Download or read book Understanding Public Enforcement of Securities Law in China written by Wenming Xu and published by . This book was released on 2019 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the public enforcement (PE) of securities law in China. We exploit the external positive shock to enforcement intensity due to the reform decentralizing the authority to impose administrative sanctions (AS) and show that shares in the pilot project experience statistically significant, but economically insignificant, abnormal returns (AR). Furthermore, we examine the market reactions to PE actions against informational misconduct and find that shares receiving AS suffer an average AR of approximately -12.03% over the (-1,5) event window, whereas those receiving non-AS experience economically insignificant AR. Next, we investigate the impacts of PE actions on the external debt financing, and show a significant decrease in external debt financing associated with firms receiving AS compared to those receiving non-AS. Finally, for the subsample of shares sanctioned by ROs, we find that firm size significantly reduces the likelihood of receiving AS, but neither governmental ownership nor political participation matters.
Download or read book The Enforcement of Securities Law in China written by Wenming Xu and published by Springer Nature. This book was released on 2022-03-14 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes a law and economic approach to examine the securities law enforcement in China and provides an in-depth empirical analysis on the enforcement inputs and outputs. In contrast to previous studies, it systematically collects a large sample of judicated securities fraud cases and public sanctions as disclosed by the listed companies. The enforcement regime is further divided into the private enforcement exemplified by the civil litigation imitated by harmed investors and public enforcement by sanctions proceedings initiated by public agencies. Academic researchers, policy makers and practitioners, who are interested in the securities market and regulation could find the information provided in this book interesting.
Download or read book Enforcement of Corporate and Securities Law written by Robin Hui Huang and published by Cambridge University Press. This book was released on 2017-09-28 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book assembles the world's most authoritative specialists for a comparative analysis of the enforcement of corporate and securities laws in thirteen national jurisdictions. It examines the enforcement of corporate and securities laws across the globe and across different legal and political systems from an in-depth comparative perspective.
Download or read book Enforcement of Corporate and Securities Law China and the World written by Robin Hui Huang and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Securities Markets written by Hui Huang and published by Kluwer Law International B.V.. This book was released on 2006-01-01 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers the first detailed analysis of Chinaands insider trading law, explaining what constitutes insider trading in China and what the consequences of unlawful insider trading might be there. More importantly, it suggests ways in which the law might more effectively prevent the occurrence of insider trading in the first place. Among the elements of the legal framework addressed by the author are the following: and Who benefits from insider trading and The issue of when information becomes public and A comparative law treatment of the underlying theories of insider trading liability and Private civil liability and Damage caps and Measures of recovery The authorands approach focuses on Chinaands readiness to adopt foreign ideas without adequately assimilating them into the local context. In this connection, he sets out valuable reform proposals, using authority from field interviews with Chinese stakeholders as well as from comparative case law.
Download or read book Corporate Governance Enforcement and Financial Development written by Chen Ding and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔDing ChenÕs detailed institutional analysis of the development of the Chinese stock market brings the question of enforcement to centre stage. In doing so, she not only introduces readers to the particularities of the Chinese system; she also sheds new light on conventional debates about the law and economics of corporate governance.Õ Ð Andrew Johnston, University of Sheffield, UK ÔIn this book Dr Ding Chen has made an important theoretical contribution to our understanding of corporate governance in transitional economies and of corporate governance in China especially. Drawing upon the insights of New Institutional Economics theory she examines the interplay between formal and informal enforcement mechanisms relating to corporate governance in China. To support this argument the book breaks new ground by providing a comprehensive examination of enforcement actions in ChinaÕs stock market; her findings are at variance from conclusions found in other research, such as in the law and finance literature. Rather than simply imitating the dominant Anglo-American model of corporate governance, she argues that local conditions will greatly affect the choice of the most appropriate governance models. This has been especially so in China.Õ Ð Roman Tomasic, University of South Australia and Durham Law School, UK This important new book attempts to establish a fresh conceptual framework for the study of corporate governance by employing the new institutional economics of contract enforcement. This framework helps to clarify two critical issues including the role of law in financial development and whether there is an optimal corporate governance model that should be followed by countries attempting to develop their own stock markets. Applying this novel framework, the author conducts a comprehensive study on Chinese corporate governance and discovers that the Chinese stock market has rapidly expanded even in the absence of any effective institutions. She provides a credible explanation to this ÔChina puzzleÕ by arguing that the growth of the stock market is mainly driven by state guarantees, institutional rent seeking by state-owned companies, financial repression and investorsÕ speculation. Indeed, there is probably nowhere better to look than ChinaÕs stock market to assess the limits of the gradualist approach to financial development. As the book explains, the potential efficiency gains that could be created by a healthy, well-functioning stock market have been completely outweighed by the consideration of maintaining the existing political system. This book will appeal to scholars and students of economics and law with an interest in corporate governance, Chinese economic development and new institutional economics.
