则。     

试论盈利预测信息披露的管制

盈利预测信息对于证券市场发展和投资人具有重要意义。美国证券法实行允许自愿性预测信息披露的制度 ,并建立了安全港规则。我国证券法应借鉴美国的做法 ,对诚实、信用的证券发行人发布的盈利信息预测实行负责制度。     

不动产交易信息披露义务研究——基础框架的设定

信息披露在不动产交易中具有非常重要的地位,在世界范围内也是一个复杂的难题。通常来说,信息披露义务的根据具有多元性,既包括效率也包括道德和政策。而信息披露义务的设定必须考虑多种因素,如信息的性质、信息取得的社会价值、信息主体等,该义务的设定必须实现一般原则和例外规定的统一。信息披露的范围极可能是内在于不动产也可能是外在于不动产,法律对两者的态度不完全一致。而违反信息披露义务则可能适用错误、欺诈、显失公平甚或违约规则进行处理。     

美国经理报酬信息披露制度改革及对我国的启示

针对日益严重的上市公经理高额经理报酬问题,2006年,美国SEC颁布了新的经理报酬信息披露规制.和1992年信息披露规则一样,新规则仍然要求上市公司通过提交专门经理报酬报告的形式,并采用图表、表格等方式全面、直观地披露经理报酬信息,但在报酬信息披露内容、披露对象、披露方式等方面都作出了重大的修改.我国上市公司经理报酬问题也日渐突出.经理报酬信息披露不充分、不完全也不透明,信息的可比性差.这不利于股东经理报酬知情权的保护.美国SEC改革对于我国上市公司经理报酬信息披露制度的建设具有重要的借鉴意义.     

让每一桩游说暴露在阳光下

在承认＂立法游说＂合法性的基础上,西方通过法律来防范＂立法游说＂弊端和从中产生的立法腐败现象。如美国颁布了《游说信息披露法》和《外国代理人登记法案》,对＂立法游说＂进行规制：其一是＂游说立法＂必须信息公开。说客和议员两方面都要求及时披露信息，     

论信息披露的适时性原则

论信息披露的适时性原则周仲飞信息披露的适时性原则是指信息必须在法律规定的时间及时予以披露。一则信息即使是准确的，其披露形式和程序也是规范化的，但不是按照法律规定的时间（过早或过迟）披露，就不是合法的信息披露，就有可能损害投资者的利益。信息披露的适时性...     

证券信息公平披露规则的规范分析与检讨

公平披露规则要求信息披露义务人向所有证券投资者同时披露信息，以确保不同投资者在信息获取上的平等性，维护证券市场的公平诚信。公平披露规则的规制对象应为重大信息的选择性披露行为，非重大信息对于投资者判断证券价值和作出投资决策不会产生显著影响，该类信息的披露并无适用公平披露规则的必要。公平披露规则强调信息披露的同时性，这意味着信息披露义务人在披露信息时必须采取公开披露的方式，方能确保披露的信息能够被不同投资者同时获取。《证券法》虽未指明公平披露规则除外适用规定的具体内容，但运用体系解释的方法可知：基于工作、职务或业务需要而提前获取未公开信息的知情人负有法定的保密义务，信息披露义务人在信息依法公开前向前述知情人披露信息时，可以豁免适用公平披露规则。     

如何监管集资行为

集资行为的基础理论是：因为融资者的信息与投资者的信息不对称，所以，为了保护投资者，我们要求融资者披露信息，即强制信息披露制度。但强制信息披露制度不是简单的披露信息就OK了，它需要通过一系列的制度安排来实现。其中，第一核心当然是披露要求，就是要求融资的时候提供充分的信息，同时还有一套“持续披露”的要求，这两者是“强制披露”最重要的内容。除此之外，还需要一套行政许可程序来保障上述制度得以实现。这套行政许可程序在美国叫“注册”，在中国叫“核准”--当然，我们马上也要改为“注册”。     

Over-the-counter vaginal contraceptive and spermicide drug products containing nonoxynol 9; required labeling. Final rule

