...Financial Scandals and the Role of Private Enforcement: The Parmalat Case Law Working Paper N° 40/2005 May 2005 Guido Ferrarini University of Genoa, Centre for Law and Finance and ECGI Paolo Giudici Free University of Bozen and Centre for Law and Finance © Guido Ferrarini and Paolo Giudici 2005. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. This paper can be downloaded without charge from: http://ssrn.com/abstract=730403 www.ecgi.org/wp ECGI Working Paper Series in Law Financial Scandals and the Role of Private Enforcement: The Parmalat Case Working Paper N° 40/2005 May 2005 Guido Ferrarini Paolo Giudici This Working Paper is based upon a draft prepared for the EU Corporate Law Making Conference (Cambridge, October 29-30, 2004) organized by Harvard Law School and the Swiss Federal Institute of Technology (ETH Zurich). The authors are grateful to Gerard Hertig, Mark Roe, Donald Langevoort, and other conference participants for helpful comments. Drafts of this paper were also presented at the Yale Law School Alumni Meeting on October 8-10, 2004; at a meeting of the Associazione Via Isonzo held in Milan on October 10, 2004; and at a seminar at the Institute of Law and Finance (ILF), University of Frankfurt, on January 18, 2005. The authors are grateful to Theodore Baums, Andreas Cahn, Carmine Di Noia, Jon Macey,...
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...4. Introducing A.D.R. in Bangladesh Justice Mustafa Kamal Former Chief Justice Supreme Court of BangladeshWHY A.D.R?The Vagaries of Civil LitigationA. D. R. means Alternative Dispute Resolution, mostly applied to civil cases. When a civil case is instituted in a court of competent jurisdiction, the scenario usually is, that a long time is taken to serve the process, the defendants beat the law and submit their written statement/s after a long delay beyond the permissible statutory period of two months, lawyers and judges do not take any interest in screening out a false and frivolous case at the first hearing of the case under Order X CPC (in fact no such first hearing takes place), they seldom try to shorten the disputed questions of fact and law by application of Orders XI and XII of the CPC and mostly ignore the elaborate procedure of discovery, interrogatories, notice to produce etc. contained in those Orders, the issues of a case are seldom framed following the Code of Civil Procedure, the case takes several years to reach a settlement date and on the date of positive hearing half a dozen or more ready cases are fixed for hearing, resulting in the hearing of none. In the meantime years roll by, presiding judge of a single case is transferred a number of times, witnesses of a single case may be heard by more than one presiding judge, arguments are listened to may be by another presiding judge and judgment may be delivered by a presiding judge who had had no connection with...
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...process: Heuristical tool 8 1.3 Differences between start-ups: Dependent employee versus other types 10 1.4 Demarcation 11 1.5 Contents of the report 12 2 Entrepreneurship in the EU 15 2.1 Facts and figures 15 2.2 Entrepreneurs in the EU 20 2.3 Previous experience of starting entrepreneurs in the EU 24 3 Synthesis 31 3.1 Introduction 31 3.2 Legal definition of self-employed 31 3.3 General requirements related to start-ups 33 3.4 Financing the start-up of a business 34 3.5 Insolvency and seizure procedures 35 3.6 Social security systems in general 35 3.7 Social security: Unemployment 36 3.8 Social security: Sickness 39 3.9 Social security: Disability 40 3.10 Social security: Medical costs 40 3.11 Social security: Old age 41 3.12 Social security: Pregnancy and child care 42 3.13 Taxation 43 3.14 Labour Law 44 3.15 Private labour contracts 44 3.16 Miscellaneous topics 45 3.17 Hiving-offs 46 4 View of the obstacles in each Member State 49 4.1 Belgium 49 4.2 Denmark 51 4.3 Germany 52 4.4 Greece 53 4.5 Spain 54 4.6 France 55 4.7 Ireland 56 4.8...
