Download or read book Land of the Rising Derivative Action written by Masafumi Nakahigashi and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this chapter, Nakahigashi and Puchniak explain that from 1950 until the mid-1980s the derivative action 'in practice' could not have been any more different in the United States and Japan. During this period derivative litigation (for better or worse) played a significant role in American corporate governance, with almost 20 per cent of US public listed companies experiencing one or more derivative suits. In stark contrast, in Japan from 1950 until the mid-1980s there was less than one derivative action on average per year, and not a single one of them was successful. Interestingly, this divergence between American and Japanese practice did not surprise academics. Rather, it was originally viewed as natural that Japanese shareholders would forgo suing for financial gain, because of their 'cultural obsession' for maintaining social harmony. Based on this theory, it made perfect (but economically irrational) sense that Japanese shareholders let their US-transplanted derivative action lie moribund for over three postwar decades when at the same time it was a staple of shareholder litigation in the United States. In the late 1980s, however, the powerful law and economics movement washed over Japanese legal scholarship, leaving the 'culturally irrational litigant' theory in its wake. The assumption that Japanese litigants were economically rational actors (i.e., as classical economic rational choice theory predicts that they would litigate only when the financial benefit from doing so exceeded the cost) became widely accepted. In turn, the absence of derivative actions in Japan became understood largely as the direct result of the high financial costs and meagre financial benefits that derivative litigation in Japan offered. The most common features cited for making it economically irrational to pursue derivative actions in Japan were similar to those cited for the dearth of derivative actions in most other countries: the application of the Shareholder Cost and Benefit Rules; the lack of a US-style contingency fee system; a 'loser pays costs' rule; weak pre-trial discovery rights; an absence of D&O liability coverage; and modest damage awards. As explained in Chapter 1, these economically unattractive features generally distinguish most other jurisdictions from the United States, and help explain the United States' relatively high rate of derivative litigation. In this sense, the economically rational explanation for the absence of derivative actions in Japan did not make it appear exceptional. However, some scholars pointed to the Japanese rule requiring plaintiff shareholders to pay an expensive stamp fee prior to filing a derivative action as an additional idiosyncratic economic deterrent to derivative actions in Japan. In short, in the early 1990s, it appeared that the mystery of the dearth of derivative actions in Japan had been solved. Like most other jurisdictions, except for the United States, it was economically irrational for Japanese shareholders to pursue derivative actions, and so they did not. This made perfect sense - until, suddenly, it did not. As Nakahigashi and Puchniak's research reveals, in the early 1990s the number of derivative actions in Japanese public companies skyrocketed to US levels. This left the few remaining proponents of the 'culturally irrational Japanese litigant' theory dumbfounded. However, the proponents of the economically motivated and rational Japanese litigant theory did not go quietly into the night. To the contrary, they posited that the dramatic rise in derivative actions was the direct result of a 1993 change in the Japanese law that effectively eliminated the requirement for plaintiff shareholders to pay the expensive stamp fee to file a derivative action. In short, this explanation (which has become the consensus in the literature) suggests that, since the elimination of the stamp fee in 1993, economically motivated and rational Japanese shareholders have utilized derivative actions because the financial benefit of doing so now exceeds the cost. In this chapter, Nakahigashi and Puchniak challenge this consensus view. Based on the largest econometric and empirical study to date, they demonstrate that the consensus view is fundamentally flawed, for three reasons: (1) the dramatic increase in derivative actions began several years prior to the 1993 stamp fee reduction; (2) even after the 1993 stamp fee reduction empirical evidence demonstrates that neither shareholders nor attorneys have financially benefited from derivative litigation; and (3) even after the 1993 stamp fee reduction the cost-benefit calculus for pursuing a derivative action in Japan has been like most other countries, which have a dearth in derivative actions. The evidence that litigants are not pursuing derivative actions for direct economic gain is clear. However, this obviously raises a conundrum: what is driving the relatively high level of derivative litigation in Japan? Nakahigashi and Puchniak demonstrate, on the basis of their empirical research and case studies, that there are two types of litigants driving derivative actions in Japan - neither of which is financially benefiting directly from derivative actions. First, there are the 'quasi-rational' shareholders, who bring derivative actions for non-monetary benefits. The most important of these is an activist group - the Kabunushi (shareholders') Onbuzuman - that pursues derivative actions to advance its political agenda. Second, there are the 'purely irrational' litigants, who, as a result of bounded rationality (e.g., the use of inaccurate mental heuristics, self-serving bias and herding behaviour), irrationally pursue derivative litigation in Japan. Thus, through the Japan experience, Nakahigashi and Puchniak reveal that, even if the regulatory structure of a derivative action does not make it economically rational to sue, a substantial number of derivative actions may nevertheless still occur.
Download or read book The Derivative Action in Asia written by Dan W. Puchniak and published by Cambridge University Press. This book was released on 2012-06-28 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: In-depth analysis of the derivative action in Asia - a critical part of Asian corporate law and governance.
