Takeover Defenses’ Influence on Managerial Incentives

This article examines how takeover defenses influence managerial incentives with respect to long-term investments, excess liquidity and capital structure. The article presents a cross-sectional regression based on a sample of listed Danish firms and deals explicitly with the problem of causation between the variables. Takeover defenses adopted by Danish firms mainly consist of shares with dual class voting rights, which are often combined with foundation ownership. The article finds that protected firms have significantly less debt to equity. However, protected firms are not significantly more oriented towards the long-term and do not have significantly more excess liquidity.     

发展我国金融衍生品交易的若干法律问题

文章介绍了金融衍生产品风险尤其是法律风险,探讨了在我国发展金融衍生品市场中面临的若干法律问题,并对我国金融衍生品交易立法过程中需要注意的问题提出了若干建议。     

金融开放与我国金融监管

加入世贸组织后,金融业开放的步伐进一步加快,金融开放将使我国金融监管面临严峻挑战。我国必须借鉴国际社会金融监管的经验,按照世贸组织的要求,完善金融监管措施,加大金融监管力度,提高金融监管效率,以保证金融业安全、稳健、高效、有序地发展。     

我国的金融风险及其防范、化解措施

加入WTO后,伴随着我国金融行业的进一步开放和金融市场的高速成长,我国金融业已开始面临一个前所未有的高风险时期。这种风险主要来自两个方面:非市场风险等存量风险尚未降低,市场性风险又开始凸现。非市场风险主要是我国在经济转型时期各种矛盾积累所形成。市场性风险主要是由于加入WTO后我国整个金融市场更加开放。防范目前的金融风险,一方面,要想方设法降低非市场风险,提高抵御市场风险能力;另一方面,针对加入WTO后凸现的市场风险,要充分运用世贸组织的保护性条款,寻找接轨过程中对我国金融业有利的做法,给我国银行降低风险营造良好的外部环境,努力降低市场风险。     

康复我国上市公司的四项施治方案论证——从公司治理结构视角观察

一股独大是导致我国上市公司诸种病症发生的直接根源之一 ,它妨碍着上市公司治理结构的完善。在目前的条件下采取以下救治方案 ,包括强化公司法的强制性规范 ,拆解国有大股东的股份 ,强制规定中小股东代表进入董事会 ,彻底改造监事会制度 ,有助于上市公司的康复和股东信心的恢复     

Why Requiring Parents to Pay for Postsecondary Education is Unconstituional and Bad Policy

For divorced parents, the question of who should pay for their child's college tuition is very difficult, especially when the issue was never addressed in their separation agreement. Consequently, some states allow judges the discretion to extend child support duties for noncustodial parents after considering certain factors. Such factors may lead to the requirement of parental contributions to their child's postsecondary education. While many states have amended their statutes to encompass extended child support, Pennsylvania is the only state to have found their statute unconstitutional. Based on the Pennsylvania Supreme Court decision in Curtis v. Kline, this Note argues that, in order to diminish inequalities between divorced and nondivorced parents, as well as between children of divorced and nondivorced parents, all states should amend their child support statutes to declare that no parent is obligated to pay for his/her child's postsecondary education, unless voluntarily agreed to, in writing, prior to the child entering college.     

金融安全刑法保护的价值思考

刑法对金融安全的保护主要出于功利性的价值选择.刑法在金融安全领域适用过程中存在国家利益与个人自由矛盾的尖锐性和协调的困难性.作为和平与安全的外在支撑,刑法的功利价值表现得非常出色,但是要达到实现正义的终极目的,相对温和的刑法公正价值需要得到淋漓尽致的发挥.     

区域金融生态环境与金融资源配置的经验分析——以安徽省为例

运用典型相关分析与Granger因果检验等方法对安徽省区域金融生态环境与金融资源配置水平之间进行实证分析。两者存在Granger因果关系。但这种关系是单向的,是从金融生态环境到金融资源配置,而且表现为正向。建议从政府主导型市场经济向政府监管型市场经济的过渡,使两者相互促进的作用得以充分发挥。     

Types of organised crime in Italy. The multifaceted spectrum of Italian criminal associations and their different attitudes in the financial crisis and in the use of Internet technologies

This paper discusses the opportunity to differentiate four different criminological types of organised crime in Italy by drawing on a subset of case studies and interviews to law enforcement officers and experts collected for two on-going research projects. We hypothesise that, since these types exploit different social opportunity structures for their criminal activities, they have different capacities of adaptation and react differently when confronted with different kinds of innovations and changes. We test these four types against two significant phenomena that have been deeply impacting Italian society, among others, recently: the commercialization of the Internet and the economic and financial crisis that has hit Europe since late 2008. We conclude that these types offer a valid help to guide our understanding of what organised crime is today in Italy, as well as to assess the capacity of the existing legal framework to properly face all them. These criminological types could also serve as lenses to filter the different experiences of organised crime in other European countries, thus facilitating comparative research.     

公司法律规范分类研究

公司法律规范的种类应当包括强制适用规范、授权适用规范和推定适用规范。强制适用规范是强行界定当事人权利义务关系的一种公法和私法相融合的法律规范,授权适用规范和推定适用规范有助于私法自治原则的推行。解析公司法律规范的研究目的在于,重构公司法律规范体系,即内在的规范体系和外在的规范体系。内在的规范体系由公司法、民法、合同法等私法规范构成,外在的规范体系由宪法、刑法、行政法等公法规范和内在规范体系共同形成一个统一的整体。