Why are the French so different from the Germans? Underpricing of IPOs on the Euro New Markets

We study the underpricing of firms listed on the two largest EuroNM stock exchanges, the Neuer Markt of Germany and the Nouveau Marché of France. We find that the high underpricing in these two markets – contrary to the evidence on the US – is not driven by insiders’ selling behaviour. However, the large underpricing is caused by the high degree of riskiness of the issuing firms and by the partial adjustment phenomenon of offer prices to compensate institutional investors for the truthful revelation of their demand for the shares. For France, lock-up agreements act as substitutes to underpricing, but not so for Germany. We also explore the reasons for the large difference in underpricing between the German and the French IPOs: German firms are more underpriced because they are riskier, have larger price revisions, have less stringent VC lock-up contracts, and go public mostly during the hot issue period when the general level of underpricing in all IPO markets is substantially higher.     

Queer kinship practices in non-western contexts: French Polynesia's gender-variant parents and the law of La République

French Polynesia is an overseas collectivity of France whose kinship practices accommodate transgender parenting through the involvement of gender-variant (mahu) people in childrearing, including as adoptive parents in customary (faamu) adoption. While the existence and visibility of gender-variant people in French Polynesia is well documented, there is no literature on their involvement in parenting, reflecting a more general dearth of research on LGBT parenting in non-Western contexts. Drawing on the author's fieldwork in French Polynesia, this article fills this gap. The article also discusses the negative implications of France's ambivalence towards LGBT parenting for French Polynesian gender-variant parents and the children they raise.     

The Major Powers on Trial

Faced with incontrovertible evidence of the most clear-cut caseof genocide possible, the international community failed todenounce the evil and to take action to stop the killings takingplace in Rwanda in 1994. Under the influence of three majorpowers—France, the United States and the United Kingdom—theUnited Nations was disabled from taking the necessary actionbecause the mass slaughter of the Tutsi people did not impingeon these powers' narrowly defined national interests. In thespecific case of France, there is evidence to show that thispower arguably aided and abetted the genocide. Yet, in contrast,these three powers were able to take decisive and quick actionwhen faced with an outraged domestic public in response to thehumanitarian crisis which unfolded from the genocide. Thereare many reasons why individuals and governments cannot bringthemselves to use the word ‘genocide’. In the caseof Rwanda, perhaps the enormity of the concept prevented thosewho were in the midst of it from recognizing it for what itactually was.     

Departmentalization, migration, and the politics of the family in the post-war French Caribbean

This article examines the ways in which metropolitan French officials attempted to deal with the “population problem” in Martinique and Guadeloupe after they became overseas departments (DOMs) of France in 1946. Warning of a demographic crisis in the Antilles, French administrators targeted what they saw as a loose family structure and promoted European family values of Christian marriage and a stable nuclear family. The government justified smaller social subsidies to citizens of the new DOMs by citing the supposedly problematic nature of the Caribbean family and its difference from the French norm. In 1963 the government initiated a wave of emigration to the metropole through an agency called BUMIDOM which was to decrease birth rates in the Antilles and provide much-needed unskilled labor in France itself. Although the impact of emigration on the birthrate is unclear, one lasting legacy of this period was the acute sense of injustice many Antilleans felt at being treated unequally by the state. While birth rates have gone down in the DOMs it had little to do with the acceptance of European family models.     

Medicare program; additional supplier standards--HCFA. Proposed rule

This proposed rule would establish additional standards for an entity to qualify as a Medicare supplier for purposes of submitting claims for durable medical equipment, prosthetics, orthotics, and supplies (DMEPOS). This proposed rule would establish additional standards that must be satisfied before a DMEPOS supplier could receive payment from the Medicare program. The Social Security Act Amendments of 1994 require that a DMEPOS supplier meet standards related to compliance with State and Federal licensure requirements, maintaining a physical facility on an appropriate site, proof of appropriate liability insurance, and other standards the Secretary may specify.     

Genocide Trials and Gacaca Courts

After many decades of impunity, Rwanda has embarked upon a courseof transitional justice committed to prosecuting all who aresuspected of involvement in the 1994 genocide. The first phase,which began in 1997 and is still continuing, targets the mostserious offenders. Some 10,000 have been tried under the system.Confronted with its limitations, Rwanda has devised a secondapproach, known as gacaca, which focuses on a lower and lessheinous level of participation in genocide, and which is inspiredby traditional models of local justice. Acting upon legislationadopted in 2001, a pilot phase convinced Rwandan justice officialsof the viability of the process throughout the country. Theinstitutions have been fine-tuned, and become fully operationalin the course of 2005. Because the pilot phase encouraged denunciation,instead of offering ‘closure’, the process has actuallyrevealed a much broader popular participation in the atrocitiesof 1994. Rwandan authorities now say the gacaca process willprosecute more than 1,000,000 suspects.     

