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Full-Text Articles in Law
Exit, Voice And International Jurisdictional Competition: A Case Study Of The Evolution Of Taiwan’S Regulatory Regime For Outward Investment In Mainland China, 1997-2008, Chang-Hsien Tsai
Chang-hsien (Robert) TSAI
This Article explores the interplay of demand and supply forces in the market for law through international jurisdictional competition led by offshore financial centers. To do so it uses the example of the evolution of a regulatory regime imposed by an onshore jurisdiction, Taiwan, to control outward investment into mainland China (“China-investment”). The argument is that jurisdictional competition brought about by capital mobility or exit will provoke legal changes to prevent the departure of capital when laws reduce the value of remaining within the jurisdiction. The case study is used to examine the extent to which jurisdictional competition fuelled by …
Demand And Supply Forces In The Market For Law Interplaying Through Jurisdictional Competition: Basic Theories And Cases, Chang-Hsien Tsai
Demand And Supply Forces In The Market For Law Interplaying Through Jurisdictional Competition: Basic Theories And Cases, Chang-Hsien Tsai
Chang-hsien (Robert) TSAI
Inspired by corporate charter competitions in the 19th-century U.S. and contemporary Europe as well as the negative impact of the Sarbanes-Oxley Act of 2002 on the U.S. cross-listing market, this article draws positive lessons from the above stories that demand and supply forces underlying jurisdictional competition constrains regulating jurisdictions from disregarding business demands and from imposing excessive regulation, and that jurisdictional competition brought about by mobility or exit would push for legal flexibility. Through the positive arguments developed in this article, regulatory jurisdictions in East Asia could, to an extent, understand the true costs and benefits of regulation in the …