资本市场一致行动协议的提前解除及其法律限度

资本市场中一致行动协议的提前解除事件频发,呈现出“进退随意”的实践特点。作为公司控制权获取和巩固的重要途径,上市公司一致行动协议发生的效力外溢牵涉到多个主体和多重利益,使得这类合同的提前解除不能完全任由当事人自治。为此,有必要从合同法、公司法和证券法三个维度研究相应的规制限度,明确合同解除制度在其中的适用空间,系统性构建一致行动协议提前解除的规范体系,以维护商事信用秩序和公司治理稳定。     

竞业限制法律制度完善研究

竞业限制法律制度需要完善其效力要件和履行机制.竞业限制法律制度已经确认合理性原则,经济补偿应属于竞业限制协议的效力性要件,没有约定经济补偿的竞业限制协议应当无效.劳动合同的解除方式不应对竞业限制协议的效力产生影响.我国劳动合同法应当建立劳动者单方选择权的法定抗辩制度,不应赋予用人单位对于竞业限制协议的单方任意解除权.劳动者承担违约金责任后,不应再负担继续履行的义务.     

以人民调解协议为视角浅谈ADR处理结果的效力

ADR的效力问题一直是制约ADR发展的瓶颈.本文试图从ADR的目标分析ADR的效力,认为应在一定程度上赋予ADR协议以效力,达到分流诉讼的目的.人民调解是我国最具特色的ADR形式,但人民调解协议效力缺乏使得该制度萎缩,应明确调解协议的效力,通过法院审查赋予其强制执行力.     

对赌协议法律问题研究

"对赌协议"是股权融资中经常采用的条款,但我国目前还没有规范"对赌协议"的具体、明确法律制度,本文通过分析了解对赌协议的性质和效力,有助于我们反思相关立法及其司法解释存在的不足,从而实现立法完善与促进经济发展的双重意义。     

试论我国税务登记制度的完善

我国现行的税务登记制度具有行政许可属性。我国税务登记制度存在的问题主要有：税务登记立法的指导思想存在一定偏差，税务登记制度与其他行政登记制度未能实现有效衔接，税务行政登记的效力和公信力有待于进一步明确。据此，税务登记法制建设的指导思想应从管理本位向纳税人权利本位转变，应尽快实现税务登记与其他行政登记的有效衔接，同时明确税务登记的效力和公信力。     

浅谈我国新公司法对中小股东利益保护——以累积投票制制度为视角

新公司法设立了累积投票权制度，其立法态度值得赞赏，该制度有利于控股股东和小股东之间的利益平衡，也有利于两类股东之间实现公平与正义。然而我国公司法对累计投票制度的规定在实践中难以具体操作。为了充分发挥累计投票制度的积极作用，我国应该推进股权的多元化改革，明确累计投票制度的适用范围，细化累计投票制度的选择模式，加强配套制度的建设。     

中国海事仲裁协议的效力问题探究

我国《仲裁法》对仲裁协议的效力要求过于严格,不利于我国仲裁,尤其是海事仲裁制度的发展,束缚了海事仲裁每年的受案量,放宽对仲裁协议的效力限制,是国内仲裁制度与国际仲裁制度的衔接的标志,有利于我国海事仲裁制度的国际化。     

浅析夫妻财产协议的效力

近年来,随着夫妻平等观念的深入,夫妻之间对婚前、婚后财产制度达成约定协议也越来越普遍,然而因此导致的法律实务问题也有很多,基本上都围绕着夫妻约定财产协议的效力问题。比如夫妻双方进行恶意约定侵害第三方的利益,夫妻之间对财产约定会对另一方显著不公等。本文首先界定夫妻财产协议的性质,然后分析了夫妻财产协议的有效要件,以及对内、对外效力,结合司法案例,着重从夫妻双方提出离婚的前提下,夫妻之间对夫妻约定财产协议的效力认定即对内效力这一角度,探讨在确定夫妻财产协议效力的同时,如何权衡《婚姻法》与《合同法》、《物权法》之间的冲突和取舍,以及我国如何完善婚姻法的内容,使之与其他立法相协调。     

应收账款融资法律风险及对策研究

随着《物权法》和《应收账款质押登记办法》的出台,应收账款融资在我国逐渐成为一种新兴的融资方式。目前,在借鉴国际经验的基础上,国内也建成了一些应收账款融资服务平台,然而相关法律制度仍存在一些漏洞。为此,可以考虑在法律层面进一步明确应收账款的涵盖范围,建立对应收账款债务人的通知规则,同时对应收账款转让登记的效力做出规定,并明确应收账款质押与其他担保方式的权利顺位关系。     

论代持股协议的法律性质和效力

股权代持行为与商事外观主义相冲突,潜藏巨大的法律风险,需要法律给予科学规范与有效引导。根据股权代持关系在公司内外的不同透明度,隐名代理、股权信托等学说均可在特定情形下解释代持股协议的法律性质。考虑到信托关系的规范性与信托财产的独立性,可适用股权信托关系解读和阐释代持股协议。在认定代持股协议效力时,应辨别强制性规范的两种不同表现形式,合理限定协议无效的范围,同时对于援引公序良俗认定代持股协议无效须经严密论证。在对名义股东债权人的效力问题上,应区分商事外观主义的适应范围,以平衡隐名股东与名义股东债权人的利益。     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original     

International harmonization of Japanese accounting standards

Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan.     

Commodity financialization and sector ETFs: Evidence from crude oil futures

We investigate the diversification benefits of energy assets in the setting of commodity financialization using data on crude oil futures and Sector ETFs (SPDRs). Correlations between commodities and financial assets increased during the post-Commodity Futures Modernization Act (CFMA)/commodity bull cycle period, resulting in lower benefits of diversification. However, we find that conditional correlations between crude oil futures and sector ETFs meaningfully increased only since the 2008–09 financial crisis. The results therefore suggest that the financial crisis, rather than CFMA regulation, explains changes in the diversification benefits of commodities. Moreover, we find that oil futures returns are less correlated with SPDRs than with the S&P index. Thus, energy futures, and crude oil in particular, offer the potential for diversification benefits in sector-style investing.     

Dutch accounting in Japan 1609-1850: isolation or observation?

The trading station or factory maintained by the Dutch East India Company (VOC) was Japan's sole window on the Western world during most of the Tokugawa period (1600-1868). While many aspects of the factory's role in Dutch/Japanese cultural exchange have been researched little is known in the West of the accounting at the factory. This paper considers the possibility that double-entry bookkeeping employed by the Dutch may have been diffused to the Japanese. The available evidence is synthesized after considering the accounting system in the Dutch factory.