美国证券法强制披露制度的经济分析

美国证券法的强制披露制度从代理信息披露规则逐步演变为价值信息披露规则。从信息经济学的角度来看 ,市场失灵说可能低估了市场机制的自我调整能力以及政府失灵的可能性 ;外部效应说可能低估了强制披露制度在信息生产中提供公共物品的比较优势。因此 ,适当的办法可能介于二者之间。集中于代理信息以及部分与证券价值有关的历史事实的有限强制披露制度可能更有效率。     

The Cogs and Wheels of Reflexive Law – Business Disclosure under the Modern Slavery Act

In response to the novel challenges posed by labour exploitation in the contemporary business context, recent years have witnessed an increasing adoption of reflexive law in the form of slavery disclosure, s. 54 of the United Kingdom Modern Slavery Act 2015 (MSA) being the latest attempt. Given that the pragmatic usages and effects of reflexive law have been explored far less to date than its conceptual and jurisprudential implications, this article seeks to put matters right by critically examining the use of this regulatory mode in the context of s. 54. It also aims to contribute to the broader appraisal of regulatory methods by comparing reflexive laws with the traditional regulatory dichotomy which has long dominated debates on globalized business and human rights.     

信息不完全——对证券公开规制的一种经济分析

信息不完全是市场机制与生俱来的内在缺陷 ,它在证券这一特定“产品”的交易过程中得到更加充分地显现。公开规制作为国家干预证券市场的特定形式 ,恰是克服信息不完全的一种有效的制度选择。     

The New York State Insanity Defense Reform Act of 1980: a legislative experiment

Through a statistical analysis of major changes in postacquittal procedures of the Insanity Defense Reform Act of 1980 (IDRA 1980), the study reveals the Act's success in formalizing, regularizing, juridicizing, accelerating, and extending to all acquittees psychiatric examinations and review and release procedures. Although more persons are reviewed and released at postacquittal hearings than in the matched pre-1980 cohort, fewer enter nonsecure facilities at commitment or during first 18 months of hospitalization, and fewer are released at the six-month review. After 18 months more acquittees remain inmates in secure facilities. Interviews with leading figures in the formulation and enactment of IDRA provide retrospective and prospective judgments on insanity defense reform issues.     

Consumers Beware: Online Personalized Pricing in Action! How the Framing of a Mandated Discriminatory Pricing Disclosure Influences Intention to Purchase

Social Justice Research - Online businesses collect a wealth of data on customers, often without properly informing them. Increasingly, these data can be used for behavioral price discrimination....     

由“类推监管”到“网络导向监管”——论网络信息时代证券信息披露监管制度的建构

证券监管机构基于惯性和信息披露公平性等的考量,对网上证券信息披露采行"类推监管",但"类推监管"仅是一种过渡性的监管理念,随着信息化时代证券信息披露技术的不断发展,证券监管机构必须将其监管理念重塑为"网络导向监管",并以此构建信息化时代的证券信息披露制度,以更好的保护投资者利益。     

In Defense of the Standard Picture: Overcoming Death by a Thousand Cuts

In a previous article, I defended the standard picture of law (or SP), so labeled by its foremost critic, Mark Greenberg. In that article, I addressed Greenberg's root-and-branch critique of the SP and, to a much lesser extent, a related critique by Scott Hershovitz. But the Greenberg and Hershovitz frontal attacks on the SP are not its only threats. Some theorists, while not attacking the SP directly, give accounts of law that the SP cannot accommodate. Those theorists will be challenged here, because if they are correct, the SP is not a tenable account of law.     

