The determinants of the price impact of block trades: further evidence

This article extends previous literature which examines the determinants of the price impact of block trades on the Australian Stock Exchange. As previous literature suggests that liquidity exhibits intraday patterns, we introduce time of day dummy variables to explore time dependencies in price impact. Following theoretical developments in previous literature, the explanatory power of the bid–ask spread, a lagged cumulative stock return variable and a refined measure of market returns are also examined. The model estimated explains approximately 29 per cent of the variation in price impact. Block trades executed in the first hour of trading experience the greatest price impact, while market conditions, lagged stock returns and bid–ask spreads are positively related to price impact. The bid–ask spread provides most of the explanatory power. This suggests that liquidity is the main driver of price impact.     

Achieving High Quality, Comparable Financial Reporting: A Review of Independent Enforcement Bodies in Australia and the United Kingdom

This article provides a review of the activities of two quite different types of national enforcement body, the U.K.'s Financial Reporting Review Panel (FRRP) and the Australian Securities and Investments Commission (ASIC). We present material (some not available elsewhere) about their activities over the period 1998–2004 and show that both types of body can fulfil an enforcement role, albeit subject to political forces. We also assess the relevance of the bodies' past activities for comparable international enforcement following the adoption of International Financial Reporting Standards (IFRS) in 2005. A review of cases reveals that for both bodies approximately half were related to recognition and measurement issues, where interpretation can be crucial. Although there is potential for cross-country differences to arise, they may be mitigated by the participation of both bodies in international enforcement coordination activities. Past activities suggest that the scope of the bodies' activities and the extent of comparability of enforcement decisions are likely to reflect political views held within the government, corporate sector and accounting profession.     

海峡两岸公益募捐立法比较研究

海峡两岸公益募捐立法在历史发展背景上有诸多相同或相似之处,使大陆借鉴台湾公益募捐立法成为可能。在台湾公益募捐立法体系中最重要的当数"公益劝募条例",全面而又不失重点,兼具劝募主体明确,资金使用公开、透明等优点。大陆公益募捐立法成就与问题同在。借鉴台湾经验,大陆今后应统一公益募捐立法,完善公益募捐法律体系,加强公益募捐主体自律。     

我国私募基金立法现状及展望

随着经济社会发展,我国居民财富快速增长,在此宏观背景下,私募基金发展迅速。但是与此不相协调的是,我国私募基金立法工作远远滞后于私募基金实践,立法数量少、层次低且不成体系,导致目前私募基金处于尴尬的法律灰色地带,严重制约了私募基金的健康发展。展望未来,私募基金必然成为居民理财的一大重要选择,因此应尽快制定私募基金法,从法律上确认私募基金的合法地位,规范私募基金的操作流程,加强对私募基金的监管。     

财产所有权转移与风险责任的研究

联系国内外对财产所有权与风险转移问题的立法情况,通过对比研究,对完善我国相应立法作了具体探索。     

档案数字化立法保护探索

档案数字化的发展要求相关立法的跟进,本文通过分析档案数字化进程,论述了我国档案数字化立法的现状,提出了未来档案数字化立法的关键点和加强保护的设想,有助于档案数字化建设的健康发展。     

Eighteenth-Century Evolutionary Thought and its Relevance in the Age of Legislation

This essay revisits the evolutionist writingsof the eighteenth century to clarify their key ideas concerninglegal and social evolution and to assess their relevance in thepresent era of pervasive legislation. The discovery of the principleof the accumulation of design is traced to these writings andthe continuity of twentieth century spontaneous-order theoryand new institutional economics with this tradition is noted.While highlighting the contributions of other institutional theoriststo the elucidation of the role of purposive action in legal evolution,the author argues that input designing does not alter the fundamentalnature of legal emergence as postulated by the eighteenth centuryscholars. The essay supports the ideal of legal generality, freespeech, property and contractual freedom as normative implicationsof the evolutionary viewpoint.     

旅游合同立法初探

新《合同法》的颁布 ,确立了合同法领域的无过错责任原则。由于旅游行业本身的特点 ,这一原则的确立使旅游业经营者的经营风险随之增加。这就使旅游合同立法变得极为迫切。本文阐述了旅游合同立法的迫切性 ,探讨了旅游合同的界定、无过错责任原则、合同安全保障的方式、以及立法形式等基本问题。     

发达国家消费者权益法律保护审视及启示

随着社会的不断发展，有关消费者权益的法律保护正日益成为世界性的热门话题，对消费者权益进行法律保护的程度如何也已成为衡量现代国家文明程度的重要标志之一。为此，文章着重论述了我国对消费者权益进行专门立法保护的必要性和重要性、现行有关立法的不足等问题，并在此基础上提出了进一步完善有关立法的建议和对策。     

为软件反向工程立法

软件反向工程在信息社会具有重大作用，但我国目前尚未进行专门的软件反向工程立法。从软件反向工程在信息时代的适用、现行著作权法基本法理、我国现有软件保护法律三个角度出发，我国进行软件反向工程专门立法大有必要。