Director’s liability and investor protection: a law and finance perspective

This article conducts an analysis of director’s liability in listed firms using modern finance theory. The paper describes how the use of special general clauses in Danish law regulates director’s liability. It is shown how risk and return combinations may assist in determining whether management has violated the business judgment rule. The analysis shows that this legal doctrine is optimal from an economic perspective. The article introduces the concept of “temporal relatively of the shareholder equality principle” which can be used to determine whether the interests of minority shareholders have been set aside. It is shown that the principle of shareholder equality must be subjected to both an ex ante, as well as an ex post assessment. Moreover, courts should be reluctant to interfere in situations where there has been an unequal distribution of gain (or loss) ex post. The theoretical arguments are illustrated by analyzing a leading Danish court case that involved the squeeze out of minority shareholders in the Danish telecom company. The paper also analyzes the incentive effects of derivate suits and suits commenced by individual shareholders. It is shown that the former creates a free rider problem whereas in the latter situation, shareholders are not fully able to internalize their externalities.     

The Inefficiency of Quasi–Per Se Rules: Regulating Information Exchange in EU and U.S. Antitrust Law

It is well understood that the exchange of information between horizontal competitors can violate competition law provisions in both the European Union (EU) and the United States, namely, article 101 of the Treaty on the Functioning of the European Union and section 1 of the Sherman Act. However, despite ostensible similarities between EU and U.S. antitrust law concerning interfirm information exchange, substantial differences remain. In this article, we make a normative argument for the U.S. antitrust regime's approach, on the basis that the United States’ approach to information exchange is likely to be more efficient than the relevant approach under the EU competition regime. Using economic theories of harm concerning information exchange to understand the imposition of liability in relation to “stand-alone” instances of information exchange, we argue that such liability must be grounded on the conception of a prophylactic rule. We characterize this rule as a form of ex ante regulation and explain why it has no ex post counterpart in antitrust law. In contrast to the U.S. antitrust regime, we argue that the implementation of such a rule pursuant to EU competition law leads to higher error costs without a significant reduction in regulatory costs. As a majority of jurisdictions have competition law regimes that resemble EU competition law more closely than U.S. antitrust law, our thesis has important implications for competition regimes around the world.     

EU–China Competition Dialogue: A New Step in the Internationalisation of EU Competition Law?

EU has been the protagonist in promoting the internationalization of competition laws based on EU competition law norms. The development of China's Antimonopoly Law shows that EU has succeeded so far in establishing itself as the main reference point for China's competition regulation. The success can be mainly attributed to the EU‐China Competition Dialogue (Dialogue), a new initiative set up by EU and China in 2004. The paper reviews the internationalization of EU competition law and its characteristics. It then examines the Dialogue and how EU exported its competition law norms to one of the latest AML secondary legislations on Antimonopoly Pricing. It argues that the Dialogue's informal nature, EU's routinized technical assistance to Chinese competition authorities and its China‐oriented strategy in communication have been highly important in ensuring that the EU Competition Law becomes the main reference point for the AML. However, the paper argues that it is for the same reasons that EU faces weakness in controlling the reception of EU competition law norms by China. Based on this, the paper further illustrates that EU's understanding of competition law internationalization as reflected under the Dialogue has not undergone fundamental changes.     

案例指导制度的域外经验

英美法判例制度主要有两个作用：一是参考作用，一是约束作用。参考作用，是指如果法院认为一个判例的判决原则或法律理念是正确的，法官在审判时可以适用这个案例。而约束作用，是指如果法院认为一个判例是错误的，但按照法律的规定，该判例对法院有约束力，那么，法院即使认为这个判例是错误的，仍要遵从这个案例。     

提高金融包容:一个银行法的视角

通过提高金融包容促进人类发展已成为国际社会的共识.未来金融法改革,无论是立法还是监管实践应充分考虑金融包容.从银行法改革来看,提高金融包容应与维护银行体系稳定和保护存款人利益共同作为监管机构的监管目标.作为法定的权利,公众获得生命线性的银行服务,可以通过银行社会责任的法定化来实现,并通过私法和公法强制实施.从激励相容和成本效益监管原则出发,对提供小额信贷的金融机构必须实施差异化监管.     

