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Articles 1 - 21 of 21
Full-Text Articles in Comparative and Foreign Law
Promoting Predictability In Business: Solutions For Overlapping Liability In International Anti-Corruption Enforcement, Andrew T. Bulovsky
Promoting Predictability In Business: Solutions For Overlapping Liability In International Anti-Corruption Enforcement, Andrew T. Bulovsky
Michigan Journal of International Law
This Note evaluates solutions to the problems of overlapping liability in general and multi-jurisdictional disgorgement in particular. Part I traces the origins of international anti-corruption efforts and provides an overview of the Foreign Corrupt Practices Act (the “FCPA”). It then discusses the two most significant international anti-corruption conventions: the OECD’s Convention on Combatting Bribery of Foreign Officials in International Business Transactions (the “OECD Convention”) and the United Nations Convention Against Corruption (“UNCAC”). Part II lays out the problems created by the lack of a formal mechanism to prevent overlapping liability— a phenomenon that violates the common law concept known as …
The Foreign Corrupt Practices Act, Sec Disgorgement Of Profits, And The Evolving International Bribery Regime: Weighing Proportionality, Retribution, And Deterrence, David C. Weiss
Michigan Journal of International Law
This Note uses examples such as Titan Corp. to support the argument that there are reasons to question the United States' increasing reliance on disgorgement to enforce the FCPA. Despite obvious deterrence benefits, the SEC's quest for disgorgement of ill-gotten gains raises significant questions regarding extraterritoriality, proportionality, and evidentiary uncertainty. This Note looks to the history of the FCPA and both international anti-bribery agreements and foreign statutes implementing those agreements in arguing that U.S. and foreign regulators need to create a more certain, predictable enforcement climate as the number of foreign bribery enforcement actions continue to explode.
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.
The Yukos Money Laundering Case: A Never-Ending Story, Dmitry Gololobov
The Yukos Money Laundering Case: A Never-Ending Story, Dmitry Gololobov
Michigan Journal of International Law
The Yukos case has unveiled the possible dangers of money laundering legislation in the hands of governments with transitional economies and weak democratic traditions. Even if the anti-money laundering laws of the country comply with international pronouncements to the letter, there are still a number of ways the laws could be used for the sole purpose of persecuting political opponents. In the Yukos case, the money laundering charges were interrelated with the charges of corporate tax evasion, which, taken separately, in Russia, represent a rather weak tool for suppressing the political opponents, but taken together they are perfect for the …
The Next Generation: Milhaupt And West On Japanese Economic Law, Kent Anderson
The Next Generation: Milhaupt And West On Japanese Economic Law, Kent Anderson
Michigan Journal of International Law
Review of Economic Organizations and Corporate Governance in Japan: The Impact of Formal and Informal Rules by Curtis Milhaupt & Mark West
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 …
Incentives For Peace And Profits: Federal Legislation To Encourage U.S. Enterprises To Invest In Arab-Israeli Joint Ventures, Daniel Lubetzky
Incentives For Peace And Profits: Federal Legislation To Encourage U.S. Enterprises To Invest In Arab-Israeli Joint Ventures, Daniel Lubetzky
Michigan Journal of International Law
This article proposes a set of provisions that would encourage U.S. companies and entities to invest in joint ventures with Israeli and Arab partners in the Middle East. The immediate effect of these provisions would be to revive and fortify the economies of that region. The long-term objectives behind the enactment of such incentives would be threefold: (1) to improve the prospects for peace and stability in the Middle East; (2) to enhance the strategic and political standing of the United States in the Middle East; and (3) to increase the long-term international competitiveness of U.S. businesses.
Withdrawal And Expulsion In Germany: A Comparative Perspective On The "Close Corporation Problem", Hugh T. Scogin Jr.
Withdrawal And Expulsion In Germany: A Comparative Perspective On The "Close Corporation Problem", Hugh T. Scogin Jr.
