禁止内幕交易的法律分析

关于内幕交易的行为被世界大多国家所禁止,这不仅仅是给予经济层面的考虑,法律方面的原理也是其重要的理论支撑。本文试图从公平正义、价值、秩序和效率方面对为何要禁止内幕交易加以阐述。     

Emission Trading Restrictions with Endogenous Technological Change

In this paper we use a simple climate model for endogenous environmental technical change in order to analyse the effects on equity and efficiency of placing different degrees of restrictions on trade in the market of pollution permits. The model is obtained by incorporating in Nordhaus and Yang (1996)'s RICE model a notion of induced technical change close to the one proposed in Goulder and Mathai (2000). With the help of such a model, we assess the pros and cons of introducing ceilings on emission trading. In particular, we analyse both the cost effectiveness and the distributional effects of placing restrictions of trading emissions. The analysis takes into account the role of environmental technical change that could be enhanced by emission trade limitations. However, this effect is shown to be offset by the increased abatement cost induced by the larger than optimal adoption of domestic policy measures when ceilings are made binding. Hence, our analysis provides little support for quantitative restrictions of emission trading, even when these restrictions actually have a positive impact of technical change. Even in terms of equity, ceilings find no justification within our theoretical and modelling framework. Indeed, we find that flexibility mechanisms in the presence of endogenous technical change increase equity and that the highest equity levels are achieved without ceilings, both in the short and in the long run.     

Market Darwinism vs. Market Creationism: Adaptability and Fairness in the Design of Greenhouse Gas Trading Mechanisms

International rule-making and compliance routines with respect to the Kyoto Protocol are evolving rapidly. This paper examines potential designs of emissions-trading programs by comparing the emissions credit trading (ECT) and cap-and-trade models for achieving cost-effective reductions in atmospheric greenhouse-gas (GHG) loading in terms of their adaptability and fairness. Adaptability is a valuable attribute when markets and their governing institutions are evolving rapidly or when regulated entities do not yet have well-established and predictable compliance routines. Fairness in both procedures and outcomes is central to efforts to establish and maintain institutions of international governance. The key difference concerns the awarding of tradable emission rights, which occurs at the launch of a cap-and-trade program but following when firms reduce emissions below baselines in an ECT scheme. Implications of this difference are explored in terms of institutional adaptability and fairness during program-design stages. By not locking in emission rights at the outset, and by being amenable to incremental roll-out, ECT appears to have superior adaptive and fairness qualities during periods of rapid institutional evolution.     

Financial intermediation in the securities markets law and economics of conduct of business regulation

The economic theory explains the role performed by intermediaries in financial markets. In securities markets, in particular, intermediaries act as facilitators of the financial exchange. In this context, conduct of business regulation is justified on the basis of structural problems of asymmetric information affecting the relationship between securities professionals and the individual investor.In this paper, two major conduct of business rules are analysed in the light of the kind of market imperfections they should be intended to address: the suitability and the anti-churning rules. From a functional perspective, the analysis merges major insights of financial theory with a comparative discussion of the legal rules in both the U.S. and the European Union. Law and economics approach to the matter leads to a much broader and more economically sound interpretation of the “churning” problem. This is related to an agency-based explanation of one of the most topical puzzles under debate in financial economics: the problem of noise trading.     

世界贸易组织面临的挑战与改革

世界贸易组织(WTO)自成立以来发展的历程从来都不是一帆风顺的。以WTO为代表的多边贸易体制在发展中面临着诸多严峻挑战,正处于十字路口。由于管辖范围不断向纵深发展、成员日益增多,WTO本身组织结构、决策机制等问题日益突出。西雅图会议的失败给WTO敲响了警钟。WTO应进行及时有效的改革,以崭新的面貌迎接新时代的挑战。     

碳排放与出口贸易竞争力关系的实证分析——以中美贸易为例

在过去的五年里,中国的碳排放量几乎双倍增加,目前已经成为世界最大的碳排放国。多数研究发现,出口是碳排放量增加的主要原因。本文以此为出发点,构建了衡量出口贸易竞争力和碳排放的相对指标,通过协整检验、因果关系检验等实证分析,考察1990—2007年间我国和美国的相对排放和相对市场占有率,发现我国出口贸易竞争力指标和碳排放之间存在稳定的线性关系,并且互为Granger原因。     

析我国融资融券交易风险防范法律制度的不足与完善

金融立法并非纯规则逻辑的分析与考证,它要求立法者必须从金融业务本身的风险分析出发,并结合一国特殊的情势创制相应的风险防控法律规则。只有如此,才能在兼顾法律规范功能的基础上确保法律效果功能的如愿释放。虽然我国融资融券法律平台的构建在形式上遵循了“真理是时间的产物,而非权威产物”的真知,但是在批判视角下所裸露的不足说明立法还是相当稚嫩的。从风险及中国特色的社会环境等层面来思考法律的欠缺不仅是必须的,而且也是可行的。     

论《食品安全法》中的新型民事责任

为降低消费者的维权成本与经营者的违法收益、提高消费者的维权收益与经营者的违法成本,《食品安全法》创设了集中交易市场开办者对消费者的连带责任、虚假代言人对消费者的连带责任以及10倍惩罚性赔偿责任。三类民事责任都有充分的法理依据,特定的构成要件,在司法实践中有可能引起相关争议。     

“老鼠仓”问题法律应对探析

在狭义上界定“老鼠仓”的范围,将导致无法依据《证券法》第43条及第199条的规定对其予以处罚,证监会对两起“老鼠仓”的处罚根据存在瑕疵。《刑法修正案（七）》将“老鼠仓”类犯罪与内幕交易罪加以区分是没有根据的,“老鼠仓”现象本来应属于内幕交易罪的范畴,因此,当下应对“老鼠仓”问题的最佳法律对策应为增设普通背信罪,以规制“老鼠仓”及类似违法现象。在条件允许后,通过扩充《证券法》中内幕信息的范围,最终将“老鼠仓”类犯罪纳入内幕交易罪中。     

网络消费者权益的法律保护

随着世界电子商务的快速发展,人们利用网络进行的消费越来越多,但是在网络中消费者的合法权益却经常遭受侵害,有关立法也相对滞后。我国在网络消费者权益保护方面还存在一系列问题,应该对这些问题采取有针对性的对策,从而为建立有效的网络消费者权益保护机制奠定基础。