中小股东的福音:张维迎的承诺要胁诉讼模型的再修正

张维迎教授《博弈论与信息经济学》所举的承诺要胁诉讼博弈例子中有关诉讼费用的处理不妥 ,承诺要胁诉讼不成立 !必须打破这种败诉风险由当事人承担的机制 ,建立“生死与共”的竞争性的律师定价机制和保费率真正是胜诉率信号的诉讼费用保险机制、保障其实现的机制和可供的备选机制。     

书信审理程序：中国行政公益诉讼的新途径

行政公益诉讼是公民、法人或其他组织对行政机关行使职权侵害国家利益或社会公共利益的行为提起的行政诉讼。由于我国实行的诉讼费用预收制度和行政公益诉讼的诉讼费用高昂,大大削弱了当事人提起行政公益诉讼的积极性。有鉴于此,笔者考虑是否可以借鉴印度的书信管辖权制度,并结合我国已有的信访制度,在我国建立行政公益诉讼的书信审理程序,为社会上的弱势群体提供行政公益诉讼的一种新途径。     

业绩承诺背后的财富转移效应研究

业绩承诺已成为我国上市公司并购重组的基本特征,但在这一热潮下,违约现象也屡有发生,促使人们思考业绩承诺背后的真实动机。本文基于我国资本市场的高频交易数据,从财富转移与信号传递两个视角辨析了并购重组中业绩承诺对机构和个人投资者在资金流向与投资收益方面的影响。研究发现,业绩承诺信息公告后,小投资者会更多买入并购企业股票,其投资收益为负并遭受了较大损失;而大投资者则显著降低其持仓,投资收益显著为正,财富效应在大小投资者之间转移明显。进一步的研究还发现,财富转移效应在业绩承诺违约、自愿性业绩承诺的并购重组中的差异更大,这表明业绩承诺更多以保护机制之名行信息优势之实。而深层次的分析发现,信息透明度较高、对投资者利益保护较好的公司,其财富转移效应差异程度会得到较好抑制,大投资者的信息优势和知情交易行为有所收敛。本文的研究发现佐证了业绩承诺机制背后财富转移效应的存在,其结论启示我们,不断提高公司信息透明度、合理设定业绩承诺发生违约时的赔偿额和加大对业绩承诺违约的处罚力度仍是业绩承诺发挥真正保护机制的重中之重。     

劳动公益诉讼若干问题的思考

劳动公益诉讼制度作为公益诉讼制度的一部分,有其建立的必要性,同时关于劳动公益诉讼的原告资格、受案范围、举证责任以及诉讼费用承担问题也值得思考和研究。     

国外诉讼费用保险的发展及对我国的启示

诉讼费用保险是指被保险人向保险公司支付保险费,被保险人因权益遭受侵害或与他人发生争议而提起诉讼,保险公司依据保险合同约定支付保险金以弥补其诉讼费用的损失。诉讼费用保险最早诞生于法国,其后被英国、美国等国家引入。目前,欧洲为开展诉讼费用保险较为活跃的地区,亚洲国家日本在此方面也进行了尝试。     

由案例引发的对仲裁制度的思考

仲裁,作为一种为各国普遍采用的典型的非诉讼解决纠纷机制;而诉讼,是一种常态的解决纠纷机制;它们是人们解决纠纷的主要方式。在仲裁的发展进程中,出现了一种诉讼化的趋势,仲裁在程序运作上与诉讼程序越来越像,仲裁变成了第二个诉讼,这也逐步违背了立法者的初衷。本文首先由汉图公司与韩寒之间的纠纷案例引出对仲裁制度的分析,通过对仲裁与诉讼的比较,得出仲裁制度的诸多优点,但也发现了一些仲裁制度的不足。     

《诉讼费用交纳办法》对金融案件诉讼产生的影响

依法诉讼作为维护金融债权的法律手段,对遏制恶意悬空、逃废、拖欠银行债务的行为,确保金融业稳健经营发挥了重要作用.2007年4月1日,<诉讼费用交纳办法>(以下简称<办法>)施行,取代已经适用19年的<人民法院诉讼收费办法>,诉讼费用的交纳范围、交纳标准等发生了较大变化,这对金融案件诉讼带来一定影响.     