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...LOVELY PROFESSIONAL UNIVERSITY DEPARTMENT OF MANAGEMENT Report of Contemporary Issues in Management NPA’s of Bank Submitted to Lovely Professional University In partial fulfillment of the Requirements for the award of Degree of Master of Business Administration Submitted by: Suruchi Sehdev 10907783 RR1904A56 DEPARTMENT OF MANAGEMENT LOVELY PROFESSIONAL UNIVERSITY PHAGWARA EXECUTIVE SUMMARY After liberalization the Indian banking sector developed very appreciate. The RBI also nationalized good amount of commercial banks proving socio economic services to the people of the nation. The public Sector banks have shown very good performance as far as the financial operations are concerned. The total income of the public sector banks has also shown good performance since the last few years. The public sector Banks have also shown comparatively good result. The gross profits and the net profits of the Public Sector banks have been on a high from past few years. The private sector banks are also showing good results in case of profits. However, the only problem of the Scheduled Commercial Banks these days are the increasing level of the non performing assets. The Non-Performing Assets (NPAs) problem is one of the foremost and the most formidable problems that have shaken the entire banking industry in India like an earthquake. Like a canker worm, it has been eating the banking system from within, since long. It has grown like a cancer and has...
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...What You Need To Know About NDA Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, New Delhi, Munich & New York. We specialize in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner. We focus on niche areas in which we provide significant value and are invariably involved in select highly complex, innovative transactions. Our key clients include marquee repeat Fortune 500 clientele. Our practice areas include Mergers & Acquisitions, Private Equity Investments, Corporate & Securities Law, Competition Law, JVs & Restructuring, International Tax, International Tax Litigation, Litigation & Dispute Resolution, Fund Formation, Capital Markets, Employment and HR, Intellectual Property, International Commercial Law and Private Client. Our specialized industry niches include funds, financial services, insurance, IT and telecom, pharma and healthcare, media and entertainment, real estate and infrastructure & education. Nishith Desai Associates has been ranked as the Most Innovative Indian Law Firm (2014 & 2015) at the Innovative Lawyers Asia-Pacific Awards by the Financial Times - RSG Consulting. Nishith Desai Associates has been awarded for “M&A Deal of the year”, “Best Dispute Management lawyer”, “Best Use of Innovation and Technology in a law firm” and “Best Dispute Management Firm”, by IDEX Legal 2015 in association with three legal charities;...
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...as the developing countries are concerned, a bit more optimism may be warranted. Although without doubt there are particular countries that will be adversely affected, there will also be countries that may be less affected, may avoid recession, and may recover sooner than expected. Six major reasons for this conclusion are discussed. Without this resilience in the developing world, prospects for the world’s richer countries would be much bleaker. Finally, some options available to the developing countries for minimizing the impact of the crisis are discussed. The crisis accentuates the urgent need for accelerating financial development in developing countries, both through domestic financial deepening, domestic resource mobilization, and reform of the international financial system. Keywords: financial crisis, developing countries, development finance, financial development JEL classification: F34, F35, G14, O16 Copyright © UNU-WIDER 2009 * UNU-WIDER, Helsinki, Finland, email: wim@wider.unu.edu This study has been prepared within the UNU-WIDER project on New Directions in Development Economics directed by Augustin Fosu. UNU-WIDER acknowledges the financial contributions to the research programme by the governments of Denmark (Royal Ministry of Foreign Affairs), Finland (Ministry for Foreign Affairs), Norway (Royal Ministry of Foreign Affairs), Sweden (Swedish International Development Cooperation...