Download or read book Legal Regulation of China s Securities Markets written by Tianshu Zhou and published by . This book was released on 2014 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does private enforcement of securities law work in China? Does it have any advantages, when it is compared with other regulatory mechanisms, e.g. public enforcement and self-regulation? This article critically discusses these questions. Firstly, by some case studies, it exploits recent development of private enforcement of securities law in three different dimensions: enhanced judicial independence, enhanced professional and discretionary abilities, and technological enhancement of judicial practice. Secondly, by comparing with self-regulation regime, it generates the competing advantages of the private enforcement of securities law in the Chinese context.
Download or read book Hong Kong s Public Enforcement Model of Investor Protection written by David C. Donald and published by . This book was released on 2017 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The market of a successful financial center must be efficient, orderly and fair, which requires that investor protection rules be enforced effectively. While a substantial literature exists promoting privately driven enforcement of investor protection rules, there is a growing consensus that enforcement action by public bodies is likely to be more important for most markets than privately initiated litigation. Hong Kong exemplifies this point. In Hong Kong, public authorities carry almost the entire burden of enforcing corporate and securities laws. Yet Hong Kong functions at a high level of quality globally despite operating a market in which most companies are foreign-incorporated - often originating from jurisdictions with reputations for governance that are middling at best - and trading takes place in multiple currencies. To revisit the debate on the determinants of effective corporate and securities law enforcement, this paper evaluates the enforcement of investor protection laws in Hong Kong. The paper first examines the institutional context, presenting key corporate and securities regulation and explaining avenues for private and public actions. It looks at the powers and competencies of the relevant supervisory authorities, including the stock exchange, which has a quasi-public role in regulating the market. Then, using publicly available data supplemented through interviews with agency staff, the paper presents Hong Kong's enforcement “inputs” (funding and staffing) and “outputs” (actions and sanctions) for the main public enforcers. We find evidence that the Hong Kong public enforcement model effectively disciplines even its dangerous environment of foreign companies, controlling shareholders, and complex, international groups, and might be able better to do so exactly because of a focus on public, rather than private, enforcement.
Download or read book Securities Arbitration in China written by Weixia Gu and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a large body of law and finance literature suggesting that strong legal protection for investors is the key to a nation's healthy stock market development and economic growth. Despite remarkable progress in setting up its securities market, China has often been criticized for its underdeveloped regulatory regime. The wide securities fraud scandals that contrast with the paucity of conviction rates are indicative of China's inadequate public securities law enforcement. Private enforcement efforts, such as securities litigation, help address the disconnect between the securities regulatory regime and investor compensation. Nevertheless, given the immaturity of China's current legal and institutional framework, various factors preclude private securities litigation from playing an effective role in China's market regulation and development. Against the background, this Article seeks to explore alternative mechanisms for improving private enforcement in China. After concluding that modeling the U.S. class action system is quite unlikely to work well in China's sociopolitical and socioeconomic context, this Article explores how the present system of securities fraud litigation should be reformed in order to balance the competing interests of state control, social stability, and minority shareholder protection in the listed companies. In view of the dominance of retail shareholders in the Chinese securities market, and drawing on international experience, this Article proposes a cost-effective and accessible securities arbitration scheme in China for resolving civil compensation claims. This Article argues that the professionalism, procedural flexibility, speed, confidentiality, and cost saving features of arbitration offer much potential as a deterrent and remedial device in addressing the deficiencies of private enforcement of securities regulation during China's economic transition.