Download or read book Who Rules Japan written by Leon Wolff and published by Edward Elgar Publishing. This book was released on 2015-04-30 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dramatic growth of the Japanese economy in the postwar period, and its meltdown in the 1990s, has attracted sustained interest in the power dynamics underlying the management of Japanês administrative state. Scholars and commentators have long deba
Download or read book Covid 19 in Asia written by Victor V. Ramraj and published by Oxford University Press. This book was released on 2020-11-19 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a book for an extraordinary time, about a pandemic for which there is no modern precedent. It is an edited collection of original essays on Asia's legal and policy responses to the Covid-19 pandemic, which, in a matter of months, swept around the globe, infecting millions. It transformed daily life in almost every corner of the planet: lockdowns of cities and entire countries, physical distancing and quarantines, travel restrictions and border controls, movement-tracking technology, mandatory closures of all but essential services, economic devastation and mass unemployment, and government assistance programs on record-breaking scales. Yet a pandemic on this scale, under contemporary conditions of globalization, has left governments and their advisors scrambling to improvise solutions, often themselves unprecedented in modern times, such as the initial lockdown of Wuhan. This collection of essays analyzes law and policy responses across Asia, identifying cross-cutting themes and challenges. It taps the collective knowledge of an interdisciplinary team of sixty-one researchers both in the service of policy development, and with the goal of establishing a scholarly baseline for research after the storm has passed. The collection begins with an epidemiological overview and survey of the law and policy themes. The jurisdiction-specific case studies and cross-cutting thematic essays cover five topics: first wave containment measures; emergency powers; technology, science, and expertise; politics, religion, and governance; and economy, climate, and sustainability. Chapter 20: Cambodia: Public Health, Economic, and Political Dimensions by Ratana Ly, Vandanet Hing, & Kimsan Soy is available for free.
Download or read book Patent Practice in Japan and Europe written by Bernd Hansen and published by Kluwer Law International B.V.. This book was released on 2011-07-26 with total page 842 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than 60 authors – supreme and high court judges, law professors, legal specialists in corporate and private practice – from Europe, East Asia, and the United States contribute original essays to this excellent compilation of the current issues regarding the laws and practices in intellectual property in Europe and Japan. The articles cover a broad spectrum of subjects, including the procedural implications of litigation, international jurisdiction, doctrines of exhaustion, utility model systems and practice, and employed inventor’s compensation, as well as the special aspects of pharmaceutical patenting such as obtaining supplementary protection certificates. Many of the articles also include a comparative analysis of the laws and practices in both geographical regions or deal with the same legal issues but in different jurisdictions, for instance: the reform of the Japanese judicial system to establish an IP-based nation; the role of patent firms in the economic development of Japan; disclosure requirements in Japan: a judge's view; I.P. High Court decisions on inventive step; international jurisdiction in Japan, Europe and the United States; patent infringement by multiple parties in Japan; patent exhaustion in Japan; corporate remuneration systems for employees' inventions in Japan and Germany; the present and future of Japan's utility model system; notable differences between Korean and German patent infringement and invalidation practices; fifteen years of the Eurasian Patent System; the future European and EU Patents Court; opposition proceedings at the EPO: tips for success; the interaction between infringement and invalidity decisions in German patent disputes; protection of confidential information in patent litigation in the UK and Germany; interpretation and determination of the scope of patents by the French Courts; provocative thoughts on the patenting of new pharmaceuticals; Obama Care: implications for research pharmaceutical companies; and many others.
Download or read book Confucian Culture and Competition Law in East Asia written by Jingyuan Ma and published by Cambridge University Press. This book was released on 2022-09-08 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shows how cultural factors have influenced the development of competition law in China, Japan and Korea.
Download or read book Principles of Contemporary Corporate Governance written by Jean Jacques du Plessis and published by Cambridge University Press. This book was released on 2018-02-16 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in its fourth edition, Principles of Contemporary Corporate Governance offers comprehensive coverage of the key topics and emerging themes in private sector corporate governance. It explains both the principles of corporate governance systems and their real-world application in an authoritative and engaging manner. This fully revised and updated text has four parts: basic concepts, board structures and company officers; corporate governance in Australia; corporate governance in international and global contexts; and shareholder activism and business ethics. The coverage of international contexts includes sections on the US, the UK, Canada, South Africa, the EU, the OECD, Germany, Japan, China and Indonesia, plus new sections on New Zealand and India. A new chapter on business ethics and corporate governance presents contemporary discussions on the topic and explores some of the broader legal issues. Principles of Contemporary Corporate Governance is an indispensable resource for business and law students, academic researchers and practitioners
Download or read book Business Law in Japan written by Christopher Heath and published by Kluwer Law International B.V.. This book was released on 2012-04-12 with total page 848 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compilations of cases with commentary – in Japanese Hanrei Hyakusen – often provide the most practical way to obtain a quick and reliable understanding of a specific field of law, as well as guidance on how best to proceed in specific situations. In this respect, leading cases much more than statutory provisions are essential for understanding the reality of Japanese commercial law. This incomparable book compiles 72 of the most important commercially relevant Japanese court decisions in the fields of civil law, labour law, company law, financial transactions, intellectual property, antitrust, conflict of laws, and arbitration. Each decision is presented in English translation and is accompanied by a practical and explanatory commentary by an expert in the field, be it from academia or private practice. There are 50 commentators in all, brought together here to honour the 60th birthday of Harald Baum, widely regarded as one of the world’s foremost scholars on Japanese business law. The cases encompass a wide reach of causes of action in fields such as: breach of contract; tort liability; product liability; unjust enrichment; collective bargaining; shareholders’ rights; directors’ duty of care; political donations; insider trading; patent infringement; parallel imports; trade mark rights; unfair competition; publicity rights; price fixing; arbitration agreements; and recognition of foreign judgements. Whether serving as practical guidance or as a basis for academic research, this compilation will be warmly welcomed by practicing lawyers, teachers and students of Japanese and international law, and all others who need to understand the various fields of Japanese commercial law.