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...Essays in Accounting Theory: Corporate Earnings Management in a Dynamic Setting and Public Disclosure in the Financial Services Industry A Dissertation Presented to the Faculty of the Graduate School of Yale University in Candidacy for the Degree of Doctor of Philosophy by Kai Du Dissertation Director: Shyam Sunder December 2012 c 2012 by Kai Du All rights reserved. Abstract Essays in Accounting Theory: Corporate Earnings Management in a Dynamic Setting and Public Disclosure in the Financial Services Industry Kai Du 2012 This dissertation consists of three essays on the interactions between economic fundamentals and accounting information in three different settings: an infinite-horizon financial reporting problem, a coordination game with trading in the secondary market, and a bank which provides risk sharing among demand depositors. In the first essay, I propose a dynamic model of corporate earnings management in which investors have different expectations schemes. I find that while earnings management may exist when investors have rational expectations or misspecified Bayesian beliefs, it disappears in the long run of an adaptive learning process. The model also offers ample predictions on the time-series properties of asset prices and return predictabilities. The second essay studies the role of public disclosure by a distressed firm whose creditors engage in a coordination game with trading. I find that conditioned on the private information...
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...[pic] ACFI 3217 International Development in Accounting Comparing of the performance of Malaysia Airlines and China Southern Airlines Summary The purpose of this report was discovering and analyzing the performance of Malaysia Airlines and China Southern Airlines; and the benefits and problems in the U.S. adopting of IFRS will be mentioned. First, it evaluates the performance of Malaysia Airlines and China Southern Airlines through five ratios analysis which is profitability, liquidity/solvency, working capital efficiency, long term financial structure and investors’ perspective. Next, on basic of part one analysis, discuss the limitations of financial reporting, meanwhile, companies from different countries which are using different accounting standards should be noticed. Follow on; depend on the situation of financial report, using the SWOT methods to analyze the primary challenges faced by Malaysia Airlines and China Southern Airlines. Finally, discuss the positive and negative of U.S. adopting IFRS. Contents 1. Introduction 1 2. Ratio analysis of the MAS and CZ 1 3. SWTO analysis of the MAS and the CZ 12 3.1. Strengths 12 3.2. Weaknesses 13 3.3. Opportunities 15 3.4. Threats 16 4. The benefits and problems if US adopt IFRS 18 5. Conclusion 26 6. Reference 27 7. Appendices 36 7.1. Appendices 1—Analysis Current Ratio 36 7.2. Appendices 2—Analysis Quick Ratio 36 7.3. Appendices...
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...) INTRODUCTORY PRINCIPLES 2 A.) Efficiency and Other Concepts 2 B.) Agency and Partnership Law 2 II.) INTRODUCTION TO THE CORPORATE FORM 16 A.) Formation and Structure 16 B.) Debt, Equity, and Valuation 22 III.) CONTROL OF CORPORATE DECISIONS 32 A.) The Role of the Shareholder 32 B.) Management Obligations 50 1.) Duty of Care 51 2.) Duty of Loyalty 56 3.) Duty of Fairness: Parent-Subsidiary Relationships 63 4.) Duty of Good Faith 64 5.) Management Obligations Under Federal Securities Laws 67 C.) Shareholder Litigation 76 IV.) Structural Changes 85 A.) Transactions in Control 85 B.) Mergers and Acquisitions 86 1.) Mergers 87 2.) Sale of Assets 93 3.) Asset Purchase or Tender Offer 94 C.) Public Control Contests 96 1.) The Poison Pill 100 2.) Enhanced Review When Business is Up for Sale 103 3.) Proxy Contests for Corporate Control 106 4.) Protecting the Deal: Shareholder Lockup Agreements 109 I.) INTRODUCTORY PRINCIPLES • Definitions o Corporate Law: The allocation of rights and power within a corporation; the internal body of law ▪ Addresses the creation of economic wealth through the facilitation of voluntary, ongoing collective action ▪ Flexible- expectation that market discipline will weed out what is not working ▪ Principle aim- reduce agency costs of all sorts o Securities Law: Regulates capital markets that corporations use to obtain funding o Firm: A form of...
