商业保险价值的法哲学分析

“价值“首先是一个表征关系的范畴,它反映的是人与外界物--自然、社会的关系,揭示的是人的实践活动的动机和目的.马克思认为:“价值这个普遍的概念是从人们对待满足他们需要的外界物的关系中产生的.“其次,“价值“又是一个表征意义的范畴,是用以表示事物所具有的对主体有意义的、可以满足主体需要的功能和属性的概念.前者是“价值“的目的性价值,后者是“价值“的手段性价值,“价值“一词具有目的性价值与手段性价值双重性质.故“商业保险价值“也是一个目的性与手段性相统一的概念,目的性价值是指商业保险所追求、促进和实现的目的,它体现商业保险的本质;手段性价值是指商业保险自身具有的功能与属性.……     

法律监督的法价值初探

法的基本价值-----正义和自由奠定了法律发展的基础,并从根本上规制着后来的法律及其制度的走向。法价值的实现应内化成为法律监督权主体内心的自觉准则,积极追求并形成对法的价值的认同应成为法律监督权主体的基本职责或责任。对法律监督体制法理价值的研究就是对法律监督在法逻辑上的必然性研究,也是法学理论进步和完善的内在要求。     

浅析法价值视野下的意思自治原则

意思自治是民法中处于核心地位的原则,是私法根本价值之所在。笔者试从法理学出发,在法价值的语境下研究意思自治原则与法的一般价值的关系,包括与法的自由价值和平等价值的关系。立足于意思自治原则的内在价值,论述了其与契约自由原则之间的关联,试图从法理学的角度论述意思自治原则本身体现出来的价值性。     

我国环境法建构中的以人为本思想的彰显

人与人的关系和人与自然的关系,是环境法调整的两大方面,在人作为环境的主体,人与人的关系主导着人与环境的关系的现实条件下,环境法必须通过直接对人与人的关系的调整进而间接地调整人与自然关系。我国环境法建构,应该坚持以人为本的科学发展观为核心指导,通过对自然的立法保护来充分体现人的主体性地位,保证人的基本生存权、实现人的价值、保护人的最大权益。     

法的现象的正义性透析

法和法律统称为法的现象。法的正义性是不言而喻的。反映社会主体法权愿望的法权要求符合我们对其正义性的期待。所以,”法的现象的正义性”可以转化为”法律的正义性”,这样才有了研究讨论的价值。不同的历史时期不同的学者都将正义作为一个重要的命题,从不同的侧面对正义进行理解、界定、分类。其中,古希腊思想大师亚里士多德称得上是正义论的集大成者。他将正义分为分配正义和校正正义。法律与正义的关系大致有两个方面：首先,正义推动了法律的良性发展。其次,法律是实现正义的途径。”良法”体现了社会主体对法律正义性的期待、是满足社会最广大成员对法律正义性需求的法律、是得到普遍服从的法律。提高、实现法律正义性不仅仅是立法者、执法者的使命,也是每一个普通民众的社会责任。     

我国人大监督机制研究

人民代表大会制度是我国的根本政治制度,是我国的政体,是我国其他政治制度产生和发展的基础,也是人民当家作主的根本体现。本文以人大监督的含义入手,详细阐述了人大监督机制的概念、价值,人大监督的主体对象和内容以及我国人大监督的意义和现实成就。     

法的公平价值与人的发展的关系

法的公平价值,既是社会主义市场法治经济的本质要求,也是促进人的更高层面发展的充分展示和重要保障。正确认识相互之间的关系,有利于促进人的自由全面发展。     

法的效率价值与人的发展的关系

法的效率价值,既是社会主义市场法治经济的本质要求,也是促进人的更高层面发展的充分展示和重要保障。正确认识相互之间的关系,有利于促进人的自由全面发展。     

完善银行信息机制的几点建议

<正> 现行信息机制,由于信息成果滞后,时效性差,使信息工作成为一项可有可无的业务。信息是无形的,信息价值高低不象普通产品显而易见,以智力和知识为主体的信息转让,只有经过使用之后,并将其产生的效益反馈回来,通过比较,才能体现其价值。     

论法与会计的关系

论法与会计的关系正大集团方波法是由国家制订或认可，体现由一定物质生活条件所决定的统治阶级意志，并用国家权力强制保证实施的行为规范的总和。会计是以货币为主要计量单位，连续、系统地反映和监督会计主体财产及其产权关系变化的过程和结果，以便作出最佳决策的一种...     

私法与公法的协动形式

私法与公法的不断交融使得传统的公法私法二元论不断受到冲击。并非完全二元对立的私法与公法在法律规范层面存在不同种类的协动形式,私法公法协动论可以有效解释公法私法的新关系。私法与公法的协动既存在于利益层面,也存在于主体层面。利益层面的私法公法协动论主要包括公法规范和私法规范的重叠型适用、冲突调节型适用和协同型适用三类。重叠型适用主要出于保护特定利益的需要;冲突调节型适用则需要基于适当性、必要性和均衡性调节有冲突的利益关系;协同型适用本质是对利益的双重连续性衡量过程,可以分为差异化协同、竞合协同和组合协同等不同情况。而主体层面的私法公法协动论主要包括公私协动和私行政法等内容。     

Managerial discretion and the comparability of fair value estimates

We explore how discretion over fair value measurement affects the comparability of fair value estimates in the financial industry. We find that greater exposure to Level 2 (Level 3) measurement enhances (diminishes) the comparability of fair value estimates across firms. These contrasting results reflect a nuanced relation between discretion over fair value measurement and comparability and suggest that managers convey useful information through Level 2 estimates, whereas Level 3 measurement is subject to error and managerial opportunism. Cross-sectional analyses show that fair value estimates are less comparable when managers have stronger incentives to introduce discretion and more comparable when investor monitoring is stronger. Additional analyses demonstrate that the comparability of fair value estimates is negatively associated with non-agency mortgage backed security holdings, the asset class most likely to be held at Level 3 by our sample firms, and that our primary results hold for alternative measures of comparability. Taken together, our results highlight the critical role of discretion in shaping the comparability of fair value estimates.     

