Overseas Listing of Chinese Companies： An Overview

I. IntroductionListing on a prestigious stock exchange like the New York Stock Exchange (NYSE) andNasdaq has become increasingly popular among world’s largest companies headquarteredoutside the United States. As of the end of 2004, more than 2,000 foreign companies fromover 70 countries had been listed in the United States. The increasing demand for foreignshares is driven by the desire of individual and institutional investors to diversify theirportfolios, reduce risk, and invest inter…     

浅析ADR与我国替代性纠纷解决机制的建立

ADR(诉讼外纠纷解决机制)是目前世界各国普遍采用的解决民事纠纷的有效手段。本文在分析了我国建构ADR机制现实必要性和的前提下,提出了建构我国ADR机制的相关设想。     

Comparative Managerial Values

The personal values of 162 Malaysian managers were studied, using data from the three major cultural-ethnic groups that compose Malaysia's population. Core managerial values were compared with similarly derived data from respondents in the USA and Australia. Multidimensional scaling was used for the comparison. Personal values are analyzed within the context of a discussion of heterogeneous cultural value systems within Malaysia and also within the parameters of the broader convergence-divergence debate. The evidence points to the impact of convergent forces, but there is recognition of the simultaneous play of opposing, divergent forces. Such a situation of cultural diversity and dynamic tension is not unique to Malaysia, but this particular multicultural environment provides a fascinating microcosmic laboratory in which to study it.     

我国大调解机制之合理构建

在国家转型和社会变迁的时代背景下,我国社会的矛盾和纠纷日益突出,为有效减少矛盾,各地都对大调解机制进行了有益的探索。大调解工作虽然取得了一定的成效,但仍存在诸多理论及实际操作中的问题,如何合理地构建我国的大调解机制,充分发挥其在多元化纠纷解决体系中的有力作用,是亟需我们探讨的一个问题。     

我国与美国司法ADR的比较研究——兼论对构建我国多元化纠纷解决机制的启示

司法ADR是一种替代性纠纷解决机制,它能够降低诉讼成本,提高诉讼效率,节约司法资源.通过对美国与我国司法ADR的特点、类型和运行的介绍和比较,结合我国国情和法院审判实际,以求借鉴.从司法ADR的适用范围、人员选任和配套制度等方面提出建议,以推进我国多元化纠纷解决机制的构建,为建设和谐社会提供理论支持.     

Arbitrage opportunities in the depositary receipts market: Myth or reality?

We analyze the price discrepancy between American depositary receipts (ADRs) and their corresponding underlying shares using a high frequency data set of French and American stocks. Albeit infrequent, it is shown that large deviations from the law of one price are present in the data and an arbitrage trading rule reveals that profits could have been made on these large disequilibria. We thus classify these markets as disintegrated and not fully efficient. An estimate of the minimum size necessary to make a price discrepancy profitable is provided and we propose this variable as a proxy for measuring the degree of efficiency displayed by the markets involved.     

Contractual nullification of economically-detrimental state-made laws

An economy may remain robust in the face of efficiency-inhibiting state-made rules if individuals are able to establish effective sources of credibility that do not rely on the state. After explaining how non-state sources of trust and private recourse evolve to enhance credibility, examples of contracting around undesirable rules in United States are discussed. The potential for contractual nullification varies considerably, however, in part because of state action that limits civil-society and/or market activities. In many less robust economies, there are even more significant barriers to building private sources of trust and recourse, undermining the potential for contractual nullification. JEL Code D230, K120, O170     

The association between legal regime and the value-relevance of accounting information: a Japan-U.K. comparison

Prior research has shown that there is an association between the legal regime of a firm’s country of domicile and the value-relevance of its accounting information. However, it is still unclear whether it is the difference in the properties of accounting information (“the supply effect”), or alternatively, if it is the difference in the way the investors in certain jurisdictions interpret and apply that information (“the demand effect”) that is mainly driving this phenomenon. Since the observed pattern in value-relevance is less likely to be observed in a particular capital market that belongs to a single legal regime (where the demand effect is assumed to be constant) in case the demand effect is mainly driving the association, I test for a marginal impact of the supply effect in a single capital market setting. Using U.S. stock price data, I find that the accounting numbers of U.K. firms, prepared under U.K. GAAP, are more value-relevant than those of Japanese firms, reported under Japanese GAAP. This result lends support to the supply hypothesis and suggests that the legal regime does have a marginal impact on the value-relevance of the accounting information.     

工程纠纷ADR解决方式的研究

传统的诉讼解决纠纷机制由于费用高、时间长受到愈来愈多的批评和指责,而替代性纠纷解决机制（ADR）因其灵活、高效、友善引起关注,迅速在各行各业广泛使用。ADR的实质是一程序群,主要类型包括有协商、调解、调停、裁决、小型审理和租借法官等。通过国际工程中主要使用的ADR程序,对ADR机制的几种办法与诉讼进行比较,分析了ADR机制的关键成功因素,并对我国工程领域实施ADR机制提出了建议。     

美国ADR对我国诉讼外纠纷解决方式的启示

20世纪60年代以来,美国在"诉讼爆炸"的压力下,通过大力利用、发展ADR,拓宽了高效、公正解决纠纷的新途径,成功缓解了法院压力。当前,我国法院面临着民事案件日益增多的压力,借鉴美国ADR,构建本土化的诉讼外纠纷解决机制,有利于缓解法院日益增长的诉讼案件的压力,维护社会的稳定与和谐。