Scholarship describes professionals who participate in securitiesofferings, and who represent public companies in . . . [Full Text of this Article]     Theories of IPO pricingRelationship between pre-IPO price adjustment and diligence in legal servicesExtension of Hanley's modelConservative model—only a portion of the impact is identifiedIssuer's counsel v underwriters’ counselConfirming proper model specificationIncreased risk of an investment in the issuer affecting probability of engagement of quality law firmDifferent signs between issuer's lawyer and underwriters’ lawyer   Summary statisticsMeasure of law firm prestige
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For this study the author has reviewed 134 documents from 12 western countries: the US, Canada, Australia, New Zealand, England, Scotland, Sweden, Finland, Norway, Germany, Austria and France. The documents include the research literature as found in the RDC documentation department and documents obtained by writing to official authorities.  相似文献   

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In the process of building a European Private Law, the lawmaking and harmonization dimensions??the modes of harmonization and even more, the scope and reach of the harmonizing effect of the European rules- appear as crucial issues. We show how the harmonization strategy is as important a question as whether we should have European Private Law at all. We present an economic discussion of the different modes of harmonizing Private Law in the abstract, and how they are likely to differently affect outcomes. We also present in informal terms a simple economic model of how to build optimal harmonized rules and standards in a setting of pre-existing separate and diverse national ones, and we systematically explore how the different harmonization regimes (maximum harmonization, minimum harmonization, and pure co-existence of harmonized and national standards) affect the outcomes of the harmonization process.  相似文献   

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The goal of this study was to examine the growing use of neurological and behavioral genetic evidence by criminal defendants in US criminal law. Judicial opinions issued between 2005–12 that discussed the use of neuroscience or behavioral genetics by criminal defendants were identified, coded and analysed. Criminal defendants are increasingly introducing such evidence to challenge defendants’ competency, the effectiveness of defense counsel at trial, and to mitigate punishment.  相似文献   

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European Journal of Law and Economics - There are different theories to explain judicial dissent in collegial courts or committees. In the Spanish Council of State (Consejo de Estado), councilors...  相似文献   

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The case of Reibl v. Hughes has significantly altered the law regarding informed consent in Canada. It might be expected, therefore, that its impact on the Canadian medical profession would be significant. However, in the first study to examine the practice of Canadian doctors in this respect, Professor Robertson concludes that the profession is largely unaware of either the decision or its importance. Further, the study examines doctors' current perceptions and opinions on the disclosure of risks to patients and the results, among others, raise serious questions regarding both the awareness and reception of important legal rulings.  相似文献   

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This essay reviews Michael J. Trebilcock's book,The Limits of Freedom of Contract (Cambridge, MA: Harvard University Press, 1993), examining crucial and controversial social issues within the rigorous framework of the law and economics of contract. The idea that private markets are the primary institutions for the allocation of limited resources is central to any private ordering model of contract law. Yet such a premise leaves a number of fundamental questions unanswered. Trebilcock is critical of the insufficiency and ambiguity of current contract theory in addressing fundamental legal issues relating to the limits of freedom of contract. Pushing the frontiers of current legal theory, Trebilcock revisits the slippery notion of freedom of contract and tests the actual reach of economic analysis in providing a coherent answer to compelling social questions. The author pursues his ambitious task by examining the conclusions reached by competing paradigms of analysis. In spite of his declared trust in the economic approach to law, Trebilcock pays close attention to alternative analytical traditions, comparing the conclusions of various intellectual perspectives with those suggested by an economic framework of private ordering. The book objectively examines strengths and weaknesses of competing views, affording the reader a balanced position from which to conclude for herself, by illustrating the practical implications of the various approaches. In a number of instances, Trebilcock shows how different theoretical premises may indeed be conducive to similar institutional outcomes.Associate Professor of Law, George Mason University. The support of the Sarah Scaife Foundation and of the John M. Olin Foundation is gratefully acknowledged, as are the helpful comments of Jonathan C. Harris and Charles K. Rowley. Extensive remarks received from Michael J. Trebilcock prior to publication allowed me to remedy earlier omissions.  相似文献   

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This paper investigates institutions that develop to strengthen or expand the discipline of continuous dealings as a mechanism for privately enforcing law. I consider three such institutions in three different anarchic contexts: that of Caribbean pirates; that of drug-dealing gangs and prison inmates; and that of preliterate tribesmen. These cases highlight several ways in which different anarchic contexts give rise to different private law enforcement institutions. The varieties of private law enforcement institutions that emerge in different anarchic contexts reflect the particular problem situations that persons who rely on those institutions confront in their attempts to protect property rights without government.  相似文献   

