The influence of bankruptcy law on equity value of financially distressed firms: A European comparative analysis

The reaction of stock prices to bankruptcy filing has been frequently analysed in the financial literature. In this paper we adopt a different approach to that of traditional study, and endeavour to determine whether the reaction of markets is conditioned by the orientation of bankruptcy law. Our results lead us to conclude that it is actually the type of bankruptcy law that conditions the valuation of firm's stocks. We have also found that the drop in share value is greater in creditor-oriented systems, while the negative returns are lower in debtor-oriented systems.     

菲律宾华人企业集团的重组与调整

东南亚金融危机爆发之后,菲律宾华人企业集团为摆脱金融危机的打击和影响,加快了经营结构调整和资本重组的步伐。不少华人企业集团经受住了这场金融风暴的洗礼,也从中吸取了深刻的经验教训。     

企业合并违法确认标准的不稳定性

考察美国和日本反垄断法中企业合并违法确认标准的发展和变化,可以发现,违法确认标准不稳定性是经济及其学科理论的发展、政治因素的影响、法律概念的模糊性等原因造成的。应对我国现阶段的企业合并采取宽松的立法态度,将《反垄断法》的原则性规定与国务院政策性规定相结合,设立专门的反垄断执法机构,提高法官素质,加强法律解释工作。     

中国经济转型与民族地区经济发展

转型经济学不只是指出转型的方向,更要分析转型的成本,寻求最低成本最小摩擦的转型,即在发展、和谐、合作中实现转型.中国正处于一个从计划经济到市场经济、初级市场经济到现代市场经济的转型关键期;目前改革领域正深入到政治、文化、教育等领域;改革的阻力进一步增强.中国少数民族地区经济发展及经济转型有其特殊性和复杂性.应该加强对宗教信仰的管理和引导,大力选拔和培养民族干部,大力发展非国有经济.     

Silent citizenship among Asian Americans and Latinos: opting out or left out?

In his classic study, Who Governs?, Robert Dahl interpreted the patterns of political assimilation of ‘white ethnic’ immigrants and their children during the mid-twentieth century as a hopeful sign of the potential of democratic pluralism in the USA. While acknowledging that immigrant groups faced discrimination and structural barriers that might lead them to be silent, Dahl predicted that social mobility and assimilation would eventually erase these deficits in political participation among immigrants. Building from Dahl's analysis, we investigate the extent to which pluralism in the USA can and does work the same way for immigrants who are also racial minorities. We highlight factors that can lead these groups to become silent citizens, including lack of legal status, lower levels of political mobilization by institutions, and discrimination as structural impediments to minority participation. Our findings suggest that both resources as well as structural impediments structure the political behavior of Asian Americans and Latinos, determining whether they are vocal citizens or silent citizens.     

东盟经济增长的波动及其趋势

近年来,东盟国家经济增长出现了急剧的波动。究其原因,主要是在经济全球化下受到主要发达国家经济周期波动的冲击和金融危机后国内经济转型与结构调整的影响。从东盟经济增长趋势看,各国经济增长速度将放缓而波动有所加大。     

关于农村经济结构调整的一种解说

调整农村经济结构一直是国家农村经济发展政策的重要内容。但农村经济结构调整仍存在重大障碍。只有实行宏观规划,采取综合性措施,才能逐步达到农村经济结构合理化目标。     

加入WTO与民政体制改革

改革民政体制，是积极应对入世后新形势的需要。民政体制改革的核心是转变职能，寓管理于服务之中；改革的关键是政事、政企分开；改革的重点是完善民政社会管理体制，建立高素质、专业化的行政管理队伍，加强法制建设，依法行政，规范管理。     

A Matter of Independence Questions are raised on the status of independent directors at public firms

正The issue of independent directors in China has come under the spotlight recently,following the removal of two from office.On May 29,Hangzhou Tianmushan Pharmaceutical Enterprise Co.in east China’s Zhejiang Province announced that its restructuring plan had been delayed again.Before that,the Shanghai Stock Exchange-listed company fired two of its independent directors—Zheng     

事业单位法人设立登记制度法律问题透视

事业单位是由单一的主体即国家举办的服务于特定社会公益目标而设立的公共服务机构,事业单位的国家登记制度必要性不充分,宜改为备案和公告制度。对于有的事业单位一方面被事业单位登记部门认定为事业单位法人,一方面又被工商行政管理部门认定为企业法人的“双重法人”现象,应该随着事业单位改革的深入得以消除。