Michigan Journal of International Law
This article will examine the German legal system's experience with fashioning remedies for the "close corporation problem" and the underlying concepts that have shaped these remedies. Part I will trace the growth of the doctrines of withdrawal and expulsion in the context of Germany's troubled history. Part II will compare German and U.S. approaches on both practical and conceptual levels. On one level, the focus of the article is narrow. It deals with specific, technical solutions to only the most extreme examples of the close corporation problem. Such cases are not frequently litigated. Their doctrines do, however, constitute default rules …
Renegotiating Transnational Investment Agreements: Lessons For Develping Countries From The Ghana-Valco Experience, Paul Kuruk
Michigan Journal of International Law
This article describes the use of the renegotiation process to resolve problems that arise in the relations between participants in transnational investment. It draws conclusions from the successful renegotiation of an agreement executed in 1962 under which the Ghanaian government guaranteed bauxite and hydroelectric power supplies to support the smelting operations of the Volta Aluminium Company, Limited (Valco) in return for revenues from taxes and from payments for electricity, water, and use of the country's port facilities. The agreement between Ghana and Valco was entered into as part of the Volta River Project (VRP). This project was an investment scheme …
The Case For Employee Ownership In Overseas Operations Of U.S. Multinational Enterprises In Central America, William G. Hopping
The Case For Employee Ownership In Overseas Operations Of U.S. Multinational Enterprises In Central America, William G. Hopping
Michigan Journal of International Law
Part II of this note explains the relevance of using U.S. direct investment in Central America as a starting point for encouraging employee ownership. Part III describes the essential legal framework of the ESOP in the U.S., providing a framework from which to adapt the ESOP to other countries. Part IV argues that all parties participating in this form of expanded ownership will realize significant short and long-term benefits, but points out some problems of transferring ESOPs, a U.S. legal innovation, to different cultural and business environments. Part V presents some of the legal and economic issues of adapting ESOPs, …
Japanese-Style Worker Participation And United States Labor Law, William S. Rutchow
Japanese-Style Worker Participation And United States Labor Law, William S. Rutchow
Michigan Journal of International Law
This note will evaluate the current legal status of Japanese-style worker participation programs under the NLRA. First, it analyzes relevant sections of the NLRA and their interpretation by the Board and the courts. Second, the note describes various types of Japanese worker participation programs, and suggests how these programs can be legally implemented under current American labor law. Third, the note considers standards the Supreme Court may adopt to test the legality of worker participation programs in the future. Finally, this note recommends that the Supreme Court uphold those participation programs which are freely chosen by employees.
Canada's Foreign Investment Review Act And The Problem Of Industrial Policy, James M. Spence Q.C.
Canada's Foreign Investment Review Act And The Problem Of Industrial Policy, James M. Spence Q.C.
Michigan Journal of International Law
The purpose of this article is to consider the Foreign Investment Review Act (FIRA or the Act) of Canada in the context of the continuing discussion in North America of the concept of "industrial policy." The particular version of industrial policy of interest for this purpose is the concept which involves interventionist activity by the government designed to affect directly the economic activity of an industry, company, or plant. The first part of the article briefly describes the background and operation of FIRA. The second part comments on the concept of interventionist industrial policy as it has developed in Canada. …
Industrial Policy In The Field Of Informatics In Brazil, Walter Douglas Stuber
Industrial Policy In The Field Of Informatics In Brazil, Walter Douglas Stuber
Michigan Journal of International Law
This article first presents a brief overview of Brazilian industrial development. This overview provides a basis for understanding how the Brazilian Government's informatics policy differs from past Brazilian industrial models. The article then describes the Brazilian Government's policy in the field of informatics. It concludes that a policy which is less protectionist than the government's current program would, through allowing greater foreign participation in the market, better encourage the development of Brazilian informatic companies.
The Role Of Planning Contracts In The Conduct Of French Industrial Policy, Saul Estrin, Peter M. Holmes
The Role Of Planning Contracts In The Conduct Of French Industrial Policy, Saul Estrin, Peter M. Holmes
Michigan Journal of International Law
The French have a long history of state economic planning, of comprehensive industrial policy, and of contractualised relations between the state and firms, though the links between them have not always been close. In the following section we review the relevant history of French planning and industrial policy. We focus in the second section on the development of contractual relations between corporations and the state in postwar France until the Socialists took office in 1981. In the third section we discuss recent developments, and we conclude with a theoretical appraisal of the experience.