论应对“危机型”突发事件的代替性策略——“必需之法则”

“危机型”突发事件的本质及法律本身功能的局限性,决定了人们无法解决非常状态下“法律与需要”之间的矛盾。“必需之法则”可以作为应对“危机型”突发事件的代替性策略。作为一种理想类型的“必需之法则”是由社会危机的极端性、自由裁量性、不受法律约束性、事后公开说理性等六个要素构成。它的理论价值在于能够增强人们对宪法长远的信仰和对法治的忠诚,能够防止集权主义有效地解决“危机型”突发事件,能够动员全社会力量共同解决危机。“必需之法则”可以与法律主义相互补充,作为我国政府应对极端危机事件的方法,也可以有效提升公民在社会危机发生过程中的公德,克服政府官员和公民的冷漠、怠责与怯懦。     

从历史视角论涉外民商事诉讼中外国法的程序地位——兼论我国外国法适用模式的构建

通过对英格兰、德国和法国有关外国法程序地位相关制度的历史考察可以看出,一国在程序法层面如何对待外国法主要取决于以下四个层面的因素,即:一国在历史上形成的对待外国法的社会心理态度,体现一国如何体认外国法性质的国际私法理论,一国在国际私法价值与程序法价值之间的权衡与选择,以及一国有关法院与当事人之间职责分配的民事诉讼体制。上述四个层面的总体情况决定了我国应在坚持法律说的前提下兼顾程序效益。基于这一判断,在外国法适用问题上,我国应采由法官依职权适用外国法而由当事人查明外国法的做法。     

公平竞争权与科斯定律的潜在前提——论公平竞争权的应然性及其本质属性

科斯与萨缪尔森关于交易双方对在交易费用为零且事先不确定利润在当事人间如何划分的前提下,使双方利润总量最大化的结果是否一定出现的问题曾进行一场论战,通过两种假设及推理,可以得出科斯定律成立且能普遍适用的条件———以公平竞争权起码在一定程度上的存在为潜在的前提。在对物权、债权、公平竞争权的本质作深入的分析后可得知,公平竞争权属于商事主体的人格权的范畴。结合社会现实,我国应从私法角度强化公平竞争权的保护。     

离婚案件的心理调解研究

婚姻法规定离婚案件应当进行调解,但由于离婚案件除了涉及法律问题以外,更多地还会涉及到家庭伦理、情感和道德等问题。鉴于这类案件的特殊性以及法官在知识结构上的局限性,心理学方法的介入应当会从根本上提高离婚案件调解的质量,从而提高该类案件调解的成功率。主要针对当前我国离婚案件调解问题的现状提出诉讼离婚心理调解的概念,论述诉讼离婚心理调解的必要性和可行性。     

反酷刑政策与罪犯人权保障

酷刑严重侵犯人权,是国际社会公认的严重犯罪之一.从历史的角度看,反酷刑政策产生和发展的内在动因是人权意识的觉醒和人权运动的兴起.随着人权保障的国际化,反酷刑日益成为国际社会关注的重要内容,因而联合国通过一系列的国际人权公约来禁止酷刑,并建立了反酷刑的国际监督机构.就我国来说,国内有关法律,如宪法、刑法、刑事诉讼法、监狱法和其他相关法律大都有反酷刑的内容或规定,但是,这与国际人权公约的有关规定相比仍存在着差距.本文在分析原因的基础上,提出进一步完善我国反酷刑措施的基本思路.     

论油污损害赔偿的法律适用

针对海洋油污问题,国际社会先后制定了若干国际公约,这些公约在充分赔偿污染受害人和修复海洋环境方面发挥着重要作用。就油污损害赔偿而言,公约与公约之间的选择适用、公约与国内法之间的选择适用,尤其是中国沿海油污损害赔偿的法律适用以及公约体制之外不同法域之间法律的选择适用对确定责任人及赔偿范围等问题至关重要。     

Adventures in the Copyright Zone: The Puzzling Absence of Independent First Amendment Defenses in Contemporary Copyright Disputes

Copyright law, for most of its history, has been exempt from the requirements of the First Amendment free speech and press clauses. As copyright law has expanded in scope and duration, scholars have begun to raise questions about its First Amendment immunity. This essay examines the fundamental conflict between copyright doctrine and the First Amendment. Although courts have been quick to dismiss the application of free speech standards to copyright disputes, the proper relationship between these two areas of the law is less than clear. The essay explores the current understanding of the intersection of free speech and copyright, largely derived from the work of Professor Melville Nimmer. It analyzes the difficulties with two specific doctrines by which the Supreme Court of the United States has justified copyright's free speech immunity – the idea/expression dichotomy and the fair use doctrine – then concludes by offering a new approach to applying the First Amendment to copyright law in a more robust manner.     