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...é The Effects of Mandatory IFRS Adoption in the EU: A Review of Empirical Research October 2014 Information for Better Markets An initiative from the ICAEW Financial Reporting Faculty The Effects of Mandatory IFRS Adoption in the EU: A Review of Empirical Research forms part of the Information for Better Markets thought leadership programme of ICAEW’s Financial Reporting Faculty. ICAEW operates under a Royal Charter, working in the public interest. As a world leading professional accountancy body, ICAEW provides leadership and practical support to over 142,000 members in more than 160 countries, working with governments, regulators and industry to ensure the highest standards are maintained. The ICAEW Financial Reporting Faculty provides its members with practical assistance and support with IFRS, UK GAAP and other aspects of business reporting. It also comments on business reporting issues on behalf of ICAEW to standard setters and regulators. Its Information for Better Markets thought leadership programme subjects key questions in business reporting to careful and impartial analysis so as to help achieve practical solutions to complex problems. The programme focuses on three key themes: disclosure, measurement and regulation. We welcome comments and enquiries on this report and on the other aspects of the Information for Better Markets programme. To contact us, please email bettermarkets@icaew.com. © ICAEW 2014 All rights reserved. If you want...
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...Opponents of a bill of rights state that we have sufficient protection from arbitrary government intervention in our personal affairs and thus a bill of rights is unnecessary. There are a number of potential sources of human rights in Australia that might provide the suggested existing protection, including the common law, specific domestic legislation, international law and constitutional law. Each of these sources of human rights has, however, important limitations. The focus of this article is on the inadequacy of the Australian constitutions as a source of purported protection. This in turn suggests that an alternative source of rights is needed – a federal bill of rights? In the course of this analysis the author makes suggestions for reform; specifically how a federal bill of rights may address the paucity of constitutional protection. I INTRODUCTION Unlike the constitutions of many nations, such as the United States of America and the Republic of South Africa, the constitutions of the Australian States and Territories and the Commonwealth Constitution Act 1901 (UK) * Associate Professor, School of Law, Deakin University, Australia. 132 D EAKIN LAW REVIEW VOLUME 13 NO 2...
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...Gaur SMBA12045 Section B TABLE OF CONTENTS Acknoledgement Summary blackberry ltd. Section 1.1 : History Section 1.2 : Strategic Changes Section 1.3 : Success in Market place Section 1.4 : Changes in Financial Fortunes Section 1.5 : Financial Fortunes FAIRFAX LTD. Section 2.1 : Corporate Governance Section 2.2 : History Section 2.3 : Credit Ratings MERGERS & ACQUISATIONS Section 3.1 : Legal Structures Section 3.2 : Documentation Section 3.3 : Business Valuation TAKEOVERS Section 4.1 : Types Of Takeover Section 4.2 : Financing a Takeover Section 4.3 : Mechanics Section 4.4 : Strategies Section 4.5 : Agency Problems Section 4.6 : Pros & Cons Laws & Codes used during takeover Section 5.1 : City Code on Takeovers & Mergers Section 5.2 : Competetion Law Section 5.3 : Takeover Directives Section 5.4 : Companies ACT 1985 BLACKBERRY TAKEOVER REGULATORY APPROVAL COMPETETION COMMISION FOR TAKE OVER FCPA Section 8.1 : Provision & Scope Section 8.2 : History Section 8.3 : Requirements Section 8.4 : Application UK BRIBERY ACT TAKEOVER MECHANICS OF BLACKBERRY TAKEOVER CONCLUSION BIBLIOGRAPHY & REFERENCES ACKNOLEGDEMENT I take this opportunity to express my profound gratitude and deep regards to my guide Prof. Deepak Dayal for his exemplary guidance, monitoring and constant encouragement throughout the course of this thesis. The blessing, help and guidance given by him time to time shall carry me a long...
