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Full-Text Articles in Securities Law
Gilding The Iron Rice Bowl: The Illusion Of Shareholder Rights In China, Matthew D. Latimer
Gilding The Iron Rice Bowl: The Illusion Of Shareholder Rights In China, Matthew D. Latimer
Washington Law Review
In the late 1970s, the People's Republic of China (P.R.C.) embarked upon a program of economic reform that has resulted in the issuance of equity securities in previously state-owned enterprises. with the recent advent of national stockmarkets, national securities legislation is emerging to supplement and further define prior local-level regulation. Despite these new laws, however, private investors still lack many of the protections enjoyed by investors in Western financial markets. This Comment examines these disparities and suggests that non-state investors in China's nascent financial markets still lack an effective means of overseeing the policy decisions of State-owned corporations and face …
Corporate Versus Contractual Mutual Funds: An Evaluation Of Structure And Governance, Wallace Wen Yeu Wang
Corporate Versus Contractual Mutual Funds: An Evaluation Of Structure And Governance, Wallace Wen Yeu Wang
Washington Law Review
This Article develops an analytic framework to evaluate the comparative merits of the structure and governance of the two dominant types of mutual funds—the Corporate Fund (the U.S. model) and the Contractual Fund (the German, Japanese and British models). The former is characterized by centralized decision-making functions, while the latter employs a more decentralized structure. The semi-hierarchical structure of the Corporate Fund leads to significant transaction costs such as influence, intervention and collective decision-making costs. Specifically, the board of directors is not effective in negotiating performance-related terms (e.g., fees), and shareholder suits based on fiduciary duties do not adequately address …