The Food and Drug Administration (FDA) is issuing a final rule establishing new warning statements and other labeling information for all over-the-counter (OTC) vaginal contraceptive drug products (also known as spermicides, hereinafter referred to as vaginal contraceptives or vaginal contraceptives/spermicides) containing nonoxynol 9 (N9). These warning statements will advise consumers that vaginal contraceptives/spermicides containing N9 do not protect against infection from the human immunodeficiency virus (HIV), the virus that causes acquired immunodeficiency syndrome (AIDS), or against getting other sexually transmitted diseases (STDs). The warnings and labeling information will also advise consumers that use of vaginal contraceptives and spermicides containing N9 can irritate the vagina and rectum and may increase the risk of getting the AIDS virus (HIV) from an infected partner. This final rule is part of FDA's ongoing review of OTC drug products. FDA is issuing this final rule after considering public comments on its proposed regulation, and all relevant data and information on N9 that have come to our attention.     

Police-Induced Confessions,Risk Factors,and Recommendations: Looking Ahead

Reviewing the literature on police-induced confessions, we identified suspect characteristics and interrogation tactics that influence confessions and their effects on juries. We concluded with a call for the mandatory electronic recording of interrogations and a consideration of other possible reforms. The preceding commentaries make important substantive points that can lead us forward—on the effects of videotaping of interrogations on case dispositions; on the study of non-custodial methods, such as the controversial Mr. Big technique; and on an analysis of why confessions, once withdrawn, elicit such intractable responses compared to statements given by child and adult victims. Toward these ends, we hope that this issue provides a platform for future research aimed at improving the diagnostic value of confession evidence.     

略论被害人陈述的证据补强——以当事人证据和印证证明为起点

作为一种证据规则,证据补强是针对某种证明力薄弱之言词证据,须与其他证据合并提出.证据补强规则与我国“印证证明模式”在实质上具有相通性.作为一种当事人证据,被害人陈述具有极大的主观性,在一定程度上削减了被害人陈述的可信性或者证明力.在口供补强已经被我国刑事诉讼法移植确认的情况下,确立被害人陈述之补强规则也是合理的.具言之,在被害人陈述成为案件定罪的关键证据或者仅有的证据时,应当对该被害人陈述进行证据补强.     

Sensory information in children’s statements of sexual abuse

The credibility of children’s statements of sexual abuse is a controversial issue in forensic psychiatry and psychology. Neurobiological and clinical laboratory studies show that real memories contain more information regarding sensory details than false memories. The goal of the present field study was to evaluate whether sensory information was present in children’s statements of sexual abuse, and whether this information was more often present in credible statements compared with non-credible statements. Sensory details were extracted from a sample of 96 statements of sexual abuse from children; 62 statements were considered credible and 34 statements were considered non-credible. This study showed that sensory information was present in 79% of children’s reports of child sexual abuse. Sensory information was significantly more often present in statements considered credible compared with non-credible statements (85.5%, P < 0.001), but there were large variations in the sense involved. Logistic regression analysis showed that the presence of at least one sensory detail may be a good predictor of credibility (odds ratio, OR = 23.484, P < 0.05). It seems appropriate to include sensory details when assessing the credibility of children’s statements of child sexual abuse, but it has not yet been demonstrated that use of such details significantly improves the validity of credibility assessments.KEYWORDS: Forensic sciences, forensic psychiatry, forensic psychology, credibility, sensory information, children’s statements, sexual abuse     

ALIENATING AUDIENCES FROM INNOVATION: THE PERILS OF POLEMICS, IDEOLOGY, AND INNUENDO

When judging innovative programs like Family Bridges™, it is important to balance careful scrutiny with openness to new ideas. Judicial responses to children who reject a parent are best governed by a multifactor individualized approach. A presumption that allows children and one parent to regulate the other parent's access to the children is unsupported by research. A custody decision based solely on the severity of alienation leaves children vulnerable to intensification of efforts to poison their affections toward a parent. Concern with possible short-term distress for some children who are required to repair a damaged relationship should not blind us to the long-term trauma of doing nothing. Professionals are urged to minimize the infusion of polemics, rigid ideology, and rumors when offering opinions with inadequate information, particularly public statements that risk harming children.     