Download or read book Global Securities Litigation and Enforcement written by Pierre-Henri Conac and published by Cambridge University Press. This book was released on 2019-01-03 with total page 1363 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Securities Litigation and Enforcement provides a clear and exhaustive description of the national regime for the enforcement of securities legislation in cases of misrepresentation on financial markets. It covers 29 jurisdictions worldwide, some of them are important although their law is not well known. It will be an invaluable resource for academics and students of securities litigation, as well as for lawyers, policy-makers and regulators. The book also provides a comprehensive contribution debate on whether public or private enforcement is preferable in terms of development of securities markets. It will appeal to those interested in the legal origins theory and in comparative securities law, and shows that the classification of jurisdictions within legal families does not explain the differences in legal regimes. While US securities law often serves as a model for international convergence, some of its elements, such as securities class actions, have not been adopted worldwide.
Download or read book Chinese Legal Reform and the Global Legal Order written by Yun Zhao and published by Cambridge University Press. This book was released on 2018 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: A critical evaluation of the latest reform in Chinese law that engages legal scholarship with research of Chinese legal historians.
Download or read book Enforcement of Corporate and Securities Law written by Robin Hui Huang and published by Cambridge University Press. This book was released on 2017-09-28 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book assembles the world's most authoritative specialists for a comparative analysis of the enforcement of corporate and securities laws in thirteen national jurisdictions. It examines the enforcement of corporate and securities laws across the globe and across different legal and political systems from an in-depth comparative perspective.
Download or read book The Securities Litigation Review written by William Savitt and published by . This book was released on 2017 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book U S Regulation of the International Securities and Derivatives Markets written by and published by Aspen Law & Business Publishers. This book was released on 2002 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Chinese and Global Financial Integration through Stock Connect written by Flora Huang and published by Bloomsbury Publishing. This book was released on 2023-10-19 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This significant and timely book explores a novel market mechanism, Stock Connect, which gives mutual market access to Chinese and international investors, and provides original analyses and fresh insights. This mechanism could become the new normal in future global financial integration. By examining this cross-border scheme from a regulatory perspective via a three-tiered analytical framework (investors, issuers and regulators), this book unearths the profound implications of Stock Connect to local and global financial markets and the legal impediments to its implementation. It covers a broad range of topics in this cross-boundary investment channel, including an overview of four existing connectivity arrangements (Shanghai-Hong Kong, Shenzhen-Hong Kong, Shanghai-London and China-Switzerland), the uniqueness of these connectivity arrangements, investor protection, regulations of connect issuers, regulatory cooperation and enforcement, the impacts on local and global financial markets, the implications for the world market connectivity as well as the challenges and future of Stock Connect. This pioneering study will appeal to a broad range of readers who are interested in the on-going reshaping of international financial systems and China's emerging influence in the international financial order.
Download or read book People s Republic of China written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2019-06-21 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the People’s Republic of China (China)1 as at the date of the onsite visit (July 9–27, 2018). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of China’s AML/CFT system and provides recommendations on how the system could be strengthened. China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established.
Download or read book Capitalizing China written by Joseph P. H. Fan and published by University of Chicago Press. This book was released on 2013 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: La 4e de couverture indique : "Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all but the smallest non-SOE enterprises, retains sole possession of Lenin's Commanding Heights. The chapters in this volume examine China's high savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries."
