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Administrative Governance As Corporate Governance: A Partial Explanation For The Growth Of China's Stock Markets, David A. Caragliano
Administrative Governance As Corporate Governance: A Partial Explanation For The Growth Of China's Stock Markets, David A. Caragliano
Michigan Journal of International Law
This Note argues that during the first decade of stock market development (roughly 1990-2000) Chinese institutions, which emphasized administrative direction and control, functioned in lieu of legal and financial institutions. Preexisting modes of administrative governance introduced incentives that mitigated information asymmetry problems inherent in initial public offerings (IPOs) and contributed to enhanced market valuation during the post-IPO phase. The author focuses on two sui generis Chinese institutions employed during this time period: the quota system for equity share issuance and the Special Treatment (ST) system for underperforming issuers. In short, the thesis is that administrative governance substituted for corporate governance.
Global Markets And The Evolution Of Law In China And Japan, Takao Tanase
Global Markets And The Evolution Of Law In China And Japan, Takao Tanase
Michigan Journal of International Law
The first angle of this Article concerns the exclusivity of rights, which is the notion that a right has an exclusive boundary of ownership. The socialist system and traditional customary law in China gave only weak recognition to this concept, especially prior to China's move toward a market economy and the introduction of modern law. The second angle addresses the functionality of extralegal norms. Law reforms tend to be measured by the efficiency gains they produce, a process intensified by competition among systems. The third angle involves the ideological nature of the market-oriented development of law. The foreign enterprises and …
How Does Culture Count In Legal Change?: A Review With A Proposal From A Social Movement Perspective, Setsuo Miyazawa
How Does Culture Count In Legal Change?: A Review With A Proposal From A Social Movement Perspective, Setsuo Miyazawa
Michigan Journal of International Law
We have in this volume four articles on legal change in China and Japan written by four distinguished authors. These articles vary with regard to subject state, specificity of issues, and breadth of analytical scope. They commonly discuss one factor, however: culture. The purpose of this Comment is to examine the way each article uses culture in its explanations of legal change. The Comment concludes with a brief suggestion, from a social movement perspective, on employing culture as an explanatory tool in a non-essentialist way.
The Law And The Non-Law, Katharina Pistor
The Law And The Non-Law, Katharina Pistor
Michigan Journal of International Law
This brief Comment reflects on the construction of the "non-law" as analytical categories in the four contributions. It suggests that the struggle with "non-law" reflects a deeper confusion about the role of law in ordering social relations broadly defined.
What Have We Learned About Law And Development? Describing, Predicting, And Assessing Legal Reforms In China, Randall Peerenboom
What Have We Learned About Law And Development? Describing, Predicting, And Assessing Legal Reforms In China, Randall Peerenboom
Michigan Journal of International Law
This Article applies existing conceptual tools for describing, predicting, and assessing legal reforms to the efforts to establish rule of law in China, in the process shedding light on the various pathways and methodologies of reform so as to facilitate assessment of competing reform strategies. While drawing on China for concrete examples, the discussion involves issues that are generally applicable to comparative law and the new law and development movement, and thus it addresses
Law And Culture In China And Japan: A Framework For Analysis, John O. Haley
Law And Culture In China And Japan: A Framework For Analysis, John O. Haley
Michigan Journal of International Law
This Comment is divided into two parts. The first sets forth a series of definitional propositions intended for a more general analysis of the interrelationships of law and culture. The second comprises an introduction to the evolution of legal institutions that enables us to understand better the reception and development of Western legal institutions in East Asia and provides context for the four articles and their individual and collective insights.
