Regulated and unregulated insider trading around earnings announcements

This paper analyses insider trading behaviour around annual and interim earnings announcements during changing legislative environments in Sweden from 1980 to 2003. Using a unique data set, we are able to explore the nature of insider trading patterns from unregulated to strongly regulated insider trading markets. We find limited evidence of opportunistic insider trading. Insiders seem to be reluctant to sell stocks before positive earnings announcements. They also tend to time their trades in conjunction with an immediate post-announcement period, i.e. “safety trading”, which becomes more evident within stronger legislation environments. Some support for contrarian trading behaviour is also found.

建立我国排污权交易法律制度的设想——从经济法理念与法经济学角度分析

排污权交易制度是经济法与环境法中一项新兴的法律制度,其中包容了经济法学、环境法学、法经济学等多门学科理论知识。阐述排污权交易制度所体现的经济法理念——可持续发展理念,以及从科斯定理等法经济学角度分析,有利于探讨在我国建立排污权交易法律制度的可能。     

略论证券犯罪案件的侦办

证券犯罪是随着证券市场的发展而产生的金融犯罪。随着证券、期货市场的日益活跃,证券、期货违法犯罪现象明显增多,新的证券、期货违法犯罪手段和形式也层出不穷。因此笔者认为,打击证券犯罪行为,必须明确证券犯罪的特点,揭示侦办证券犯罪案件所面临的问题,研究防范证券犯罪的对策,总结防范证券犯罪的经验,从而为证券市场的健康发展保驾护航。     

European Climate Policy: Toward Centralized Governance?

The EU emissions trading system (ETS) is the first large-scale international emissions trading system and a "cornerstone" in EU climate policy. A key element in the ETS implementation process is deciding upon the ceiling ("cap") for the emissions included in the ETS. Over time, a significant change and centralization of this model has taken place. In order to understand this development, we need to acknowledge the increasing acceptance of stronger centralized governance among the member states due to ETS pilot phase problems; take into consideration frustration in the European Commission over complex and differing National Allocation Plans; and add the fact that the Kyoto Protocol target was getting nearer and a good performance of the "flagship" ETS was becoming increasingly important. Hence, although the case supports the importance of acknowledging the multilevel character of the EU, it still emphasizes the key role of changes in member states' interests and positions for understanding outcomes.     

Do street traders have the ‘right to the city’? The politics of street trader organisations in inner city Johannesburg,post-Operation Clean Sweep

Street trader organisations are paradoxical objects of study. Their claims resist being analysed through the ‘right to the city’ lens, so contested are rights to inner city spaces between multiple users, not all of them in dominant socioeconomic positions; and so ambiguous is the figure of the street trader, oppressed but also appropriating public space for profit, increasingly claiming, in neoliberalising cities, an entrepreneurial identity. In the aftermath of the 2013 ‘Operation Clean Sweep’ (in which the City of Johannesburg unsuccessfully attempted to evict street traders from its inner city), this paper unpacks the politics of street trader organisations: how they organise their constituencies, frame their claims, forge unlikely alliances and enter into disempowering conflicts in engagements with a divisive municipality.     

内幕人交易的规制理论与内幕人的范围--以美国法为比较分析的素材

主要从比较法的视点出发,着重考察分析了美国判例法上有关内幕人的规制理论和内幕人的范围。基于这样的考察,提出以下的观点:与美国法相比,我国现行法无法将公司外部人利用内幕信息的情况纳入规制的射程范围,故而将导致证券法中的公正、公平理念变得苍白无力;因此我们有必要导入美国的判例法中的信息窃取理论以界定内幕人的范围。     

证券内幕交易的犯罪构成

内幕交易是我国证券市场难以根除的顽疾。尽管十多年来,证券监管机构和司法机关先后处理了许多证券违法违规乃至犯罪的案件,但其中以“内幕交易案”来认定的则少之又少,即使被查获,也只能以行政处分了事,内幕交易依然肆虐横行;而形成现时这种局面的一个重要原因是缺乏对内幕交易犯罪中一些基本问题的充分认识所致。为了更好地贯彻实施《证券法》、《刑法》,有效地打击内幕交易犯罪,结合有关法律法规和当今学术界的流行学说,对内幕交易的概念及内幕交易犯罪所侵犯客体、内幕信息的含义和范围、内幕人员的含义和范围、犯罪的主观方面和的客观方面进行分析探讨。     

国际碳交易机制复杂化及中国应对

目前,国际碳交易机制网络群体呈现复杂化态势,碳交易机制复合体、碳交易机制集群与碳交易机制联结相互渗透,同时其内部也进行着良性协同、建设性合作与功能性竞争的有序互动。在无政府状态、利益认知差异以及全球气候治理体系转型等普遍性因素影响下,国际碳交易机制复杂化的成因有着自身的特殊性,是其发展进程中的必然产物。另外,国际碳交易机制间的互动具有双重效应,其协同合作将会带来经济发展与气候保护的双赢结果,而如果互相掣肘则会增加碳交易成本甚至造成负减排。因此,中国在复杂化的国际碳交易机制中推进新型碳外交并实现碳中和目标,既需要充分发挥自身团结国际力量的优势以及国内和国际双循环新发展格局的核心作用,促进碳交易机制间的协同与衔接,又要积极践行《巴黎协定》关于碳交易机制整合的倡议,与各国及相关国际组织共同将碳交易机制整合的规范推广到整个国际社会以及其他议题的全球治理之中。     

多边贸易体制中过渡期条款的内涵与法理基础探析

多边贸易体制中的过渡期条款是基于成员方参与规则建设能力的差异,在平等适用规则的前提下,成员方通过谈判,在特殊时间段内对成员权利义务实行差异化配置的规则类型。这类条款来源于多边贸易体制在发展进程中逐步体现出的包容性,在根本上来源于发达成员与发展中成员间的重大差异,也体现了发展中成员维护自身国家经济安全的迫切需求。基于功能主义视角,过渡期条款产生和存续的法理基础主要体现为,这类条款在维护国家经济主权、修正制度缺陷、呼应发展中成员的特殊与差别待遇以及促进多边贸易体制内的公平互利等方面具有重要作用。世界贸易组织成员鲜明的二元结构特征决定了过渡期条款在未来尚有继续存续的空间。     

The Governance System Reason of Informal Financing Risk and Governance Mode Choice——Based on the Case Study of Wenzhou Area

Informal financing risk not only affects the development of the real economy, but also endangers the stability of the society. It is urgent to study the causes and risk management mode of informal financing. In Williamson's discriminating alignment hypothesis, this paper constructed an informal financing discriminating alignment model to assess Chinese informal financing governance reason and mode. We perform a Wenzhou case study and conclude that the governance model and transaction characteristics do not match, which is the governance reason for financing risk. Establish the third-party governance is the best solvency for this problem. Conclusion of this article provided a policy reference for controlling the risk of informal financing so as to provide financial support for entity and achieve steady economic development.