论我国督促程序的改革和完善

现行诉讼制度不能保证民事诉讼法各项任务的实现是我国督促程序运行效果不佳的主要原因。为了充分发挥我国督促程序的功效,既要改革该制度又要同时完善相关的程序制度,具体包括：增设简易判决制度;改革诉讼费用分担制度;加大执行力度和对逃避执行者的制裁力度,建立不良信用纪录制度等。     

重构民事审判案件受理费的交纳标准

人民法院案件受理费用数额的大小、收费比例的高低以及收费的程序、诉讼费用的分担等实际问题,不仅直接关系到公民接近司法的程度和对公民诉权的保障,对该问题的完善,更能引申出对有关中国司法改革、诉讼制度完善与创新的思考。充分保障公民诉权,实现正义是当今世界的一个趋势,国务院颁布出台的《诉讼费用交纳办法》也正契合了这潮流,该办法处处显示着减轻人民群众诉讼的经济负担、司法为民、促进和谐社会的新信息。然而,由于该《办法》对案件受理费用部分规定过于原则、粗略,依据的标准存在严重的缺陷,导致收费无据,失去了执法的公正性,也降低了法院在人民群众中的公信力。     

论基层人民法院民事调判模式的和谐构建——从目前司法形势看民事调判结合模式的改革

随着基层人民法院诉讼费用的下降,随着民事诉讼案件增多,随着理论界对多元化纠纷解决机制、非正式开庭理论、公益诉讼理论的研究深入,基层法院在民事审判模式上需要作出更符合时代发展需要的探索和实践。本文就从基层法院的民事审判模式的改革的原因分析出发,对照法庭的民事审判模式,探讨民事审判模式改革出路和基层法院的实践出路,形成目前较为认可的和谐调判结合的审判模式。     

个人信用保证机制的征信制度和诉讼制度比较研究

征信体系通过建立一种声誉制度,促进人类合作、提高群体成员效用和福利。个人信用保证机制的征信制度和诉讼制度哪个成本更低、相对价值更高需要客观分析。在完全竞争的信贷市场研究场景下,声誉机制有引致合作行为的能力;扩展博弈下,诉讼制度的威胁使得借贷者施加一个高的努力程度,提高了社会总剩余。基于现代信息技术的声誉机制出现以后,存在于每个银行内部的声誉就变成了一个统一、全范围扩展的声誉机制,所以声誉制度比诉讼制度可以获得更高的社会总剩余。     

Relational delegation

We analyze a cheap talk game with partial commitment by the principal. We first treat the principal's commitment power as exogenous and then endogenize it in an infinitely repeated game. We characterize optimal decision making for any commitment power and show when it takes the form of threshold delegation—in which case the agent can make any decision below a threshold—and centralization—in which case the agent has no discretion. For small biases, threshold delegation is optimal for any smooth distribution. Outsourcing can only be optimal if the principal's commitment power is sufficiently small.     

保险公司诉讼与诉讼预期相关性研究

近年来我国保险诉讼案件增势不减,有的历经一审、二审,有的还要再审。从媒体披露的结果看,保险公司无论作为原告还是被告,似乎都是胜少败多。本文通过对北京某人寿保险股份有限公司2005年～2008年诉讼、诉讼预期数据的实证调研,探讨保险公司诉讼预期是否实现及实现程度,在此基础上提出更理性、更具可操作性的建议。     

中小股东积极主义对债券持有人财富的溢出影响——基于网络投票数据的实证研究

互联网降低了中小股东获取和使用信息的成本,也方便其借助网络进行投票表决。本文借助2008—2018年深交所上市公司的股东大会网络投票数据,基于公司债券持有人视角,理论分析和实证检验了中小股东积极主义的溢出效应。实证结果表明:中小股东主观上基于自身利益的积极主义行为,客观上能够显著增加所在公司的债券持有人财富,即存在正向溢出效应,并且该正向效应在统计和经济意义上均具有高度显著性。在控制内生性影响后,该作用依然存在。进一步探究其内在机理发现,中小股东积极主义通过提升公司业绩和增强财务稳健性,进而增加其所在公司的债券持有人财富。该溢出效应在较差的内部治理环境、投资者学习效应和畅通的外部信息渠道下更为显著。     