Examining international responses to illicit arms trafficking

Concerns about illicit trafficking in small arms andlight weapons have moved rapidly up the internationalagenda since 1996. Within about three years a rangeof international responses to this problem, and to theclosely related issue of small arms proliferation,have developed at sub-regional, regional andinternational level – in Africa, Europe and theAmericas as well as globally. This article examinesthe development and design of each of the maininitiatives in this issue area. It analyses thedifferent ways in which the problems have been framedin each agreement or programme, and the significanceof linkages between them. These recent developmentsare judged to be substantial. Despite the regional andinstitutional variations, the shared normative andprogrammatic elements appear to be sufficient tosupport the development of winning global coalitions– able to establish a co-ordinated internationalaction programme even if not actually to preventillicit trafficking in the foreseeable future.     

Dialogue and the Inquisitorial Tradition: French Defence Lawyers in the Pre-Trial Criminal Process

Recent years have seen an intermittent debate amongst journalists, policy-makers and academics in adversarial jurisdictions about the nature and quality of the inquisitorial tradition in criminal process. Much of the political impact of the debate in Britain has stemmed from the view asserted periodically by certain high profile figures that some form of judicial supervision of police investigation – as practised for example in France – might be introduced in England and Wales.¹ Such views tend to find expression when events call into question not just particular rules but also the underlying structures and assumptions of our adversarial tradition of criminal process. Thus in 1991 the public revelation of serious miscarriages of justice led to the appointment of a Royal Commission on Criminal Justice in which the adversarial character of the pre-trial process seemed to be a key point of interrogation.² The police view, demonstrated in a number of key cases, was that once they were clear that a suspect was guilty they had no responsibility to pursue exculpatory lines of investigation. This, combined with the failure of defence lawyers to play the extensive, autonomous investigative role the adversarial system demanded of them, encouraged some to ask whether there might not be advantages in somehow ensuring that the resources and rights of the state were devoted to pursuing exonerating as well as incriminating evidence. Given the limited empirical evidence then available on the workings of judicial supervision in practice⁴ and the sometimes vehement dispute in France itself about the future of its pre-trial process and especially the juge d'instruction(examining magistrate), the proposals were perhaps not surprisingly rejected.⁵ But since the mid 1990s, British funders have begun to finance a number of empirical studies of French criminal justice.⁶ This paper reports the principal findings of a empirical study primarily funded by Britain's Economic and Social Research Council into the role of defence lawyers in France.⁷ Our focus and primary theme is the developing nature of their dialogue and exchanges with key state actors such as judges, prosecutors and the police on the one hand and with clients on the other. But in so doing we aim to cast light on the broader functioning of the pre-trial process in France.     

论卢旺达国际刑事法庭的管辖权

卢旺达国际刑事法庭的管辖权包括五类:其属地管辖权涵盖卢旺达及其邻国;其属人管辖权限于自然人;其属事管辖权包含种族灭绝罪、反人道罪和战争罪;其属时管辖权仅限于1994年度发生的犯罪,遭到卢旺达政府的批评;其并行管辖权和优先管辖权则与前南斯拉夫国际刑事法庭规定的同名管辖权有着质的区别。     

Crime and punishment in Rwanda

In 1994 Rwanda was devastated by genocide that killed hundreds of thousands of people and destroyed the country’s infrastructure. The credibility of the criminal justice system was questioned following the genocide because it had failed to stop the slaughter and may have contributed to it. In order to address these concerns, Rwanda rebuilt its criminal justice system in light of its history and troubled past. The success of the reestablishment may be debated but there can be no question that Rwanda had a tabula rasa with which to form an effective criminal justice system. Examining the law details the ideals of the criminal justice system as established post-genocide. These ideals exemplify the democratic process. Examining current events allows for a practical assessment of the success of the new system. In both theory and practice the country’s criminal justice system has changed drastically since 1994.     

Medicare program; payment change for home dialysis--HCFA. Final rule

This final rule implements section 6203(b) of the Omnibus Budget Reconciliation Act of 1989, which limits Medicare payment for home dialysis equipment, supplies, and support services. Also, in accordance with section 6203(b), we are requiring that, for Medicare payments to be made to a supplier of home dialysis supplies and equipment when the patient's self-care home dialysis is not under the direct supervision of a Medicare approved renal dialysis facility, the patient must certify that the supplier is the sole supplier of his or her dialysis supplies and equipment. In addition, the supplier must agree to receive payment on an assignment basis only and must certify that it has entered into a written agreement with an approved dialysis facility, under which the facility agrees to furnish the patient with all home dialysis services. We are also providing a one-time-only opportunity for certain home dialysis patients to immediately change their current method of payment.     

Practical guidelines on incorporating “partnering” within IT agreements for public sector bodies

“Partnership” and “partnering” are two of the most frequently used terms in public sector procurement. They may be used by both customers and suppliers to justify their respective negotiating positions. A supplier may argue that, since the agreement is a “partnership agreement”, there should be no service credits or liquidated damages payable. The customer on the other hand, may argue, on similar grounds, that it wants to benchmark the supplier and have a broad right to audit every aspect of the supplier’s business.But despite being well used phrases, most guidance relating to these concepts does not define how “partnerships” or “partnering” is to work in practice. While most talk of the supplier and the customer working together “in partnership” with common aims, there is little information available as to how this will be incorporated into agreements, particularly in the context of large scale IT procurements.¹ The purpose of this article is to review the available guidance and detail some of the ways in which this guidance can be incorporated into legal agreements.     

