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This paper aims to examine the different perspectives of auditors and non-auditors on this question, along with the rationale and impact of these differences. Chinese company law requires an audit report on paid-up capital when business entities are newly formed or their capital altered, which raises questions regarding the liability of auditors should the business entities fail.

Interviews and a questionnaire survey were conducted to analyse how legislation can impact on interested parties in a relatively immature audit environment. The theories of social construction of reality and symbolic interactionism are used as a basis for explaining the different conceptions of capital verification held by interested parties.

There is a mismatch between the purpose of capital verification and the functions of paid-up capital. Paid-up capital is not a reliable indicator of business liquidity and creditworthiness. Auditors and non-auditors have different understandings about the assurance provided by paid-up capital at the point of company formation or auditing field work, and at the point of actual trading after the company formation or auditing field work. They also differ on the causation between deficient capital verification reports and trading loss. The liability crisis adversely influenced auditors’ perception of the capital verification service, although it did not lead to outright rejection by them.

This paper describes an important compliance auditing service in China. By conducting an analysis of the conflicting views of auditors and non-auditors on capital verification, it contributes to the existing literature on the sources of disputes between auditors and other stakeholders, and the efforts to establish a balanced auditor liability regime.

The purpose of this paper is to ask whether or not social networks can compensate for the disadvantages of being part of an unprivileged group in the job attainment process in urban China, using the 2008 China General Social Survey.

The author compares the network effects on monthly income of local urban residents and rural migrants.

First, the results show that social capital exerts no significant effect on monthly income for local residents and rural migrants. Second, having network members who work in state-owned and non-state-owned enterprises helps female rural migrants to obtain higher monthly incomes, compared to those whose network members work only in either state-owned enterprises or non-state-owned enterprises. The same is not true of male rural migrants or local residents.

It can be concluded that a more diversified network may compensate for female rural migrants’ disadvantages, caused by being part of an unprivileged group, in their occupational attainment process.

The purpose of this paper is to evaluate the current mortgage system in Egypt.

The institutional and regulatory structures of two international mortgage systems, namely: the USA and the Malaysian were examined through an extensive literature survey. On the other hand, data on the Egyptian mortgage system were collected, analyzed, then compared to both practices.

The results identified several limitations in the Egyptian mortgage practice such as: inefficient procedures of property registration; absence of an efficient mortgage secondary market; relatively high‐mortgage lending rates; non‐existence of various types of mortgage instruments and lack of credit enhancement tools.

The study presented several recommendations for improving the existing mortgage practice, among which were: realizing a proper secondary market and lowering mortgage lending rates.

By 2002, a sharp decline was experienced in the sales of housing units due to the various credit restrictions adopted by banks, coupled with high‐interest rates in relatively short amortizing periods. Accordingly, home finance process was held up, as the purchasing power of low‐ and middle‐income homebuyers was not sufficient to buy homes with such provisions. This situation imposed the need for a long‐term housing financing mechanism that would directly retrieve the residential construction sector.

This research was innovative in the sense that it directed the Egyptian Government's attention to the existence of Cagamas in Malaysia and accordingly, the first liquidity facility company in Egypt was established in June 2006.

The purpose of the paper is to investigate the legal status of business entities in the Republic of Azerbaijan. The Azeri government intends to establish a suitable environment for local and foreign companies working in the country.

The paper presents a scientific investigation aimed at discovering and interpreting facts related to legal entities in the Azeri context. The goal of the research process is to produce new knowledge, through the exploratory research, which structures and identifies new problems, and the constructive research, which develops solutions to a problem.

The main finding is that constructing the legal entities within the legal frameworks and in compliance with the European standards play a substantial role in overall economic growth and in attracting foreign investments in the local economy as well as in implementing measures for continuing economic reforms, further improving business climate and developing the non‐oil sector in line with the oil sector.

As a result of this research paper some changes may be made in the local legislation in order to develop the company incorporation procedure in the Republic of Azerbaijan in the most effective way and to provide the integration of the local economy into the world economy.

The originality of this paper is that it describes for the first time the legal status of legal entities in the Republic of Azerbaijan, and discusses the advantages and disadvantages of the company incorporation system. The paper addresses the international business community, particularly those involved in all aspects of commercial and corporative law.

This article takes a close look at the requirements of the 1940 Investment Advisors Act for both registered and unregistered investment advisors — such as hedge funds and private equity funds. It highlights the significant issues that arise from the regulation for unregistered funds that are considering the consequences of SEC registration. It also reviews briefly the requirements of the Act that are already applicable to unregistered investment advisors.

It has been argued that traditional land transfer systems provide disincentives for farmers to trade their land, thus reducing land availability and depressing productivity. The purpose of this paper is to investigate the determinants of land rentals under customary land ownership in matrilineal and patrilineal traditions and under formal land registration in the rural areas of Malawi.

Using new data collected from around 100 households farming around 200 parcels in three regions of Malawi, a number of models are estimated with ordinary least squares.

The paper finds some evidence that some variables within the traditional system of land holding are crucial for land rentals. However, when land titles are used as a proxy for security of tenure, none of the relationships commonly hypothesized between land ownership security and land lease are corroborated. Land registration is found to have no significant effects on land and rentals.

