Full Description
This book is the first of its kind in focusing on the enforcement of corporate and securities laws, both public and private, which is a relatively understudied but critically important issue for the development and health of global capital markets. The book has a special focus on the young system coming into being in the People's Republic of China (PRC), but also examines the enforcement of corporate and securities laws across the globe and across different legal and political systems from an in-depth comparative perspective. This single volume assembles a veritable 'dream team' of contributors who are amongst the very best scholars and legal specialists in the many national jurisdictions covered in the book. Hence, it is of significant value to corporate and securities regulators, judicial officials, prosecutors, litigation specialists, corporate counsel, legal and economic policymakers, scholars, think tanks, students, and investors alike.
Contents
Part I. Theoretical Framework: 1. The financial crisis: why have no high-level executives been prosecuted? Jed S. Rakoff; 2. Private enforcement in the United States and in Europe: a comparatist's ruminations and potential lessons for Asia Mathias Reimann; 3. Disclosure regulation and the rise of capital markets: nineteenth-century Britain and Germany compared Carsten Gerner-Beuerle; 4. Mandatory arbitration in consumer finance and investor contracts Michael S. Barr; 5. The bonding effect in cross-listed Chinese companies: is it real? Donald Clarke; Part II. China (Mainland): 6. Improving the civil liability system for false and misleading disclosure in the Chinese securities markets Liming Wang; 7. A question of class action in China Xianchu Zhang; 8. Private enforcement of securities law in China: past, present and future Robin Hui Huang; 9. Improving investor-friendly legal environment in Chinese capital markets Junhai Liu; 10. Enforcing fiduciary duties as tort liability in Chinese courts Jiangyu Wang; 11. China's free trade zone and latest development of the resolution mechanism for financial disputes: a perspective from the innovation of Qianhai international arbitration Xiaochun Liu; Part III. Common Law Jurisdictions: 12. Curbing managerial agency costs: private litigation and its substitutes in the US James D. Cox and Randall S. Thomas; 13. Private enforcement of corporate law: an empirical comparison of the UK and US John Armour, Bernard Black, Brian Cheffins and Richard Nolan; 14. Securities law enforcement and the rule of law Jeffrey G. MacIntosh; 15. Securities regulation in Australia - the role of the class action Michael Legg; 16. Enforcement of corporate and securities laws in India: the arrival of the class action? Vikramaditya Khanna; 17. Enforcement of Hong Kong's securities law - the underpinning philosophy Alexa Lam; Part IV. Civil Law Jurisdictions: 18. Enforcement of company and securities laws in Germany: an exercise in diversity Rainer Kulms; 19. Liability for misstatements to the market: the post-Parmalat years Guido Ferrarini and Paolo Giudici; 20. Growing securities litigation against issuers in Japan: its background and reality Gen Goto; 21. Private enforcement of company law and securities regulation in Korea Hwa-Jin Kim; 22. The IPC model for securities law enforcement in Taiwan Wen-yeu Wang; 23. Building enforcement capacity for Brazilian corporate and securities law John Armour and Caroline Schmidt; Conclusion Robin Hui Huang and Nicholas Calcina Howson; Index.
