Comparing civil law and common law systems for mergers and acquisitions An economic analysis

＂From the economic point of view, common law is more efficient than civil law.＂ Is this recent statement published in an economic report valid for mergers and acquisitions （M＆A）？ The main objective of this paper is to compare the legal performance of M＆A in France and in the United States. The purpose is to quantify the impact of both legal systems on the long-term performance of M＆A transactions. To carry out this research, a specific methodology was developed and the results of which are evaluated. Two legal structures for M＆A transactions were retained： the purchase of shares （share deal）, and the purchase of assets （asset deal）. Each of these acquisition structures was then subdivided into eleven steps composing the process, for example from preliminary information, letter of intent, due diligence, stock or asset purchase agreement, closing, to litigation with formal summons. Performance was then measured by taking into account time, cost, and satisfaction factors. The time factor was broken down into person-days and the number of days, weeks, or months required to complete each step. French and U.S. respondents were asked to fill out a questionnaire with reference to a specific acquisition project. A typical question was for instance： What is your estimate of working days to complete this step （person-days）？ Radar charts were used to compare the mean of each performance factor. In order to check for correlations among the performance factors, an inter-factors analysis （regression） was carried out. The research findings are presented in this paper. Results show that a share deal in France is generally cheaper and participants indicate a significantly greater amount of satisfaction than in the U.S. However, for the time factor, the results vary. The conclusion is that the application of the civil code rather than common law does not reveal substantial differences as far as M＆A transactions are concerned. One reason is that in both France and the U.S. these transactions are carried out following standard procedures in compliance with common contractual practices.     

An economic analysis of the use of citations in the law

This paper examines the use of citations analysis as an empiricaltool for understanding aspects of the legal system and for improvingthe performance of the system. Emphasis is laid on the use ofsuch analysis as a means to evaluate courts and judges (andtherefore as a judicial-management tool), to test hypothesesabout judicial behavior, and to evaluate and improve legal scholarship.It is argued that economic models, particularly of reputationand of human capital, can frame and guide the use of citationsanalysis in law.     

The economic analysis of public law

Law and economics in the United States and Europe focuses on private law. With the exception of work on antitrust and corporate finance, public law has been largely ignored. Yet economics is central to the understanding of social problems, such as environmental protection and occupational health and safety. Lawyer-economists need to study the relationship between government structure and policy outcomes. Economists must consider goals, such as democratic accountability and participation, which do not fit an efficiency framework.Lawyers and public officials need to recognize the social benefits of efficiency. Such legal-economic analysis can reveal failures in the way public law accommodates the practical reality of today's pressing social problems. It can also suggest solutions. In particular, economics can help with the design of substantive policies and with the analysis of government structures and process.     

行政法治的经济分析

对行政权力进行制衡是法治建设的重要内容.本文采用成本收益分析法,运用制度经济学的思想,并结合公共选择理论以及博彝论.分析我国如何在法治进程中规制行政权力,平衡行政权与立法权、司法权之间的关系.通过重点研究在行政立法、执法、行政诉讼以及守法过程中,行政主体与相对人之闻、行政主体之间的博弈过程及其结果,表明我国的行政制度正在法治建设的轨道上不断发展和完善.     

2001年国际经济法学研究的回顾与展望

新世纪的第一年,伴随着中国人世和经济全球化进程的加快,调整国际经济关系的各种法律规范,包括调整平等当事人之间关系、国家与外国国民之间关系、以及国家之间关系的法律规范不断增加,并且在逐步地协调和统一.今年我国学者对国际经法法研究的特点是以中国入世为中心,运用理论与实践相结合的方法,对国际经济法的热点问题进行了比较深入的研究.2001年4月和11月分别在武汉大学和复旦大学召开的国际法年会和国际经济法年会上所受到的200多篇论文中,绝大多数均涉及世界贸易组织法的研究.现将今年研究的热点问题综述如下.     

海上保险的告知义务：经济学的思考

探讨海上保险告知义务的经济学基础,分析现行告知义务规范存在的问题,并尝试运用法经济学重塑合理的告知义务法律规则.     