On the relation between ownership structure and capital structure

The agency relationship between managers and shareholders has the potential to influence decision-making in the firm which in turn potentially impacts on firm characteristics such as value and leverage. Prior evidence has demonstrated an association between ownership structure and firm value. This paper extends the literature by examining a further link between ownership structure and capital structure. Using an agency framework, it is argued that the distribution of equity ownership among corporate managers and external blockholders may have a significant relation with leverage. The empirical results provide support for a positive relation between external blockholders and leverage, and non-linear relation between the level of managerial share ownership and leverage. The results also suggest that the relation between external block ownership and leverage varies across the level of managerial share ownership. These results are consistent with active monitoring by blockholders, and the effects of convergence-of-interests and management entrenchment.     

Corporate fraud culture: Re‐examining the corporate governance and performance relation

We analyse the corporate governance and performance relation, when conditioning on corporate fraud, for fraud firms during 2000 – 2007. Fraud firms are identified as either self‐ reported fraud events, or subject to regulatory investigation. We use the inverse Mills ratio procedure to account for firms' (unobservable) fraud culture in the dynamic system GMM model of the performance‐ governance relation. We find that corporate governance is an endogenously determined characteristic that has no causal impact on firm performance when conditioning on fraud. Fraud is a significant regulatory event but its overall economic impact at the firm level is highly variable.     

Changes in insider ownership and changes in the market value of the firm

The empirically-observed cross-sectional relation between the level of insider share ownership and the level of firm value has often been interpreted to mean that a change in share ownership can lead to a change in firm value. Such an interpretation has been criticized for ignoring potential endogeneity. In this paper, we perform two sets of tests to circumvent this alleged endogeneity. First, we measure changes in value over the 6-day interval around announcements of insider share purchases and find that the cross-sectional variability in changes in value is described by a curvilinear relation between firm value and insider ownership where the value of the firm first increases, then decreases, as insider share ownership increases. Second, we conduct tests to determine (1) whether the insider purchases are a response to changes in firm characteristics that require a new optimal equilibrium ownership level or (2) whether insiders are purchasing shares to signal that the firm is undervalued. We find no evidence to support these interpretations. Overall, our results are consistent with a causal interpretation of the empirical relation between insider ownership and firm value.     

The transaction avoidance regime in the recast European insolvency regulation: Limits and prospects

In the last decade, transaction avoidance in insolvency law has been in the limelight of the academic discussions. In particular, the scholarship has highlighted how the European Insolvency Regulation gives rise to several private international law issues. Moreover, the scholarship has explored solutions to these issues and proposed to harmonise the regime of transaction avoidance at European Union level. However, the recent legislative developments on the cross‐border insolvency law seem resistant to the proposed harmonisation. This article focuses on the transaction avoidance regime in the Recast European Insolvency Regulation. In particular, it seeks to evaluate whether the Recast has solved the issues arising within the original European Insolvency Regulation in relation to transaction avoidance. Secondly, it questions the suitability of the private international law approach to transaction avoidance in cross‐border insolvency within the European Union framework. The research suggests that the efforts required to the private international law framework to deal efficiently with transaction avoidance make the harmonisation of the regime of transaction avoidance at the European Union level a more appealing option.     

税法学理论发展对经济法法治建设的影响

税法作为经济法之下的一个重要的法律部门,其理论发展明显超过了其他部门经济法的研究,也为进一步的经济法法治建设提供了相应的指导。具体而言,这种指导作用主要体现在主体平等、利益对等、程序公正、立法统一四个方面。     

Divergence of Opinion and Post-Acquisition Performance

Abstract:  We examine the relation between divergence of opinion about the value of the acquiring firm in the pre-acquisition announcement period and post-acquisition stock returns. We find that acquirers subject to high opinion dispersion earn lower future returns than acquirers subject to low dispersion. It appears that, on average, only acquirers in the high divergence of opinion subset experience significant negative post-event abnormal returns. In the spirit of Miller (1977) , such evidence implies that high pre-event investor disagreement leads to systematic overpricing of acquirers that manifests itself through long-run underperformance of their stock. The documented misvaluation persists irrespective of the opinion divergence proxy and performance evaluation method used and after controlling for several common deal and acquirer characteristics.     

金融担保实践中见索即付条款与传统保证合同比较研究

基于最高人民法院坚持独立担保不适用于我国内国交易的司法立场,我国金融业在借鉴见索即付条款的过程中,将其与我国传统担保体系相结合发展出附见索即付条款保证合同。比较法上存在确认见索即付从属性保证的创新经验,我国也存在确认附见索即付条款保证合同为特殊从属性保证合同的理论可行性及规范基础,因而应将附见索即付条款保证合同定性为一种特殊的从属性保证合同。其特殊性在于,见索即付条款虽无法颠覆保证合同的从属性,但构成了对保证合同从属性的暂时限制。