内幕交易惩罚性赔偿制度的构建

惩罚性赔偿的数额高于一般损害赔偿的数额。该高出的数额赔偿的是侵权行为对受害人权益和社会整体利益造成的无法用金钱衡量的无形损害。损害填补功能是惩罚性赔偿制度的正当性基础。内幕交易将内幕人的获益全部转嫁为一般投资者的损失，使证券市场失去公平与公正，使有意证券投资的人失去信心和投资的欲望，干扰证券的筹资功能、资本定价功能和资本合理配置功能，影响证券市场的健康发展。内幕交易造成的无法用金钱衡量的社会整体利益损害不仅给一般损害赔偿带来了理论难题和制度障碍，而且无法为一般损害赔偿所全部填补，须由惩罚性赔偿制度予以解决。当日、善意从事与内幕交易反向交易的投资人有权向内幕交易人请求其买入或卖出价格与消息公开后合理时间内收盘平均价格之间差额合理倍数的损害赔偿。     

上海证券市场波动性现状与卖空交易机制建立

在金融市场微观结构理论分析框架下,交易机制的变革以市场质量为评判基准.运用相关模型的实证研究表明,上海证券市场存在着较为明显的波动聚集、波动持续现象,市场整体波动性较大.根据卖空机制的制度功能分析,卖空限制的存在增加了该市场的波动性水平,降低了市场质量,因此有必要在该市场建立卖空交易机制以降低其波动性水平,在建立模式的选择上可以参照香港建立证券登记结算公司模式的卖空机制.     

CDM交易主体的法律问题初探

CDM,即清洁发展机制作为《京都议定书》建立的三个主要灵活机制之一,旨在推动发达国家对发展中国家在减少温室气体排放方面的投资和技术转移,是一种共赢机制。随着CDM交易日渐发展,法律问题凸显,对CDM交易主体的研究密切关系中国利益,具有很强的法律实践的指导性。     

An Economic Analysis of Flexible Permit Trading in the Kyoto Protocol

This paper evaluates the relative gains from augmenting or restricting several of the flexibility mechanisms of the Kyoto Protocol. A nonlinear programming model of international emissions trading is used to assess the net benefits of extending trading across time periods and across countries (Joint Implementation), and including the developing world (Clean Development Mechanism). The effect of limiting permit purchases (supplementarity) is also evaluated. The analysis is intended to help guide further climate negotiations by identifying flexibility mechanisms that contribute the most to enhancing the gains from greenhouse gas mitigation and identifying restrictions that detract the most from these gains.     

论强迫交易罪中的暴力和威胁

强迫交易罪的暴力、威胁的认定应以刑法解释的基本原则为指导,以平衡刑法社会保护机能和人权保障机能为标准,对暴力程度、威胁程度、暴力对象和威胁对象进行综合评判。     

Internal dealing regulation and insiders’ trades in the Italian financial market

We analyze insiders’ trades in the Italian financial market. Insiders buy undervalued stocks, but they also act as positive feedback traders. They exploit short term market movements with abnormal returns around trades: they purchase (sell) stocks after a price decline (increase) and trades are followed by a partial reversal. They time the market mainly through purchases immediately communicated to the market and sales (and in part purchases) communicated quarterly to the market. It seems that insiders do not manipulate the market but strategically choose the size of trades, while they are interested to disclose immediately purchases of the assets of the company they prefer not to do it in case of sales. JEL Classification: G14, G15     

Sex Trading Among Hazardously Drinking Jailed Women

For women involved in sex trading, both alcohol problems and passage through the criminal justice system are highly prevalent. This study is the 1st to conduct a focused examination of factors associated with sex trading among hazardously drinking, pretrial, jailed women. Cocaine use, social support for alcohol abstinence, and more days incarcerated in the 90 days leading up to the index incarceration were significantly associated with sex trading involvement among alcoholic women. Helping incarcerated alcoholic women reduce cocaine use and improve sober support networks during and following an incarceration may minimize sex trading after release.     

Renewing Socialist Development in the Third World

Current global economic trends have rekindled interest in development alternatives. Competing socialist and green proposals for these development alternatives raise important questions about crafting institutional vehicles for the simultaneous realisation of popular empowerment, sustainability and poverty alleviation development goals. Much of the debate is about economic scale and the re-localising of production and consumption sundered by globalisation. Yet socialists and greens are fuzzy on principles of economy necessary to achieve their desired goals. To help sort out these issues this article introduces the concept of “socio-material communication” as a way of differentiating among available economic forms. It then offers a design for socialist development that is progressive, sustainable and realisable under current “really existing” conditions. It is concluded that realisation of socialist and green development goals for future human betterment requires the combining of modes of socio-material communication to meet specific development challenges, rather than seeking to impose one mode, such as economic planning or society-wide market operation, indiscriminately.     

禁止内幕交易立法理念转换及其体系效应——从反欺诈到市场诚信

基于反欺诈理念和市场诚信理念所建构的禁止内幕交易法律制度存在根本区别,前者注重保护投资者个人利益,后者则着眼于证券市场诚信的维护,进而导致二者在行为构成要件和法律责任设置等核心规则方面的重大差异。随着证券市场实践的深入发展,反欺诈立法难以克服的功能障碍和结构缺陷日益凸显,造成禁止内幕交易执法和司法实践面临诸多困境,故此逐渐为世界主要经济体所抛弃。顺应国际趋势,以市场诚信维护作为禁止内幕交易制度的立法理念并依此重构制度体系,或能实现逻辑自洽与体系完整,似为提升我国证券市场核心竞争力的应然选择。     

对水权与水权交易法律制度构建的思考

我国水资源在时间和空间上分布严重失衡,水污染和破坏事件时有发生,导致我国水资源的开发、利用和保护形势极为严峻。水权交易制度契合市场经济发展的要求,能够有效改善水资源供求关系。我国水权交易实践存在已久,但我国水权交易理论和相关法律制度还不完善。本文详细阐述水权和水权交易的基本理论,分析我国水权交易制度的现状与存在的问题,简述国外水权交易制度及对我国的经验启示,结合我国具体国情,提出完善我国水权交易制度的建议。