A new definition of privacy for the law

The paper begins with a defence of a new definition of privacy as the absence of undocumented personal knowledge. In the middle section, I criticise alternative accounts of privacy. Finally, I show how my definition can be worked into contemporary American Law.     

Narratives about privacy and forgetting in English law

This paper examines narratives about the right of privacy in the UK. It argues that until relatively recently the dominant narrative was one that associated privacy with celebrity claimants and media defendants. Other narratives, such as those concerned with digital privacy and data protection, did not feature as prominently. But changing technological and social contexts mean that these narratives are now understood to be of immense importance too. This paper explores these narratives against the backdrop of the European Commission's proposals for a ‘right to be forgotten’ (now relabelled a ‘right to erasure’), the subject-matter of this special issue, as well as the 2014 Google Spain judgment. The paper emphasises the importance of forgetting as an aspect of the right to privacy and argues that while the UK legislator and courts have been slow to give effect to erasure remedies, they must now start exploring the bounds of legal possibility in order to meet the challenges of the digital age.     

职场性骚扰雇主责任的法经济学分析

职场性骚扰雇主责任就是雇主要为其雇员的性骚扰行为负责任。通过法经济学的分析,对于监督管理者雇员实施的交换型性骚扰雇主承担严格责任;对于敌意环境型性骚扰雇主承担过错责任。这对预防与抑制职场性骚扰更有效率,同时,可以使社会成本降到最低。     

How to build European private law: an economic analysis of the lawmaking and harmonization dimensions in European private law

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.     

An attempt to incorporate fairness into an economic model of tort law

This paper incorporates fairness into a simple economic model of tort law and discusses the difficulties of doing so. People are assumed to adhere to either the negligence or the strict norm and to incur a cost if liability is not imposed in accordance with their norm. The optimal standard of negligence is determined in a trade-off between fairness and efficiency. Conditions are derived under which preferences for fairness do not affect the optimal negligence standard. The modeling difficulties concern the ad hoc nature of the fairness norms. They are argued to be inherent to the subject.     

Who controls the Naomi Campbell information flow? A practical analysis of the law of privacy

Legal context. The House of Lords held that the medical privacyof the glamorous supermodel Naomi Campbell was violated by publicationof details of her drug addiction treatment and a paparazzi picture.English law is developing under the influence of Article 8 (theright of privacy) and Article 10 (the right of freedom of expression)of the European Convention of Human Rights. The court explainedhow the action for breach of confidence protects privacy. So,who controls the Naomi Campbell information flow? Key points. Primarily, the courts control the flow of privateinformation. They do so through the cause of action of breachof confidence and remedies. In deciding liability, the courtsshould ask whether the benefit of publication is proportionateto the harm done by the invasion of privacy. To answer the question,they must balance the public interest in the right of privacyagainst the public interest in the right of freedom of expression.They may settle on a Reynolds type test by considering a numberof non-exhaustive factors. The article examines seven suggestedfactors and the remedies which can be deployed by the courts.Judgments from the English courts and the European Court ofHuman Rights are considered, including Campbell v MGN (HL),Douglas v Hello! (CA), McKennitt v Ash (HC), Peck v UK (ECtHR),Édition Plon v France (ECtHR), and Von Hannover v Germany(ECtHR). Practical significance. There are an increasing number of privacyclaims against the media. The article includes a checklist ofseven factors to help determine where the balance lies betweenprivacy and freedom of expression.     

市场监管法属于经济法抑或属于行政法

市场监管法以市场监管关系为调整对象则属于行政法范畴,要使其能够真正发挥应有的作用,则必须以竞争关系为调整对象,并以有关国家机关为辅助机关,以司法救济途径为主的方式重新构建之。     

民法与经济法价值之比较分析

本文首先从经济关系层面出发 ,对民法与经济法的互动进行了分析。指出二者价值差异的根源在于经济思想、公平理念和利益观的差异。二者价值体系在总体上具有一致性、谐和性和互补性。同时揭示了他们间的文化与精神的互补、功能的相互矫正及调整对象的交叉。