Identifying Points of Contact and Engagement Between Legal and Environmental Education

This article explores the shaping and possibly reforming potential of ideas about sustainability in legal education by drawing up a scale of environmental education theories, arranged according to their propensity to transform radically university education. The article offers a critical analysis of current individualist strategies aimed at developing students' environmental skills, in particular that these hamper opportunities for universities to develop a broader and more creative agenda of social change. Applying ideas about how environmental education communities of practice develop, this article identifies some pockets of activity seeking to integrate ideas of sustainability into the law curriculum, including via environmental law and teaching Wild Law or Earth Jurisprudence. These issues form part of an on‐going debate about how well law students are being prepared for work in highly challenging social, environmental, and financial circumstances, against the backdrop of a broader question about ‘what are universities for?’     

Let's Talk about Climate Change: Disclosure Is Coming

In this article, I review the newly released draft ASTM International standard on climate change disclosure. Many parties, from investors to state agencies, are calling for a consistent, comprehensive approach to disclosure of material financial impacts attributed to climate change. Disclosures range from costs associated with compliance to new laws to more general risk management strategies adopted by corporations. This article summarizes some of the key features of the draft standard and encourages participation in the development process.     

Arbitration in financial dispute resolution: the final step to reconstructing the default(s) and exception(s)?

In this article, I argue for caution in embracing family arbitration as a new form of private ordering for resolving parties' financial disputes. I explain that family arbitration may be more successful than other forms of private ordering and final court hearings in enabling certain types of parties to resolve certain types of disputes. I consider why family arbitration may not become numerically significant despite its potential benefits, but may be much more important in normative terms. Lawyer-led negotiations remain the most common form of out-of-court resolution and constitute the de facto default form of bargaining in the shadow of the normative regime framed by ss 23–25 Matrimonial Causes Act 1973. Together with the transformation in approach to nuptial agreements, family arbitration may mark a normative shift towards autonomy and private ordering. I question whether this is a desirable step for family law, at least before we have resolved the underlying policy debate.     

The Transparency Trap: Non‐Financial Disclosure and the Responsibility of Business to Respect Human Rights

This article examines the potential for transparency programs to improve corporations’ human rights performance. The primary focus is on “general” transparency programs such as the inclusion of human rights issues in sustainability reports. Regulators increasingly rely on such programs, one of which is the EU Directive on the Disclosure of Non‐financial Information, which many commentators view as a model for legislation in other countries and for a business and human rights treaty. This article identifies several problems with this approach. The human rights metrics used in current sustainability reporting standards often lack validity or are based upon data that is most easily collected, rather than most important. Moreover, the empirical evidence on sustainability reporting shows continued problems of selective disclosure, impression management, incomparable disclosures, and the use of disclosure as an end in itself (as opposed to a process that leads to organizational change). To move forward, regulators should shift focus to a model grounded in regulatory pluralism. Under this approach, regulators would combine a selection of targeted transparency mechanisms to create a more complete regulatory system that corrects for one disclosure mechanism's weaknesses by including others that have complementary strengths.     

The Quality of Information Provided by Dual-Class Firms

When Google went public with a dual-class capital structure in which shares owned by the founders confer greater voting rights than shares issued to public investors, its cofounders, Larry Page and Sergey Brin, promised to provide investors with high-quality information about the company. Using the words of Warren Buffett, the chairman and CEO of Berkshire Hathaway, another dual-class firm, they promised shareholders, “We won’t ‘smooth’ quarterly or annual results: If earnings figures are lumpy when they reach headquarters, they will be lumpy when they reach you.” Page, Brin, and Buffett definitely understood the importance of quality information to their investors, especially in dual-class structures. But do dual-class companies really provide investors with credible financial information? Contrary to the assumption of agency theory that dual-class firms are less transparent, we find empirically that these companies do provide credible information to their investors. Our results suggest that the quality of financial reports, as measured by their ability to predict change in future earnings, is higher for dual-class companies than for their single-class counterparts. These findings may be explained by the unique relations created in dual-class firms in which the founders provide investors with higher-quality information in exchange for superior voting rights. The article contributes to the heated debate about the transparency of dual-class companies by providing policy makers with important insights on the quality of information provided by these companies. Our findings suggest that there is no need for stricter regulation with regard to disclosure of financial information by dual-class firms.     