CONFLICTING ROLES IN CHILD CUSTODY MEDIATION

This article will first discuss the conflict in the mediator's role as a neutral and impartial third party with no interest in the outcome and his or her role as guardian or advocate for the best interests of the child. That discussion will define terms, consider the legal standard for the best interests of the child as it is used by the courts, and lay out how the legal standard is problematic in general but even more so for mediators. Part 3 will discuss options for mediators attempting to resolve this conflict by looking at a continuum of alternatives, using examples of opening statements that illustrate positions ranging from extreme nonintervention to complete inte mention. An assessment follows each example.     

Effects of preconceptions on deception detection and new answers to why lie-catchers often fail

Abstract

This study investigated the extent to which crediting and discrediting background information, given to observers before they watched three video-taped interviews with the same witness, affected their veracity judgments. Our analyses show that the observers' distribution of truth/lie-judgments were more affected by crediting than discrediting background information. We also mapped the subjective cues given to justify the truth/lie-judgments, and found that the most frequently used cue was whether or not the three statements were consistent over time. In addition, our analysis revealed two types of inter-observer disagreements. One type referred to how different cues were perceived (e.g., forty observers perceived the three statements as being inconsistent over time while an equal number perceived the same three statements as being consistent over time). The second type referred to how different cues were used (e.g., the fact that the witness was perceived as not being confident in his testimony worked against him equally as often as it worked for him).     

The Medicare Cost Report and the limits of hospital accountability: improving financial accounting data

Health policy makers, legislators, providers, payers, and a broad range of other players in the health care market routinely seek information on hospital financial performance. Yet the data at their disposal are limited, especially since hospitals' audited financial statements--the "gold standard" in hospital financial reporting--are not publicly available in many states. As a result, the Medicare Cost Report (MCR), filed annually by most U.S. hospitals in order to receive payment for treating Medicare patients, has become the primary public source of hospital financial information. However, financial accounting elements in the MCR are unreliable, poorly defined, and lacking in critical detail. Comparative analyses of MCRs and matched, audited financial statements reveal long-standing problems with the MCR's data, including major differences in reported profits; variations in the reporting of both revenues and expenses; an absence of relevant details, such as charity care, bad debt, operating versus nonoperating income, and affiliate transactions; an inconsistent classification of changes in net assets; and a failure to provide cash flow statements. Because of these problems, MCR financial data give only a limited and often inaccurate picture of the financial position of hospitals. Audited financial statements provide a more complete perspective, enabling analysts to address important questions left unanswered by the MCR data. Regulatory action is needed to create a national database of financial information based upon audited statements.     

Representative payment policies and administrative procedure for imposing penalties for false or misleading statements or withholding of information. Final rules

We are amending our regulations on representative payment and on the administrative procedure for imposing penalties for false or misleading statements or withholding of information to reflect and implement certain provisions of the Social Security Protection Act of 2004 (SSPA). The SSPA amends representative payment policies by providing additional safeguards for Social Security, Special Veterans and Supplemental Security Income beneficiaries served by representative payees. These changes include additional disqualifying factors for representative payee applicants, additional requirements for non-governmental fee-for-service payees, authority to redirect delivery of benefit payments when a representative payee fails to provide required accountings, and authority to treat misused benefits as an overpayment to the representative payee. In addition, we are amending our rules to explain financial requirements for representative payees, and we have made minor clarifying plain language changes. The SSPA also allows us to impose a penalty on any person who knowingly withholds information that is material for use in determining any right to, or the amount of, monthly benefits under titles II or XVI. The penalty is nonpayment for a specified number of months of benefits under title II that would otherwise be payable and ineligibility for the same period of time for payments under title XVI (including State supplementary payments).