“Batting for Britain”: British arms sales in the Thatcher years

The Scott Inquiry into arms-to-Iraq was in many ways a fitting epitaph on the arms sales policy pursued by the Conservative governments of Margaret Thatcher from 1979–1990. As the Scott Report clearly showed, the Thatcher governments favoured a highly permissive approach to arms sales. It was an approach which invigorated the British arms export industry, but at the same time invited controversy and was not without cost. This article examines some of the methods, controversies and costs of the Thatcher governments' arms sales drive.     

Urban homicide: Some recent developments

We examine homicide data from fifty of the largest U.S. cities for the years 1976–1977 and, in particular, compare them to similar data for 1971–1972. The results reinforce earlier predictions that one in seventy urban residents born this decade will ultimately be murdered. However, the dispersion of murder risk as a function of race, sex, and city has apparently dropped considerably in the last few years.     

Faculty and administration of Rutgers University School of Law at Camden, 1994–1995

Faculty and administration of Rutgers University School of Law at Camden, 1994–1995     

Holy Mountains and Anti-Cult Ecology: The Campaign Against the Aumist Religion in France

After the homicides and suicides of the Solar Temple (1994–1995), anti-cult movements received an unprecedented degree of public support in France, and a moral panic against cults was generated, eventually producing two parliamentary reports and the establishment of a governmental Mission to Fight Cults. The Aumist Religion, headquartered at the Holy City of the Mandarom, in the French Alps, although comparatively small, became one of the most visible targets and was perceived by anti-cultists, the media, and the government as the epitome of the dangerous cult. The paper examines the history of the Madaron controversies, especially the involvement of government-financed anti-cult organizations and representatives of the ecology movement, and argues that the Aumists' greatest sin is their very visibility.     

East meets West in crime in Dutch history

This essay is based on Underworlds — Organized Crime in the Netherlands, 1650–1800 (Cambridge, 1993; translated into Dutch asOp het verkeerde pad — Georganiseerde misdaad in de Noordelijke Nederlanden 1650–1800, Amsterdam, 1994), which presents a more extended discussion of ethnicity, marginality, stigmatization, and the structures and patterns of organized crime in the early modern Netherlands. For all bibliographical references and archival sources, see Underworlds.     

Building a post-war justice system in Afghanistan

This paper examines key dimensions of justice in post–war Afghanistan. These areshari'a(Islamic law), traditional institutions of informal justice (jirga), the Afghan interim legal framework, and human rights principles. It is argued that despite their apparent incompatibility, these various dimensions of justice could be integrated within a coherent framework of a new justice system in post–war Afghanistan –– a framework that would promote interaction between local institutions of informal justice and a district level court of justice, on the one hand, and between these two and a proposed human rights unit, on the other. On the basis of this analysis, an experimental model of a system of justice is proposed, which integrates local jirga and human rights units into the existing formal justice (based on shari'a and positive law) and law–enforcement institutions. This experimental model provides a multi–dimensional framework that both reflects the cultural and religious values of Afghan society, and at the same time, has the capacity to draw on human rights principles. It is maintained that the model has the capacity to deliver justice expeditiously and in cost–effective ways; it also has a strong potential to act as a channel of communication between ordinary people and a modern participatory state in post–war Afghanistan. However, in order to test the applicability of this model in the real world, it needs first to be thoroughly discussed among Afghan and international legal experts as well as among ordinary Afghan people, and then piloted in selected districts in Afghanistan.     

The Background and Causes of the Genocide in Rwanda

This article begins with an account of significant events andsocio-political relationships in the history of Rwanda, leadingto mass murder and genocide in 1994. An explanation is thenoffered of these crimes, based on an analysis of certain ecological,economic, cultural and political factors specific to Rwanda,but shared to an important extent by much of East Africa.     

Between Law and Culture: Rwanda's Gacaca and Postcolonial Legality

This article recounts a clash between an establishment international nongovernmental organization (NGO), Amnesty International, and the government of Rwanda over the meaning of international human rights norms in a postconflict society. It offers a critical perspective on the mainstream human rights community's due process critique of Rwanda's gacaca— a system of over ten thousand local judicial bodies modeled on a precolonial communal dispute resolution the Rwandan government introduced to process the over one hundred twenty thousand suspects crowding its prisons following the 1994 genocide. This moment of norm contestation offers a lens to broader problems facing the human rights regime. It argues that Amnesty International's legalistic approach to the gacaca prevents it from appreciating its unique postcolonial hybrid form, and that other approaches, such as the one adopted by Penal Reform International, are perhaps better models for human rights praxis in the developing world.