Cohabitants, Property and the Law: A Study of Injustice

With cohabitation outside marriage becoming increasingly common, the law's response to the problems that arise on separation has become a key issue for public and family policy. This article draws upon the findings of a qualitative empirical study of how property disputes are handled when cohabitants separate. It argues that the unfairness of the current law is best understood as stemming from a failure to recognise the situation that arises as one of unjust enrichment. It shows that the complexity and unpredictability of the law make it difficult to bargain effectively in the shadow of the law. It suggests that the need for reform goes beyond the introduction of a discretionary regime, such as that proposed by the Law Commission, to reform of conveyancing and property law and practice to facilitate initial, as well as post-separation private ordering.     

Financial Torts and Investor Protection: Is the Europeanisation of Third State Cases a Viable Solution?

Due to the growing globalisation of financial markets, non-EU market operators which act outside the EU are increasingly causing direct harm to European investors. This issue, and its relevant impact on investor protection, has already been considered by the European legislature at the substantive level. This article seeks to demonstrate that, at the private international law level, the Europeanisation of third state cases would increase both the degree of investor protection and investors’ equal access to justice. Focusing exclusively on financial torts, the advantages arising from the application of Brussels I bis heads of jurisdiction to non-EU defendants are assessed with regard to insider trading and Credit Rating Agency liability cases. The paper also examines the main critical elements related to such an extension of the Brussels I bis regime, especially from a systematic perspective, and suggests possible future approaches to this issue.

     

Toward a Signaling Explanation of the Private Choice of Corporate Law

Corporate actors can choose their corporate domicile and haveconsiderable freedom to choose terms in corporate charters.Although contractarian corporate law literature almost alwaysanalyzes the private choice of corporate law through the lensof agency costs, this article considers the choice for its informationalcontent. A particular law may be chosen by an entrepreneur notbecause it reduces agency costs, but because it signals qualityto outside investors. The article considers the choice of aDelaware domicile. Higher expected litigation costs for relativelylow quality firms that accompany a Delaware domicile could implythat choosing Delaware signals a relatively high quality firm.Alternatively, the size and structure of the franchise tax inDelaware could give rise to a signal of quality from locatingthere. The article considers the ambiguous welfare implicationsof the signaling analysis and the debate over mandatory versusenabling rules in corporate law. It also suggests how the signalinganalysis might apply to the debate over the private choice ofa securities regulation domicile.     

行为金融信息中介的网贷平台信息披露规则

从金融属性上看,网贷平台提供的是借贷信息中介服务。信息披露是其主营业务内容,平台不能参与借贷交易,否则将使流动性等风险大量集中到平台并引发严重后果。从法律性质来看,网贷平台则是借贷居间商,应当向交易双方履行相应的信息披露义务。网贷业务兼具金融和网络化特点,我国《合同法》第425条的一般性规定无法有效规制网贷平台的信息披露行为。P2P网络借贷信息披露监管规范虽初具体系,但还需围绕投资者等金融消费者保护这一根本宗旨进行改进,使信息披露内容以普通消费者等客户认知水平和需求为导向,信息披露义务的履行贯穿借贷合同存续的全过程,平台违反信息披露义务应当承担相应的民事责任等。     

Law and Finance in Emerging Economies: Germany and Britain 1800–1913

By most standards, Britain in the 19th century was the world's leading financial nation, with more developed capital markets than any other country. An influential view in the law and finance literature argues that, holding macroeconomic factors constant, the different financial development can be attributed to more stringent disclosure regulation in Britain. Presenting a granular analysis of regulatory reform in Britain and Germany, this article shows that the level of disclosure regulation was largely comparable in both countries during the relevant period and that reform initiatives were not an exogenous stimulus of financial development, but evolved incrementally in response to changing market conditions. On the other hand, the legal regime governing the formation of stock corporations developed in diametrically opposed directions in the two countries as a result of concerted efforts by policy makers to change market conditions. The article argues that these rules, which were relevant to organisational choice and the availability of different sources of financing, stand out as the most striking difference between Germany and the UK.     