国际水下文化遗产若干法律问题研究

从法律定性上看,水下文化遗产不是无主物,也不是"人类共同继承遗产",而是沉没物,原则上归其沉没时的物主所有。当然,对按照一定的程序不能辨明物主的水下文化遗产,除文物和公共财产外,自其沉没时视为无主,适用先占制度。《保护水下文化遗产公约》对水下文化遗产的保护和管理已经作了公平合理的规定,我国有必要参加该公约。在相关的国际打捞案件中,我国完全可以根据国际法坚决地主张和维护自己的正当权益。     

The 2007 Interpretation of the Supreme Court of China on contractual choice of law: Comments and analysis

On July 23, 2007, the Supreme Court of China issued a new judicial interpretation on contractual conflicts. By this Interpretation, the Supreme Court of China publicized contractual conflicts rules. Although a new legal system has been established in resolving conflict of laws in accord with the Law on the Application of Law in Foreign-Related Civil Relations in China (effective on April 1, 2011), there are not many detailed rules concerned on contractual choice of law in this law. As far as contractual conflicts are concerned, the new rules just re-confirm the principles embedded in the 2007 Interpretation. In China contractual conflict disputes still have to largely resort to the 2007 Interpretation.     

经济法之人性价值

就经济法产生的逻辑及主要内容考察,经济法是“人性冲突与调适”的法律形式。就实践而言,经济法产生于市场失灵,而市场失灵的深刻原因在于市场领域内人性的冲突;就立法而言,经济法产生于民法失灵,而民法失灵的真正根源在于民法注重人性解放的同时,对人性的反映也有一定的片面性。因此,经济法应当从厚重的“纯经济色彩”的层层包裹中破壳而出,复归人性之路。     

程序法的内在张力

程序法在内部有着四个向度的张力,分别是交往向度张力、认知向度张力、空间向度张力和时间向度张力。这四个向度张力的存在,使得程序法各项制度的功能失灵,进而又减损了司法权威,导致司法解纷的目的落空。但是这四个向度的张力乃是程序法天生的不可避免的内在张力,实际上也是程序法和程序法理论发展变迁的动力源泉,因此不可能在一般意义上得到彻底消解。比较现实的选择是在个案审理过程中,就所遭遇到的具体的张力逐个消解。而消解个案审理过程中出现的具体的张力的路径,乃是程序法中自带的程序性商谈机制。为保障程序性商谈机制顺利运行,又须在制度上确保程序参与者之商谈行为符合言语行为有效性要件的要求。就民事诉讼而言,目前较为重要的是进一步强化对妨碍民事诉讼行为的惩戒。     

The Logic of Time in Law and Legal Expert Systems*

Abstract. Research on an expert system regarding unemployment insurance law has pointed to the difficulties of explicitly representing temporal relations. The question has been addressed in the artificial intelligence literature with respect to planning systems and linguistic analysis. The approaches adopted do not appear to be directly transposable to legal discourse. The problem seems so far to have escaped notice amongst researchers attempting to develop legal expert systems. The paper explores in a preliminary way how lawyers use temporal concepts. It is submitted that “legal time” only partly overlaps with real time. A sketch of a formalization of temporal relations in law, following J. F. Allen's approach, is presented.     

公序良俗与基本权利

基本权利在私法领域的功能及适用是和公序良俗原则关联在一起的。就民事法律行为而言,违背公序良俗将导致该行为的无效,并进而引发其它间接后果。基本权利虽然不是对法律行为施加限制的强制性“法律”规定,但是,它是判断是否构成违背公序良俗的重要标准。就侵权行为而言,违背公序量俗之侵权属于侵权行为的重要形式,具有“权利型”侵权和违反“法益”型侵权所不具有的功能。基本权利对侵权行为的影响主要通过“公序良俗”这一制度性平台,对侵权行为之构成产生阻却的功效。在民事审判中,公序良俗原则具有适用的必要性,它事实上也是基本权利在民事审判中得以适用的管道。     

Legal jurisdiction over malware-related crimes: From theories of jurisdiction to solid practical application

As far as malware-related crimes are concerned, extra territorial jurisdiction and the law of extradition need one another to work perfectly, but there has never been a standard universal rule governing them. While Universality Principle can be argued to be the most ideal solution to the problem, it is opposed by the supporters of the notion of self-regulation of the internet, not to mention it lacks the required universal support. Thus the determination of the issues has to be based on the analysis of existing measures of practical applications.     

公民教育概念辨析

公民问题历来就是政治和教育的核心问题。通过教育培养社会所需要的合格公民历来也是教育的最终目标。因此,公民教育越来越受到世界各国的普遍重视。关于什么是公民教育这一问题,中外学者见仁见智,看法各异。在对公民资格和公民阐释的基础上,对公民教育概念进行辨析。