These results put into question the potency of sole land registration as a means of enhancing land market activities for rural masses in Malawi.

The uniqueness of this paper rests in it its use of context-specific constructs of land ownership security. Moreover the tested hypotheses emerge from a theoretical model that is unique to the literature on rural land markets and land tenure.

The purpose of this paper is to present the findings of a research on collaborative personal knowledge registration (PKR). It seeks to explain the interrelationship between records professionals and human resource (HR) and training professionals, as well as the views of management and quality managers on collaborative PKR. It aims to raise awareness of records professionals as specialists in information management, including personal knowledge.

Qualitative methodology was used to conduct the research. It was a multiple-case study, covering 12 organizations in Iceland. In these organizations, 32 professionals were interviewed. The research sought to understand how PKR was being facilitated, as well as how personal knowledge was made accessible and usable for employees.

The organizations had not been as successful as anticipated in PKR. The role and responsibility of records professionals was limited in the PKR process. Different professionals seemed unaware of the possible synergy effect of collaborative PKR.

There is a lack of studies that explore the juxtaposition and collaboration of records professionals and HR and training professionals in organizations. The aim of this research was to bridge this gap. Its originality lies in how it approaches diverse professions and their collaborative PKR effort. This research provides a valuable practical and theoretical contribution to a rapidly growing interdisciplinary field of information and records management. It can lay the foundation for further research into the field.

To summarize changes to the communication, registration, and offering process under the Securities Act of 1933 as adopted by the Securities and Exchange Commission on June 29, 2005 – three changes that will modify and significantly enhance the communication, registration, and offering process under the Securities Act of 1933, which according to the Commission are intended to eliminate “unnecessary and outmoded restrictions” on registered offerings. This article highlights the key provisions contained in the new rule release that are likely to affect the conduct of registered offerings.

Discusses benefits of automatic shelf registration, new provisions that will liberalize written communications before and during registered securities offerings, new disclosure liability rules, a new “access equals delivery” model, a separate requirement that investors be notified that they have purchased securities in a registered offering, a provision that allows reporting issuers to incorporate by reference previously filed Exchange Act reports into a Securities Act registration statement, a slight expansion of safe harbors available for broker‐dealers to publish research that constitutes an offer around the time of a registered offering, and changes in Exchange Act report disclosure.

The Securities and Exchange Commission intends the new rules to make the make the communication, registration, and offering process under the Securities Act of 1933 more efficient and to eliminate unnecessary and outmoded restrictions on registered offerings.

A practical guide to the new communication, registration, and offering rules.

The purpose of this paper is to understand the emergence of new, multi‐stakeholder co‐operatives in China and identify their resource mix structure, as well as the influence of institutional environments. The empirical observations are related to a conceptual rationale of social enterprises as private businesses, and it is suggested that the new rural co‐operatives found in China are increasingly caught in a “co‐operative trilemma” and an emerging public–private “welfare partnership”.

The paper is developed from a conceptual rationale of social enterprises as private businesses that are not primarily driven by financial profit but by a combination of economic and social objectives, whereby stakeholders from various institutional spheres (market, state and civil society) are increasingly involved. Based upon this, the paper analyses and synthesizes the main findings from 20 cases investigated during fieldwork conducted in China. Data were gathered through a combination of semi‐structured interviews with key figures in the field and documentary analysis.

The main findings show that new co‐operatives in China indeed combine multiple resources, including members’ contributions and institutional capital, public financial support and market sales, as well as private non‐market resources such as volunteering and donations. This empirical observation provides further evidence of the transformation process of Chinese rural co‐operatives from classic mutual aids to a new model with a more outward community orientation and a multi‐stakeholder character. Moreover, it was found that institutional environments facilitate or discourage co‐operatives’ multiple resources formation. Based upon this empirical evidence it is seen how new Chinese rural co‐operatives are caught in a “co‐operative trilemma”, finding themselves “at the crossroads of market, public policy and civil society” and involved in an emerging public‐private “welfare partnership”.

The research has implications for research on co‐operatives and social enterprises in China, as well as policy implications with regard to the development of more favourable institutional support for co‐operatives as rural third‐sector organizations.

By addressing three research questions the paper contributes to the literature on the emergence of multi‐stakeholder co‐operatives in China (and in developing countries more generally) and contributes to the literature on the capital structure of co‐operatives from practice and policy perspectives. Based upon evidence from China, the paper helps to explain how these newly emerging rural co‐operatives in China, which are struggling against capital constraints when facing a highly competitive environment and trying to catch up through a process of diversification, just like many contemporary co‐operatives in the West, are finding themselves caught in a new co‐operative trilemma.

To explain the UK government’s long-awaited reforms to limited partnership law.

This article discusses the key updates to limited partnership law in the UK that the reforms represent and draws some conclusions as to what may lay ahead.

The article concludes that the new regime is a welcome step and one that should help the United Kingdom to remain competitive as a jurisdiction for global fund formation in the face of competition from other jurisdictions.

This article contains key details on the new limited partnership regime in the UK and guidance from experienced lawyers with specialties in investment management and public and private funds.