Whither The Future Of Japanese Industrial Development Policies?, Merit E. Janow
Whither The Future Of Japanese Industrial Development Policies?, Merit E. Janow
Michigan Journal of International Law
This article describes past and present Japanese industrial policies. After discussing the evolution of Japanese industrial policies generally, it addresses the specific instruments of those policies including those intended to assist declining industries as well as those intended to promote the development of new industries. Finally, this article suggests that government guidance of Japan's industrial sector has decreased and is likely to decrease further still in the future.
Foreign Investment Laws In Developing Countries, Jane E. Cross
Foreign Investment Laws In Developing Countries, Jane E. Cross
Michigan Journal of International Law
Rather than extensively analyzing the various laws of Argentina, Mexico, and Nigeria that are specifically designed to encourage foreign investment, this note endeavors to explain how the laws of these countries that have as the primary function the monitoring and restricting of foreign investment activity are able to refrain from severely discouraging the foreign investment needed to promote industrialization. The tendency of LDCs to liberalize their restrictive foreign investment laws over the last few years demonstrates the growing importance of minimizing the adverse impact of legal constraints on foreign capital investment.
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.
Technology Diffusion And The Performance Of American Manufacturing: A Propsal For An Industrial Extension Service, Frank Ostroff
Technology Diffusion And The Performance Of American Manufacturing: A Propsal For An Industrial Extension Service, Frank Ostroff
Michigan Journal of International Law
The purpose of this article is to propose an Industrial Extension Service modeled upon the Agricultural Extension Service, and suggest how it might effectively address certain fundamental problems hindering the performance of the American manufacturing sector. Part I highlights some probable causes of American manufacturing's declining relative performance. Part II discusses why firms may adopt new technology more slowly than would be optimal. Part III considers the model of the Agricultural Extension Service, pointing out those features that make it attractive and those features that would have to be changed in applying it to the industrial sector. Part III also …
The Large Civil Aircraft Industry: Applying Legal Policy-Making Tools To Accommodate A Changing Industry, Dennis G. Terez
The Large Civil Aircraft Industry: Applying Legal Policy-Making Tools To Accommodate A Changing Industry, Dennis G. Terez
Michigan Journal of International Law
This note first examines the emergence of Airbus Industrie (Al or Airbus) and identifies some of the legal and policy instruments which the European governments have employed to make Al a successful competitor. After a brief discussion of the growing difficulties with subsidy policies, the note considers European Community legislation for a common European industrial policy and the creation of a European Export Bank as possible alternative solutions for maintaining Al's competitiveness. The note finally argues that international industrial agreements are necessary legal tools for effective regulation of the manufacture and sale of large civil aircraft. International agreements currently in …
United Kingdom Regulation Of Transnational Corporate Concentration, J. Denys Gribbin
United Kingdom Regulation Of Transnational Corporate Concentration, J. Denys Gribbin
Michigan Journal of International Law
This article begins by describing the United Kingdom's policy toward outward and inward direct investment and then sets out the essentials of the competition laws that are among the major, nondiscriminatory regulatory mechanisms that affect corporate behavior and planning. The article also analyzes the development of competition policy as a microeconomic instrument along with its application to monopoly, oligopoly, and cartels involving transnational corporations. Competition policy, except for cartels, is shown to be relatively benign toward mergers until recently, and with respect to monopoly and oligopoly has sought remedies in regulation of prices and behavior rather than through structural change. …
Regulation Of Concentration Through Merger Control: Germany's Continuing Efforts, Kurt Stockmann
Regulation Of Concentration Through Merger Control: Germany's Continuing Efforts, Kurt Stockmann
Michigan Journal of International Law
The Federal Republic of Germany's Law Against Restraints on Competition (the ARC), establishes an extensive regime for regulating market-dominating enterprises. Therefore, large corporations, both national and multinational, are the subject of particular scrutiny in the Federal Republic. Rather than identify and address all the provisions pertinent to corporate concentration (a task whose tedium would be matched only by its enormity), this analysis will undertake three tasks: (1) briefly describe the general scope of West German merger law, (2) discuss the application of the law to cases of transnational concentration, and (3) explain the proposed Fourth Amendment to the ARC as …