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1 – 10 of over 221000Zhen Ye, Wangwei Lin, Neshat Safari and Charanjit Singh
The purpose of this paper is to review the criminal enforcement of insider dealing cases in People's Republic of China's (PRC) securities market and to provide feasible…
Abstract
Purpose
The purpose of this paper is to review the criminal enforcement of insider dealing cases in People's Republic of China's (PRC) securities market and to provide feasible suggestions for improvement for a more coherent and streamlined insider dealing regulatory framework in the PRC during the enforcement of China's new Securities Law (SL 2020) in March 2020.
Design/methodology/approach
Through analysing the previous literature on public interest theories and economic theories of regulation, this paper examines the necessity to regulate insider dealing in China with criminal law to ensure fairness and avoid monopolies in its securities market. The paper reviews the criminalising of severe insider dealing cases in China from the Nanking National Government in the 1920s to the inception of the securities market of the PRC in the 1990s to the present day. The investigation, prosecution, enforcement and trial of criminal offences of insider dealing in China are thoroughly examined.
Findings
The paper finds a tendency for over reliance on the investigation and the administrative judgement of the China Securities Regulatory Commission in criminal investigation, prosecution and trial in the PRC.
Originality/value
To the best of the authors’ knowledge, this paper is one of the first papers to critically and thoroughly analyse the criminal enforcement of insider dealing in China following the recent enforcement of China’s new Securities Law in March 2020.
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There was a time in Britain when even senior representatives of the financial services industry were prepared to be quoted in the press as expressing doubts as to whether there…
Abstract
There was a time in Britain when even senior representatives of the financial services industry were prepared to be quoted in the press as expressing doubts as to whether there was anything intrinsically wrong with directors and other corporate insiders taking advantage of their better knowledge about their companies in their own investment dealings. Indeed, some even went so far as to say that this was both proper and natural. True it is that, in Britain or for that much in continental Europe, there are few, even among the groves of academia, that would have advanced the theories justifying insider dealing that Professor Henry Manne so clearly articulated in ‘Insider Trading and the Stock Market’. Nonetheless, in what was then the leading book on the law and practice of the stock market, the authors, a leading Queen's Counsel and an eminent stockbroker, expressed the view in 1972 that a stockbroker who learnt even privileged information should not allow this to operate to the detriment of his client. Having said this, Sir Winston Churchill complained that it was defamatory to assert that advantage had been taken of ‘inside information’ during the so‐called Marconi scandal in 1911, and there are comments in a report to the House of Commons by special commissioners as early as November 1696 roundly criticising promoters of over‐valued stock selling out, in the entrepreneurial fashion eloquently advocated by Professor Manne, on the basis of their privileged knowledge and position. Thus, discussion of the pros and cons of insider dealing, at least in Britain, has tended to be emotional rather than based on economic or even pseudo‐economic analysis of empirical data. Even the surveys that have been conducted on attitudes to the practice would hardly impress a statistician.
This article examines the implementation of the Insider Dealing Directive, the aim of which is European harmonisation in the UK and in Germany, two European countries with…
Abstract
This article examines the implementation of the Insider Dealing Directive, the aim of which is European harmonisation in the UK and in Germany, two European countries with completely different backgrounds on this issue.
Santiago González‐Hernando, Víctor Iglesias Argüelles and Juan A. Trespalacios Gutiérrez
Inter‐firm channel relationships have recently attracted great interest in academic research. This paper attempts to make a study of the governance mechanisms in…
Abstract
Inter‐firm channel relationships have recently attracted great interest in academic research. This paper attempts to make a study of the governance mechanisms in manufacturer‐distributor relationships and the role played by the relationalism perceived by channel members. In particular, the aim is to account for why exclusive dealing and exclusive territories agreements frequently appear in association. Two theories are compared regarding this question. In one of the theories relationalism plays a mediating role between both vertical restraints, whereas according to the other theory the relation between the two is independent of the degree of relationalism. A sample of 96 Spanish manufacturers was used to test the hypotheses proposed, obtaining empirical support for both theories.
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This chapter contrasts two “careers in dope” (Waldorf, 1973), one a Hispanic crack dealer and the other a White trafficker of powder cocaine. The first dealer worked openly on the…
Abstract
Purpose
This chapter contrasts two “careers in dope” (Waldorf, 1973), one a Hispanic crack dealer and the other a White trafficker of powder cocaine. The first dealer worked openly on the street, in the urban style; the latter dealt indoors, exclusively through networks of kin and friends, the only way to sell drugs in the suburbs. This chapter seeks to establish “suburban” drug sales as a particular modality, with dynamics specific to its context.
Methodology/approach
Two in-depth case cases are examined. They are drawn from a larger set of oral interviews that explore the life histories of drug dealers, with an emphasis on how they sold marijuana and cocaine, and how and why they quit selling.
Findings
First, the suburban style of drug sales has much to do with the mitigated risks White people face as dealers. Second, suburban dealing illuminates the limits of conventional economic theory to explain drug dealing universally.
Originality/value
Because suburban drug deals happen among friends and kin relations they are never anonymous. Making sense of economic transactions among intimates raises a number issues fundamental to economic anthropology: the ambivalence of gifts in socialeconomic relationships, and more generally the integration of economic phenomena in social dynamics.
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The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act…
Abstract
The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides:
Knight's Industrial Law Reports goes into a new style and format as Managerial Law This issue of KILR is restyled Managerial Law and it now appears on a continuous updating basis…
Abstract
Knight's Industrial Law Reports goes into a new style and format as Managerial Law This issue of KILR is restyled Managerial Law and it now appears on a continuous updating basis rather than as a monthly routine affair.
A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that…
Abstract
A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).
Jeffrey A. Williamson and Brian H. Kleiner
Discusses public policy exceptions for the majority (43 out of 50) of states in the USA, as against at‐will employment. Lists the 11 states that recognise good faith and fair…
Abstract
Discusses public policy exceptions for the majority (43 out of 50) of states in the USA, as against at‐will employment. Lists the 11 states that recognise good faith and fair dealing. Comments on public policy exception, implied contract exception, and good faith and fair dealing exception, with explanations of these. Gives some recommendations for employers such as a well‐written employee manual and the use of preventative measures. Sums up that firms should review how they extend job offers to future employees and how they communicate promotion offers to existing employees.
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The purpose of this paper is to examine whether insider dealing is fraud from the perspective of Islam.
Abstract
Purpose
The purpose of this paper is to examine whether insider dealing is fraud from the perspective of Islam.
Design/methodology/approach
The paper uses analogy (qiyas) of the injunctions in the Qur'an and Sunnah and critical analysis of literature on Islam.
Findings
The paper finds that insider dealing is fraud (taghrir) in Islam and the defrauded party has the option to rescind the transaction for fraud (khiyar al‐tadlis) as well as for latent defect (khiyar al‐‘aib).
Practical implications
The paper is practical as a source of reference in legislating laws relating to insider dealing particularly where Shari'ah is the principal source of law.
Originality/value
The paper presents a novel attempt in establishing that insider dealing is fraud from the perspective of Islam.
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