Signaling Conformity: Changing Norms In Japan And China, David Nelken
Signaling Conformity: Changing Norms In Japan And China, David Nelken
Michigan Journal of International Law
Whatever their differences, the articles in this issue also have much in common in addition to their regional focus. The author of this Comment shall discuss in turn three (related) theoretical issues that arise, to a greater or lesser degree, in all four contributions. The first Part of this Comment considers the insights of these articles on the need to move from discussing transplants to focusing on transnational legal processes. The second Part examines what the contributions tell us about culture, legal culture, and the so-called "norm of conformity." I shall concentrate in particular on the cultural sources of choices …
Law, Norms, And Legal Change: Global And Local In China And Japan, Nicholas C. Howson, Mark D. West
Law, Norms, And Legal Change: Global And Local In China And Japan, Nicholas C. Howson, Mark D. West
Michigan Journal of International Law
The editors of the Michigan Journal of International Law have boldly brought together four articles and commentary that focus on different aspects of the same problem in China and Japan: the relationship between domestic legal change and foreign and/or "international" law and regulation, "soft" agreements, norms, or even cultural practices. The compilation is bold in part because scholarship on change in East Asian law and legal systems often suffers from one of two defects. First, it often focuses on purely domestic phenomena in only one system, ignoring the comparative connections. Second, scholars often attack the problem from an exclusively comparative …
Let One Hundered Flowers Bloom, One Hundred Schools Contend: Debating Rule Of Law In China, Randall Peerenboom
Let One Hundered Flowers Bloom, One Hundred Schools Contend: Debating Rule Of Law In China, Randall Peerenboom
Michigan Journal of International Law
The Article proceeds in three stages. Part I provides a brief overview of thin versions of rule of law and their relation to thick theories. Part II then takes up the four thick versions of rule of law. Part III addresses a number of thorny theoretical issues that apply to rule of law theories generally and more specifically to the applicability of rule of law to China. For instance, can the minimal conditions for rule of law be sufficiently specified to be useful? Should China's legal system at this point be described as rule by law, as in transition to …
Controlling The Environmental Consequences Of Power Development In The People's Republic Of China, Homer Sun
Controlling The Environmental Consequences Of Power Development In The People's Republic Of China, Homer Sun
Michigan Journal of International Law
This Note proposes a strategy to mitigate the environmental degradation resulting from China's power development. Part I introduces China's power industry - its excessive dependence on coal, its antiquated and inefficient infrastructure, its pollutive effects, and its projected expansion. Part II appraises the ways in which China's environmental laws, macroeconomic controls, and foreign investment restrictions influence the growth of power development and its corresponding effect on the environment. Part III assesses the role that governments, development banks, and international organizations can play in curbing the environmental impact of Chinese power projects. Considering the problems associated with current Chinese and international …
Securitization Of State Ownership: Chinese Securities Law, Minkang Gu, Robert C. Art
Securitization Of State Ownership: Chinese Securities Law, Minkang Gu, Robert C. Art
Michigan Journal of International Law
Part I of this article establishes the scope of analysis and defines the Chinese use of the term "security," which is more limited than under American law. Parts II and III briefly examine the history of Chinese securities laws and the understanding of securities by the Chinese people. Part IV focuses on the government's motivations in establishing the securities markets. Part V discusses the distinctively Chinese approach of classifying shares according to the characteristics and nationality of permitted shareholders. Part VI addresses the future development of Chinese securities markets. The conclusion reflects on the significance of western forms of securities …
Reforming The State-Enterprise Property Relationship In The People's Republic Of China: The Corporatization Of State-Owned Enterprises, Deborah Kay Johns
Reforming The State-Enterprise Property Relationship In The People's Republic Of China: The Corporatization Of State-Owned Enterprises, Deborah Kay Johns
Michigan Journal of International Law
Part I of this Note first describes the problems that have prodded China to restructure its SOEs and then explains the root of those problems - the state-enterprise property relationship. This part concludes with a description of the unsuccessful attempts to date to reform that relationship. To understand why these efforts have met with little success, Part II explores the way in which most transition economies have attempted to address the ambiguity in the state-enterprise property relationship, by abolishing it through privatization. Although privatization is neither economically nor ideologically suited to China, experience with privatization does hold one lesson for …
Breaking The Deadlock: Toward A Socialist-Confucianist Concept Of Human Rights For China, David E. Christensen
Breaking The Deadlock: Toward A Socialist-Confucianist Concept Of Human Rights For China, David E. Christensen
Michigan Journal of International Law
This Note offers an alternative perspective on international human rights that seeks to bypass the dead-end universalist-cultural relativist debate, and proposes a concept of human rights that is harmonious with the modern collectivist and socialist Chinese order. Since human rights protect dignity, this study finds the source of human dignity in China in society, not in nature. This analysis opens the door to the development of a meaningful set of guaranteed individual rights for a socialist state and a Confucian order.
Note, The Death Penalty In Late Imperial, Modern, And Post-Tiananmen China, Alan W. Lepp
Note, The Death Penalty In Late Imperial, Modern, And Post-Tiananmen China, Alan W. Lepp
Michigan Journal of International Law
This paper seeks to explore the crucial determinants that shape the Chinese legal system's use of the death penalty. Why have the Chinese relied so heavily on execution as a form of sentencing? What factors and conditions account for the major changes in the frequency of China's use of the death penalty? What indigenous traditions are reflected in China's implementation of the death penalty? In order to inquire into the role and function of the legal system in affecting the severity of criminal punishment in China, this study will focus on only those death sentences carried out by the state …
Investment Incentives And Guarantees In The Republic Of China, The Republic Of Korea, Thailand, And The People's Republic Of China, Barbara J. Martin
Investment Incentives And Guarantees In The Republic Of China, The Republic Of Korea, Thailand, And The People's Republic Of China, Barbara J. Martin
Michigan Journal of International Law
This note will focus on direct investment in four countries in Southeast Asia: the Republic of China (ROC), the Republic of Korea (ROK or South Korea), Thailand, and the People's Republic of China (PRC). Despite similar goals, these four countries differ significantly in their treatment of foreign investors.