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Full-Text Articles in Securities Law
Laws Against Bubbles: An Experimental-Asset-Market Approach To Analyzing Financial Regulation, Erik F. Gerding
Laws Against Bubbles: An Experimental-Asset-Market Approach To Analyzing Financial Regulation, Erik F. Gerding
Publications
This article analyzes the effectiveness of proposed and actual securities, financial, and tax laws designed to prevent, or dampen the severity of asset price bubbles, including laws designed to mitigate excessive speculation. The article employs experimental asset market research to measure the effectiveness of these anti-bubble laws in correcting mispricings. Experimental asset markets represent complex simulations of stock markets in which subjects trade securities over a computer network. These markets allow scholars to test causal links between legal policies and market effects in ways that empirical research alone cannot. With these virtual markets, researchers can identify asset price bubbles - …
股权分置改革中的行政授予与补偿协商:公法与私法的融合, Wen-Yeu Wang, Jianlin Chen
股权分置改革中的行政授予与补偿协商:公法与私法的融合, Wen-Yeu Wang, Jianlin Chen
Jianlin Chen
中国的股权分置改革一方面要使非流通股股东取得流通权,另一方面也要让流通股股东获得合理补偿以求改革能够稳定推进. 传统观点下的契约理论和行政征收理论并不能适切解释中国的股权分置改革方案. 在公,私法融合背景下,美国学者新近提出的行政授予 (regulatory givings)学说，可与大陆法上的行政行为附款理论相互协力，为改革方案提供正当性基础。改革中采用财产法则而非补偿法则保障流通股股东的权益，实属符合经济效率之举. 然而，本方案仍有诸多值得改进之处.