The Human Transplantation (Wales) Act 2013: an Act of Encouragement,not Enforcement

The Human Transplantation (Wales) Act became law in Wales in September 2013. The Act aims to increase deceased donor organ and tissue donation in Wales by introducing a ‘soft opt‐out’ system to replace the previous requirement of express ‘appropriate’ consent under the Human Tissue Act 2004. Adults dying in Wales (with certain exceptions) will be ‘deemed’ to consent to donation, unless evidence of their objection is produced, and a duty is imposed on Ministers to promote transplantation and inform the public through awareness campaigns about how to choose the deemed status or opt out. Although a welcome development, these campaigns may obscure the effects of deemed consent, especially in the context of generally rising UK donation rates. There may also be problems of legal interpretation and of integration with the ‘opt‐in’ laws in the rest of the UK. In the absence of any statutory duty to retrieve all lawfully donated organs, the apparently restricted influence of donor relatives is likely to remain effectively dominant.     

Transferring Pre‐Teens to Adult Criminal Courts: Searching for a Justification

This research examined the demographic and offense‐related characteristics of 1,488 children who were 12 years of age or younger when transferred by juvenile court judges to criminal courts in the United States from 1985 to 2009. Juvenile court statistics show a twofold increase in the number of these children transferred between 2005 and 2009, compared to the five‐year era between 1985 and 1989. Examination of the data revealed that the major offense that precipitated most of these transfers was a nonviolent act. Given these facts, a number of key questions emerged from this study: (1) Are these transfers desirable given the potential lifelong consequences of a criminal conviction for these youngsters; (2) Do these practices accomplish a legitimate crime control function; and (3) Are these transfers just and fair given the developmental status of these children?     

In Defense of Permissible Killing: A Response to Two Critics

Law and Philosophy -     

我国证券市场转轨时期保荐制度研究

我国证券市场正处于由计划模式向市场模式的转轨过程中,发行制正处于由审核制向注册制过渡阶段。我国保荐制度所处的这种宏观环境,决定了其当前的目标定位与运行的客观状态。现阶段的保荐制度既受到发行制度转轨进程的制约,又能有效推动这一转轨进程。在发行制度的转轨过程中,为了最大限度地发挥保荐制度的功效,推动制度设定目标的实现,除需转变监管理念和改革发行审核方式等制度外,还需完善保荐制度本身的各项具体制度,包括强化保荐人市场监管,平衡保荐人权利、义务与责任,加强行业自律监管等。     

In Defense of the Responsibility to Protect: A Response to Weissman

This article defends the Responsibility to Protect (R2P) doctrine (adopted by the United Nations in 2005) against critiques by Fabrice Weissman in this journal, and against similar criticisms of humanitarian intervention and human rights norms made by postmodern thinkers in the Nietzschean tradition, such as Alain Badiou and Anne Orford. I argue against Weissman that R2P can be effective in stopping or preventing mass atrocities, and in particular that opposition to military intervention in Syria during the 2013 debates was a terrible mistake. Moreover, the moral ground for humanitarian aid efforts is the same as the basis for forceful rescue from mass slaughter, ethnic cleansing, and persecution (when other conditions of just war can be met). Weissman's critiques misinterpret just war theory on key points and rely on inflated rhetorical strategies inspired by extreme forms of cultural and moral relativism that are intellectually bankrupt—both in blaming “Western imperialism” for most crimes against humanity committed by tyrants, and in leaving hundreds of thousands without the only protection that could prevent their murder and exile. These extreme positions and the strained rhetorical devices used to defend them do not deserve the wide respect they command in some parts of academia.     

我国的公司证券法律制度少了一个灵魂

我国的公司法和证券法都很落后,制度建设迷雾重重。如何从纷繁复杂的局面中找出主要矛盾,是我国公司证券法学界面临的一大难题。本文通过对法律制度的经济哲学分析找到了这个主要矛盾:缺乏灵魂——市场经济的哲学指导思想,具体表现为法院关门。本文用简洁明快的语言展现出一个清晰的逻辑:法院关门扼杀了制衡造假的基本市场力量——投资者诉讼;解决问题的途径是法院开门,不折不扣地受理公司法和证券法规定的各类民事案件;而发生错误的根本原因不光在法院,还在全国法律界对市场经济的认识不深,法律人知识面偏狭,知识结构单一。