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现代性与私法文化精神论纲   总被引:2,自引:0,他引:2  
马长山 《法学论坛》2004,19(4):29-36
现代性运动展现了差异性、多样性、自由自主性的私人生活领域和活动空间 ,促进了私法文化精神和法治信仰的形成 ;而现代性的当代困境、危机和重建倾向 ,则促进了私法文化精神的当代转型和反思超越。在现代性追求和重建的复杂背景下推进中国法治进程 ,就要积极培育具有时代诉求的私法文化精神 ,以促进私法秩序和法治国家的建立。  相似文献   

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In this paper, we focus on the institutional setting where Old Masters’Paintings (OMP) markets transactions are carried. We develop a preliminary attempt to embody legal provisions in econometric, hedonic pricing models. We consider a particular regulation applicable only in Italy, the “export veto” for art objects that are particularly relevant for the national cultural patrimony. We proxy such legal provision in order to include it in the statistical analysis and to check whether it affects the OMP price differentials between pre-auction estimated price and post-auction hammer price. Preliminary results show that the price differential is affected by the legal variable, therefore suggesting that the country’s institutional framework plays an important role in price dynamics.  相似文献   

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The legal services received by 146 Milwaukee women who had been beaten by their husbands, but had been free of the violence for at least a year, are described and evaluated. Of these women 106 recieved legal help in connection with at least one battering incident. Some women saw more than one member of the legal profession, so the total number of legal contacts among the 106 women was 255. There is evidence that lawyers and district attorneys were most likely to be used by those battered women for whom the use of personal strategies and informal help sources (such as family and friends) were ineffective in combatting the violence. Contrary to the negative image of lawyers and district attorneys found in the literature on wife beating, most legal service contracts were rated as very or fairly successful by the battered women. The more difficult and severe the situation, the higher the success ratings given to lawyers and district attorneys by their clients. Despite the generally positive reactions that most beaten women had to lawyers and district attorneys, there were many negative incidents reported, including district attorneys who refused service or discouraged battered women from filing charges, and lawyers who sided with the aggressors or attempted to meet their personal and professional needs at the expense of their clients. These incidents remind us that it would be useful to educate legal professionals about the nature of family violence, the situation and needs of battered women, and the legal and ethical responsibilities that lawyers and district attorneys have when they are contacted by battered women.  相似文献   

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Civil Law jurisdictions' recognition of trusts depends on theindividual conflict of law rules of each jurisdiction. The HagueConvention on the Recognition and Enforcement of Trusts intendsto bring a degree of certainty into how a foreign trust is received.However, the matter is complicated, in particular, as to thestatus granted in each jurisdiction to the convention. Thisarticle, based on a paper presented at the convention on CatalanCivil Law, ‘Los patrimonios fiduciarios y el trust’,held in Tarragona on 20 and 21 October 2005, examines the positionof trusts under the conflict of law rules in Italy and in Spainand the impact made on the recognition of trusts by the HagueConvention. This article appears in two parts; in this firstpart the position in Italy is examined and the second part concludeswith the position in Spain.  相似文献   

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私法责任制度设定的直接原因是违反了法定或约定的义务 ,直接目的是要归结出一种法律上的否定性评价。从这个角度来说 ,私法责任制度是为了维护在先的制度权威而产生的后续制度保障。这种后续制度在理性表现和价值体现方面依赖于在先制度 ,但又不完全依托在先制度 ,也表现出本身的制度理性。  相似文献   

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The first 150 words of the full text of this article appear below. Key points
  • The article investigates the relationship betweenpricing in an initial public offering (IPO) and the prestigeof the participating underwriters’ law firm.
  • The hypothesisof the article is that law firm quality affects how law firmsperform their obligations in IPOs—more prestigious lawfirms acting more independently. Consistent with this hypothesis,the authors find a negative relationship between pre-IPO priceadjustment and the participation of prestigious underwriters’counsel, and a negative relationship between the participationof prestigious underwriters’ counsel and initial return,which is consistent with market trading reflecting the decreasedrisk associated with offerings involving prestigious underwriters’counsel.
  • Finally, it is found that certain observable characteristicsindicating diminished likelihood of undisclosed negative information(venture backing and quality of the issuer's counsel) are associatedwith an increased likelihood that prestigious underwriters’counsel is used.
 
   1. Introduction    2. Background    3. Modelling law firm impact in IPOs    4. Data