“Tort Tales” and TV Judges: Amplifying,Modifying, or Countering the Antitort Narrative?

This article joins the debate about the popular pervasiveness of antitort and antilitigation attitudes by examining whether, and to what extent, antitort or antilitigation sentiment is present in the narratives about law offered by reality‐based television judge shows. Given the persistent debate about tort reform and scholars' recognition of the role played in this debate by simplified narratives about the legal system, we analyze whether reality‐based TV judge shows as a genre contribute to the creation and dissemination antitort and antilitigation sentiment. Earlier studies led us to hypothesize that TV judge shows would largely support the antitort and antilitigation narratives. After coding over 55 hours of such shows, however, we conclude that they do not adopt this narrative. Rather, these shows present a view of the civil law system that largely treats plaintiffs' claims as legitimate and showcases the majority of defendants as wrongdoers. In spite of this, we argue that the particular dramatic qualities of TV judge shows limit their potential to serve as a strong counternarrative to antitort and antilitigation stories.     

Border Problems: Mapping the Third Border

The Internet has become the site of economically relevant objects, events and actions, as well as the source of potential risks to the financial systems. This article builds on a metaphor of ‘border problems’ in financial regulation, exploring a ‘third border’ between the ‘real world’ and ‘cyberspace’—a virtual domain of human interaction facilitated and conditioned by digital communications systems. Reviewing the ‘cyber-sovereignty’ debate and surveying the divergent approaches now emerging along geo-political faultlines, we argue that sovereign states still have a unique and irreplaceable role in guarding financial stability which must be reflected in the law of Internet jurisdiction: an emerging lex cryptographica financiera. We conclude with a few observations on how this could affect the design of financial regulation in the coming decade.     

上市公司信息披露对个体投资者行为的影响——基于行为金融的实验研究

在假设我国股票市场中的个体投资者存在非理性的前提下,运用实验研究方法,考察上市公司信息披露对个体投资者投资行为的影响程度。从中发现:个体投资者存在着过度自信的心理,对上市公司信息披露的关注和敏感度不高;从上市公司财务和非财务信息披露的影响来看,个体投资者受前者的影响更显著一些,但不存在过度反应,而对后者则反应不足。这表明应进一步完善我国上市公司的信息披露制度,以尽快得到广大个体投资者的认可。     

Connections and Tensions Between Nationalist and Sustainability Discourses in the Scottish Legislative Process

This article illustrates how sustainability and nationalist discourses have operated together in practice in Scotland. Potential connections and tensions between nationalist and sustainability discourses are identified and used to analyse the events leading up to the passage of the Climate Change (Scotland) Act 2009 and the Regulatory Reform (Scotland) Act 2014. The analysis reveals how in certain contexts, the tensions and connections between sustainability and nationalist discourses can align to reinforce transformative initiatives while in other contexts, the tensions can lead to initiatives being watered down or set aside. The article concludes that more could be done to emphasize the connections between the two discourses. Engagement at the level of ‘nation’ can lead to sustainability discourses that are more attuned to nationalist values, increased public understanding, and acceptance of sustainable development, as well as additional opportunities for debate, public participation, and education.     

Understanding how and when change occurs in the administrative justice system: the ombudsman/ tribunal partnership as a catalyst for reform?

ABSTRACT

This article explores the ongoing condition of the ombudsman sector through models of change adopted from the social science literature. Debates about change are fleshed out through an analysis of the ombudsman/tribunal partnership initiative currently underway. As well as providing an explanation for the slow process of reform in the ombudsman sector, the article highlights the need for further research into the partnership initiative to detail the strengths, weaknesses and sustainability of such bottom-up reform agendas in the administrative justice system. We conclude that the impact of each individual initiative is likely to be minor but as a process they represent important moments of institutional learning which, in the context of current crisis, could operate as catalysts for major administrative justice reform.     