Download or read book Derivative Actions and Corporate Governance in China written by Jingchen Zhao and published by Edward Elgar Publishing. This book was released on 2022-12-06 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines corporate governance rules in China, and highlights the deficiencies in current company law, with the purpose of arguing for a more effective derivative action mechanism, for the benefit of shareholders and their companies.
Download or read book New Trends in Financing Civil Litigation in Europe written by Mark Tuil and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique and timely book analyses the problem of financing civil litigation. The expert contributors discuss the legal possibilities and difficulties associated with several instruments - including cost shifting, fee arrangements, legal expense insurance and group litigation. The authors assess the impact of these instruments from a law and economics perspective and provide empirical information on the way in which they work in practice. A transatlantic perspective on financing civil litigation is also provided. New Trends in Financing Civil Litigation in Europe reveals that as well as improving access to justice, several instruments have the potential to screen cases based on their quality. The book also shows how the choice of instrument can affect the behaviour of actors throughout the litigation process.
Download or read book Ontario reports written by and published by . This book was released on 1990 with total page 844 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Land Reforms in South Asia written by Karori Singh and published by . This book was released on 1989 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reports of Cases Decided in the Appellate Division of the Supreme Court State of New York written by New York (State). Supreme Court. Appellate Division and published by . This book was released on 1968 with total page 1240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Hand book of Anglo Saxon Derivatives written by and published by . This book was released on 1853 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book New Directions in Agrarian Political Economy written by Ryan Isakson and published by Routledge. This book was released on 2017-10-02 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: How relevant are the classic theories of agrarian change in the contemporary context? This volume explores this question by focusing upon the defining features of agrarian transformation in the 21st century: the financialization of food and agriculture, the blurring of rural and urban livelihoods through migration and other economic activities, forest transition, climate change, rural indebtedness, the co-evolution of social policy and moral economies, and changing property relations. Combined, the eleven contributions to this collection provide a broad overview of agrarian studies over the past four decades and identify the contemporary frontiers of agrarian political economy. In this path-breaking collection, the authors show how new iterations of long evident processes continue to catch peasants and smallholders in the crosshairs of crises and how many manage to face these challenges, developing new sources and sites of livelihood production. This volume was published as part one of the special double issue celebrating the 40th anniversary of the Journal of Peasant Studies.
Download or read book Concise Oxford English Dictionary written by Angus Stevenson and published by . This book was released on 2011-08-18 with total page 1728 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining both the print dictionary and CD-ROM in one package, this set offers the user access to over 240,000 words, phrases and definitions. Combining both the print dictionary and CD-ROM in one package, this set offers dual access to the centennial edition of the Concise Oxford English Dictionary, with over 240,000 words, phrases, and definitions, providing superb coverage of contemporary English, including rare, historical, and archaic terms, scientific and technical vocabulary, and English from around the world. The dictionary has been updated with hundreds of new words and it features an engaging new center section, with quick-reference word lists and a revised and updated English Uncovered supplement. System requirements Windows(R) Intel(R) Pentium(R) II 450MHz or faster processor (or equivalent); Microsoft(R) Windows(R) 7, Windows Vista(R), Windows(R) ServerTM 2003, Windows(R) XP, Windows(R) 2000. Macintosh(R) PowerPC(R) G3 500MHz or faster processor; Intel(R) CoreTM Duo 1.83GHz or faster processor; Mac(R) (PowerPC(R)): OS X 10.1.x - 10.4.x; Mac(R) (Intel(R)): OS X 10.4.x, 10.5.x, 10.6.x. All Platforms: 250 MB free hard disk space; monitor with 1024 x 768 pixels and high colour (16 bits per pixel, i.e. 65,536 colours); local CD-ROM/DVD drive (for installation); 16-bit sound card; 512 MB RAM; runs from hard drive only.
Download or read book Oxford Dictionary of English written by Angus Stevenson and published by Oxford University Press, USA. This book was released on 2010-08-19 with total page 2093 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Dictionary of English offers authoritative and in-depth coverage of over 350,000 words, phrases, and meanings. The foremost single-volume authority on the English language.