The interaction among disclosures,competition, and an internal control problem

This paper studies the effect of an internal control problem on a firm's disclosure policy where firms compete in non-cooperative investment game, with each firm deciding to invest in its current technology or to invest in a non-proprietary innovation. By adopting the innovation, a firm earns higher revenues at the expense of its non-adopting rival. Each principal decides on a disclosure policy for its firm that entails releasing an agent's internal cost report of the firm's current technology to the rival firm. The agent has private information about the current technology's cost and an incentive to overstate the cost. An effect of disclosures is to increase coordination between the firms, which, without a control problem, increases firm profits. However, under the same conditions that disclosures were beneficial without the control problem, disclosures may be harmful to the principal with the control problem because increased coordination between the firms allows the agent to earn higher rents. Competition substitutes for commitment to an investment policy that limits the agent's rents and this disciplining role of competition is diminished with disclosures.     

Student satisfaction and commitment towards a blended learning finance course: A new evidence from using the investment model

The present study uses an amended version of a well-known investment model to investigate the levels of satisfaction and commitment of finance students enrolled on a blended e-learning programme. First, it presents new empirical evidence for the validity of each construct and validates the proposed investment model. Second, it examines whether students’ grade point average (GPA) scores influence their levels of satisfaction and commitment the course. A random sample of 100 undergraduate students enrolled at King Khalid University in Saudi Arabia was surveyed using both qualitative and quantitative approaches. The proposed investment model was suitable for predicting the levels of student satisfaction and commitment in a blended learning environment, especially finance courses. However, the levels of satisfaction and commitment among students did not reach the proposed cut-off point for high commitment/satisfaction, which implied that levels of student satisfaction and commitment were only in the middle of the range. Specifically, the results showed a significant negative correlation between the level of satisfaction and GPA score, but a significant positive correlation between student commitment and GPA score. The study also highlights areas in which further research and analysis is recommended.     

Employee relations and stock price crash risk: Evidence from employee lawsuits

In this paper, we examine the effect of firms' employee relations, measured by the number of employee lawsuits divided by the total number of employees, on stock price crash risk. Firms with higher employee lawsuit ratios tend to have higher stock price crash risk. Our results are robust after addressing possible endogeneity and using alternative measures of employee relations and stock price crash risk. We also find that the association between the employee lawsuit ratio and stock price crash risk is less prominent for state-owned enterprises, for firms with stringent external monitoring, and for firms with positive earnings news. Finally, earnings aggressiveness appears to be the channel through which the employee lawsuit ratio affects stock price crash risk. Collectively, our study is in line with the stakeholder theory, and highlights the importance of employee lawsuit for preventing crash of stock price.     

Audit Committee Effectiveness and Financial Reporting Quality: Implications for Auditor Independence

Auditors participating in a survey identified oversight of financial reporting and the external audit process, and ensuring quality internal controls, as the most important functions of effective audit committees. Financial literacy or expertise, independence, and a strong commitment to perform the job effectively were noted as important attributes. The results also suggest that although audit committees have enough power to confront management on contentious issues, they are not very effective in helping to resolve financial reporting disputes. Management was identified as a key influence in affecting the nature, extent, and quality of communication between the auditor and the audit committee. Most auditors believe that it is not important for each member of the audit committee to be an expert, but it is important that they are financially literate.     

An investigation of the gains from commitment in monetary policy

We propose a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi-commitment. The monetary policy authority is assumed to formulate optimal commitment plans, to be tempted to renege on them, and to succumb to this temptation with a constant exogenous probability known to the private sector. By interpreting this probability as a continuous measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains from commitment accrue at relatively low levels of credibility.