Reporting on financial derivatives –A Law and Economics perspective

Fearing Enron-like financial fiascos concerning derivatives, accounting standards boards have issued new standards aimed at promoting higher transparency and reducing information asymmetries. After persistent reluctance, and despite significant criticism, the pertinent International standard, with some exceptions, was finally adopted by the E.U., for the sake of intra-European and cross-Atlantic accounting harmonization, for which the standard constituted sine-qua-non. These reluctance and criticism are not unfounded, as the standards might paradoxically result in increased information asymmetries, not easily mitigated by additional disclosure, and ultimately resulting in distortion of capital allocation and corporate governance mechanisms. Suggestions for more efficient solutions are outlined herein. JEL Classification G34 · M40     

Nixon and the Jews

ABSTRACT

In public the 37th President of the United States did not express hostility or disparagement, or show any signs of religious prejudice towards Jews. But inside the White House, Richard M. Nixon's remarks were often scurrilous. His antisemitism was not casual; it was close to compulsive. And it could be coupled with other seething grievances, for example, towards liberals, radicals, the media, Blacks and Italian-Americans. Yet Nixon controlled his antisemitism. It had no adverse effect on Jewish life, either at home or abroad. The malice that he nurtured remained unmobilized. Apart from a few limited personnel instances (mostly but not completely ignored by Nixon's underlings), it is impossible to connect private resentment to public policy, probably because the barriers to the expression of antisemitism in the United States have been so high. The ugliness of his utterances in the Oval Office revealed his character, but did not extend outward to shape the processes of governance. A disconnect can therefore be discerned between what he felt and how he acted. Most American Jews voted for Nixon's Democratic opponents in 1968 and 1972. But even Jews who voted against him, even those who loathed him, have often acknowledged that Nixon's policies fortified the security of Israel; and he was proud of his support for the Jewish state during the Yom Kippur War. What betrayed Nixon, and what forced him to resign the presidency, was his decision to instal a secret taping system in the Oval Office. When the tapes were played in 1974, he showed himself to be conspiring to obstruct justice. In subsequent years, further exposure of the tapes revealed the extent and intensity of Nixon's antipathy to Jews. The expletives that had to be deleted did much to besmirch the dignity of the office. But such was the stigma the political culture attached to antisemitism that, had his bigotry become public before 1968, Nixon's career would have been over.     

Good Faith,Flawed Assets and the Emasculation of the UK Anti‐Deprivation Rule

The Supreme Court's unanimous decision in Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd and Lehman Brothers Special Financing Inc is of major significance to lenders, especially those in the global structured finance market. This case confirms the validity of commonly used insolvency‐triggered secured‐priority flip clauses, and, more generally, suggests a dramatically reduced role for the common law anti‐deprivation principle. The decision may not fully resolve market uncertainty, however, given the particular analysis adopted in the case itself (analysed here) and its divergence from the US statutory approach to the same principle.     

Corporate social responsibility as new challenge for the IT industry

Corporate social responsibility (CSR) has become a relevant topic for enterprises offering products and services on a global scale. International organizations provide for guidelines and private associations publish codes of conduct requiring businesses to integrate social, environmental and ethical aspects, human rights as well as consumer concerns into their operations. Not at least the EU is promoting CSR through an Agenda for Action 2011–14. The implementation of CSR is a multidimensional ethical process and gains particular importance for the IT industry which by its nature is global. Therefore, IT enterprises are invited to conduct a CSR assessment, to develop a CSR strategy and to implement CSR commitments. These tasks are to be done by introducing specific CSR processes and compliance measures for risk assessment and risk mitigation.     

我国信托法关于讨债信托与诉讼信托无效的规定应当删除

应当将关于讨债信托与诉讼信托无效的规定从我国《信托法》中删除。基本理由：该法关于讨债信托无效的规定的适用将致使已成为政策工具的公司债信托与金融不良债权信托成为无效信托,故该规定在目前已成为“推动公司债券发行”与“刊离国有商业银行金融不良债权”这两项我国现阶段的重要金融改革政策所要达到的目标的法律障碍,甚至关于该规定已成为后面一项政策目标实现的法律障碍已有司法判例佐证;该法关于诉讼信托无效的规定完全没有必要存在于其中,因为在我国并不存在从国家有效规制金钱债权代替行使行为角度看需要该规定的法律背景与社会背景,况且将该规定保留在该法中对债权人明显不利。     

The Responsibility to Protect at Ten: Glass Half Empty or Half Full?

Abstract

Far from having faded away, ten years after its formal adoption, the responsibility to protect (R2P), is arguably more relevant than ever. In the current overall context of protection crises, heightened in severity by the emergence of violent extremists, R2P has changed the way in which the international community characterises situations that involve protection failures, and has raised expectations about what should occur when atrocity crimes have been committed or are imminent. UN member states now agree that prevention is at the core of R2P, that international action should employ the full range of diplomatic, political and humanitarian measures, and that military force should only be considered as a measure of last resort. While there is continued contestation about particular aspects of R2P – as there is over much older normative advancements, such as human rights – R2P has helped to forge political consensus and build new institutional capacity to prevent and respond to atrocity crimes.     

Responsibility to Protect: Russia’s Approaches

Abstract

Russia’s predominantly suspicious and even negative attitudes toward R2P are closely related to its traditional attachment to the notion of sovereignty, but its reluctance to ‘bless’ the use of force with R2P also serves as a pretext to cover various instrumental goals. Russia’s more assertive foreign policy has exacerbated this trend. Disagreements stem from differences between Russia and the West both in their conceptual approaches to security and in their assessments of specific cases. In particular, Russia has an existential concern over possible application of R2P by extra-regional actors in its immediate post-Soviet vicinity. However, in the conflicts around South Ossetia (2008) and Crimea / Southeastern Ukraine (2014-), there was a noticeable trend to refocus R2P-related arguments in support of Russia’s own actions. By and large, R2P continues to be perceived as a Western attempt to establish certain rules of behaviour which require caution and prudence. Nevertheless, more positive attitudes do not seem impossible. To play a prominent role in the evolving international system, Russia will have to make the R2P segment of its foreign policy more salient and overcome the lag in promoting this concept as a working tool indispensable for cooperative and responsible leadership.     

The discursive construction of intervention: selves,democratic legacies,and Responsibility to Protect in French discourse on Libya

This article analyses French executives' and lawmakers' legitimisations of the intervention in Libya with the aim of understanding the discursive construction of intervention. It investigates the arguments in favour of intervention and the oppositions they were confronted with. To these arguments belong a re-evaluated democratic legacy of France, an identification with the Libyan people, and a debate on Responsibility to Protect and the rule of law in world politics, which have a broader relevance for French actorness abroad. The article applies the Essex School discourse theory and techniques from Interpretive Policy Analysis on executive speeches and parliamentary documents for structuring the debate and for estimating the strength of ideas in their interdiscursive configuration. An ideal-typical explanation of the legitimisation of intervention and of the choice of one policy over another is made. The article argues that going to war in Libya equated to a question of cultural appropriateness.     

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.     

城市商业银行公司治理

完善城市商业银行公司治理,应在分析缺陷的基础上,优化股权结构,强化董事会建设,加强公司治理监管,强化激励约束机制,完善信息披露。