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...Solutions for exchange rate policy of transition economy of Vietnam Dissertation zur Erlangung des Grades Doktor der Wirtschaftswissenschaft (Doctor rerum politicarum, Dr. rer. pol.) der Juristischen und Wirtschaftswissenschaftlichen Fakultät der Martin-Luther-Universität Halle-Wittenberg vorgelegt von M.A. Mai Thu Hien geb. am 23. August 1976 in Hanoi, Vietnam Gutachter: 1. Prof. Dr. Dr. h.c. Rüdiger Pohl, Martin-Luther-Universität Halle-Wittenberg 2. Prof. Dr. Martin Klein, Martin-Luther-Universität Halle-Wittenberg Datum der Einreichung: 07.06.2007 Datum der Verteidigung: 12.07.2007 Halle (Saale), Juli 2007 urn:nbn:de:gbv:3-000012127 [http://nbn-resolving.de/urn/resolver.pl?urn=nbn%3Ade%3Agbv%3A3-000012127] 2 Acknowledgements This doctoral dissertation could not be completed if I have not received the help and encouragement from numerous people. Firstly, I am greatly indebted to my first supervisor, Prof. Dr. Dr. h.c. Rüdiger Pohl, who kept an eye on the progress of my work and was always available when I needed his advices. His great advices, supports, criticisms, comments, and encouragement helped me to develop necessary knowledge to understand and to build theoretical context in this dissertation. I also would like to express my deep gratitude to Prof. Dr. Martin Klein, my second supervisor, for his suggestions and concerns with my dissertation. I gratefully acknowledge the financial support of DAAD, without which this dissertation would not have been...
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...Extinctive period. (2) Involuntary: (a) By reason of the subject: 1) Confusion; and 2) Death of the contracting parties in the cases where the obligations are personal. (b) By reason of the object: 1) Loss of the thing due or impossibility of performance; and (c) By failure to exercise (right of action): 1) Extinctive prescription. (see G. Florendo, The Law of Obligations and Contracts [1936], pp. 333-334, citing 2 Castan, Derecho Civil Español, 46-47.) SECTION 1. — Payment or Performance ART. 1232. Payment means not only the delivery of money but also the performance, in any other manner, of an obligation. (n) Meaning of payment. In ordinary parlance, payment refers only to the delivery of money. As a mode of extinguishing an obligation, it has a much wider meaning. Payment may consist of not only in the delivery of money but also the giving of a thing (other than money), the doing of an act, or not doing of an act. When a debtor pays damages or penalty in lieu of the fulfillment of an obligation (see Art. 1226.), there is also payment in the sense used in Article 1232. In law, payment and performance are synonymous. Elements of payment. Matters relative to ordinary or common payment, without regard to form, are distinguished...
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...THE FIRST FILIPINO Republie of the Philippines Department of Education & Culture NATIONAL HISTORICAL COMMISSION Manila FERDINAND E. MARCOS President Republic of the Philippines JUAN L. MANUEL Secretary of Education & Culture ESTEBAN A. DE OCAMPO Chairman DOMINGO ABELLA Member HORACIO DE LA COSTA, S. J. Member GODOFREDO L. ALCASID Ex-Oficio Member TEODORO A. AGONCILLO Member EMILIO AGUILAR CRUZ Member SERAFIN D. QUIASON Ex-Oficio Member FLORDELIZA K. MILITANTE Exccutive Director RAMON G. CONCEPCION Chief, Administrative Division BELEN V. FORTU Chief, Budget & Fiscal Division JOSE C. DAYRIT Chief, Research & Publications Division AVELINA M. CASTAÑEDA Chief, Special & Commemorative Events Division ROSAURO G. UNTIVERO Historical Researcher & Editor EULOGIO M. LEAÑO Chief Historical Writer-Translator & Publications Officer GENEROSO M. ILANO Auditor JOSE RIZAL (1861-1896) THE FIRST FILIPINO A Biography of José Rizal by LEÓN Ma. GUERRERO with an introduction by CARLOS QUI R INO ( Awarded First Prize in the Rizal Biography Contest held under the auspices of the José Rizal National Centennial Commission in 1961) NATIONAL HISTORICAL COMMISSION Manila 1974 First Printing 1963 Second Printing 1965 Third Printing 1969 Fourth Printing 1971 Fifth Printing 1974 This Book is dedicated by the Author to the other Filipinos Speak of me as I am; nothing extenuate, Nor set down aught in malice, Shakespeare: °the/Lo. Paint my picture truly like me, and not flatter me at all ; but...
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