替代性纠纷解决机制在我国的适用

替代性纠纷解决机制在司法审判实践与民事诉讼法学理论研究中越来越引起学者关注,它在解决民事纠纷的过程中具有独特的价值。但是与此同时,替代性纠纷解决方式的适用过程中存在若干冲突性问题。从完善立法、构建有效的多元化纠纷解决的法律体系、对民事案件进行分流以及加强法院的监督职能等多方面入手去解决这些问题就显得十分必要。     

Return spread and liquidity: Evidence from Hong Kong ADRs

Fifteen Chinese H-shares listed on the Stock Exchange of Hong Kong are cross listed as ADRs on the NYSE. We empirically determine the role of security specific liquidity associated with those ADRs and their underlying H-shares on return spreads, differences between the returns on ADRs and their corresponding H-shares after controlling for ADRs and H-shares excess market returns and their respective price inverses denoting conditional betas. We use three proxies for liquidity, trading volume, turnover, and illiquidity (Amihud, 2002) and find that only trading volume and turnover are consistent determinants of return spread for the majority of Chinese ADRs with primary listing in Hong Kong Stock Exchange (SEHK). We use a switching regression model and find that the model parameter estimates are not stationary and change, often drastically between pre and post 2000 and 2003. Further tests using Bai Perron indicate return spreads data as non-stationary with multiple regime changes during the sample period. Further the causes of non-stationarity seem to be largely security specific and not driven by broad market swings in either market.     

Valuation impact of currency crises: Evidence from the ADR market

This study analyzes American depository receipts (ADR) performance surrounding the outbreak of major currency crises during the past decade. By employing event-study methodologies and multifactor pricing models, we find that the outbreak of a currency crisis is accompanied by a negatively significant abnormal return for the corresponding ADRs, even after controlling for variations in exchange rates. We also find significant upward shifts in the exchange rate exposure of ADRs when the home currency is switched from a “pegging” to a “floating” exchange rate regime. In addition, ADR-originating firms with larger sizes, greater proportions of U.S. market activities, and greater market liquidity have relatively less negative abnormal returns (ARs) and less significant upward shifts in currency exposure, implying that such firms are relatively better hedged against currency crises.     

Price leadership and asynchronous movements of multi-market listed stocks

We examine the asynchronous price movements of the same assets traded on multiple markets, each of which has its unique characteristics. Differently from the existing literature, we use a dynamic structural Vector Autoregressive (VAR) setting to explore the effects of market-wide and idiosyncratic shocks on both home and host listings. We find strong evidence that foreign prices lead home prices, but not the reverse effect. Contrary to theory predictions, investors in the firms’ home market respond to idiosyncratic fluctuations in the stock returns in the host markets. Our results suggest that investors pay attention to fluctuations in the stocks listed on the more institutionally developed markets.     

The ADR rule-of-thumb as predictor of lodging property values

In a positive context, asset valuation models may be judged on the basis of their predictive ability rather than on the number and elegance of the underlying assumptions. The Average Daily Rate (ADR) rule-of-thumb has been used for decades as a quick way of estimating hotel and motel room rates and, more recently, as a simple gross-income multiplier model for predicting values of lodging properties. This study examines how well the ADR rule-of-thumb model predicts property values. The results of our comparative analysis of estimates from the ADR model with those from a hedonic valuation model indicate that the ADR model performs well in the aggregate, but is an inconsistent estimator at various levels of disaggregation, such as when property subsamples were organized by number of rooms, age, occupancy rate and number of restaurants.     

电子商务纠纷的非诉讼解决机制

频繁电子商务活动必然会带来各种纠纷,若纠纷得不到及时解决,必将制约电子商务的发展。电子商务的高效性也就决定了一种有别干传统权利救济方式及纠纷解决方式的新的纠纷解决机制。“在线纠纷解决机制”（Online Dispute Resolution）无疑应运而生,它既不同干传统的司法救济,也与ADR有所不同,它是一种兼具公平与效率的新的非诉讼机制。     

ADR机制的儒家伦理探源

ADR是个源自美国的话语,其是建立在效率伦理、个体化伦理和公正伦理基础之上的。ADR机制可以在中国的传统儒家伦理文化中探寻到其渊源,其法治理念与儒家＂无讼＂法律思想统治下的纠纷解决理念耦合。和谐是两者共同的价值目标,ADR的三大法治理念皆源于儒家＂无讼＂法律思想。     

The effects of legal regime on the patterns of stock returns surrounding ADR earnings announcements

This study examines the effects of legal regime on the patterns of stock returns surrounding the earnings announcements of American Depositary Receipt (ADR) programs. My results indicate that the properties of accounting earnings associated with the local legal regime of an ADR program spill over to U.S. GAAP reconciled earnings. In particular, I find that the market reacts significantly to the earnings announcements of the ADR programs from common law countries whose accounting earnings are known to be more conservative and timely, but not to those of the ADR programs from code law countries where the earnings are known to be less conservative and timely.     

从解纷机制多元化角度解决农民工讨薪

农民工讨薪一直是备受关注的社会话题,处在经济转型时期的中国,农民工讨薪维权的艰辛,时常受到媒体关注并曝光.拖欠农民工工资引发的纠纷浮出水面之后,却很少有行之有效的方法帮助农民工总结维权.农民工讨薪问题关系社会民生、合理解决由此引发的纠纷则关系法治建设,因而应当从多个角度结合多种社会力量寻求解决之道.