Private thoughts of public representatives: assisted death, voluntary euthanasia and politicians

Assisted death and voluntary euthanasia have received significant and sustained media attention in recent years. High-profile cases of people seeking assistance to end their lives have raised, at least in the popular press, debate about whether individuals should be able to seek such assistance at a time when they consider their suffering to be unbearable or their quality of life unsatisfactory. Other recent developments include a number of attempts to legislate on the issue by the minor parties in Australia and the successful enactment of legislation in a few overseas jurisdictions. However, despite all of the recent attention that has focused on assisted death and voluntary euthanasia, a discussion of the adequacy of existing laws has not made it onto the political agenda of any of the Australian State or Territory governments. This is in spite of the fact that the private views of the majority of our elected Members of Parliament may be supportive of reform. This article explores the role of politicians' views and, as a case study, considers the opinions expressed by a number of Queensland Members of Parliament. In light of the views of these politicians and those of members of the public, as well as considerations arising from current medical practice, the article argues that there is a need for open political debate on assisted death and voluntary euthanasia. The article also suggests ways that such a debate may be achieved while minimising any political impact on governments that are prepared at least to consider this issue.     

Regulatory Disclosure of Offending Companies in the Dutch Financial Market: Consumer Protection or Enforcement Publicity?

Regulatory disclosure of names of offending companies is increasingly popular as an alternative to traditional command and control regulation. The goals and intended effects of disclosure are not always clear, however. Do regulators wish to increase their transparency, or do they intend to name and shame? This article aims to contribute to a better understanding of the underlying working mechanism of regulatory disclosure of offenders' names through a case study of the Dutch Authority for Financial Markets' disclosure policy. It distinguishes two types of disclosure strategies: consumer oriented and firm oriented. The case study shows that although informing consumers was the primary purpose of disclosure as intended by the Dutch legislature, the purpose in practice has shifted to informing companies about the regulators' enforcement policy. The nature of the disclosed information makes it unlikely that disclosure adequately prevents financial risk taking by consumers. Instead of empowering consumers, disclosure has been incorporated in a traditional deterrence logic, turning out not to be an example of new governance but instead a modern version of command and control enforcement publicity.     

Mandatory accounting disclosure by small private companies

This article analyzes how mandatory accounting disclosure is grounded on different rationales for private and public companies. It also explores technological changes, such as computerised databases and the Internet, which have recently made disclosure of company accounts by small companies potentially less costly and more valuable, thanks to electronic filing and universal online access to credit information systems. These recent developments favour policies that would expand the scope of mandatory publication for small companies in countries where it is voluntary. They also encourage policies to reduce the costs and enhance the value of disclosure through administrative reforms of filing, archive and retrieval systems. Survey and registry evidence on how the information in the accounts is valued and used by companies is consistent with these claims about the evolution of the tradeoff of costs and benefits that should guide policy in this area.     

An analysis of cybersecurity in Dutch annual reports of listed companies

In this paper we study the disclosure of cybersecurity information in Dutch annual reports, such as cybersecurity measures and cyber incidents, from a financial law and economics perspective. We start our discussion with an analysis of the requirements in financial law to disclose cybersecurity information in annual reports. Hereafter, we discuss the incentives for the board regarding disclosing cybersecurity related information and its effect on stakeholders and shareholders. We draft hypotheses regarding the actual disclosure of cybersecurity information and propose a research design of an exploring empirical study. The results of our study show that although there is no strict legal obligation to do so, 87% of the companies mention cybersecurity or similar words in their annual report in 2018. However, only 4 out of 75 companies disclosed more than six specific cybersecurity measures, while openness would generate the highest surplus for society from a social welfare perspective. Some major Dutch banks and employment agencies did not disclose any specific information with regard to their cybersecurity strategy, while those companies are highly vulnerable for cybersecurity incidents. This hampers the protection of creditors, investors and other stakeholders. Our analysis aims to propel the debate on stimulation of self-regulation or possible obligations in financial law concerning cybersecurity in annual reports.