Technology and Corporate Law最新文献

Shareholder empowerment in the digital age 数字时代的股东赋权

Technology and Corporate Law Pub Date : 2021-08-19 DOI: 10.4337/9781800377165.00016

Pearlie M. C. Koh

引用次数: 0

Recalibrating directors liabilities amidst technological flux 在技术变化中重新调整董事责任

Technology and Corporate Law Pub Date : 2021-08-19 DOI: 10.4337/9781800377165.00014

P. Lee, Susanna H. S. Leong

引用次数: 0

Keep your invisible hands to yourself: freeing corporate governance from the cult of the efficient market 把你看不见的手留给自己:把公司治理从对有效市场的崇拜中解放出来

Technology and Corporate Law Pub Date : 2021-08-19 DOI: 10.4337/9781800377165.00022

David C. Donald

{"title":"Keep your invisible hands to yourself: freeing corporate governance from the cult of the efficient market","authors":"David C. Donald","doi":"10.4337/9781800377165.00022","DOIUrl":"https://doi.org/10.4337/9781800377165.00022","url":null,"abstract":"A highly idealized notion of perfectly efficient securities markets has in recent decades justified firmly binding corporate governance to the needs of the secondary market for corporate shares. With prices assumed to reflect value perfectly through the rational behavior of traders, tying corporations and their management closely to markets was understood to bring corporate actors into alignment with value maximization. Modern corporate governance theory worked to bind corporations to this wellspring of efficiency by, among other things, requiring a company’s shares to be fully liquid through listing, its assets to be easily transferable through takeovers, and its management to be lined up squarely with market forces (executive managers incentivized by share price). \u0000 \u0000Longstanding work in financial economics and clear historical evidence consistently show, however, that securities markets do not produce objectively grounded stock prices. Traders seek to buy low and sell high for any reason that makes this possible. While this activity may often be correlated with the fundamental value of a company’s products, services or management, it is not determined by them. Equally so for investors that buy and hold an index of securities long term, macroeconomic trends are of primary import. Neither trading strategy can be said to be is determined by an “objective” value of an individual company’s products, services or management. \u0000 \u0000US corporations and the US economy have paid dearly for locking corporate activity to the assumed cult of market efficiency. Corporations with long histories of creating valuable technology are liquidated for cash payouts, while market-inflating share repurchases prop up share price and balloon executive compensation. Executive directors maneuver like hedge funds with their personal shares and options, monitored by a board of independent directors who know little about the company. \u0000 \u0000Intermediated, relationship-oriented channels of finance, like venture capital investment and bank lending, have long achieved a more informed, articulated view of companies’ productive activity, albeit with the risk of institutionally constricted vision. Today, more data, better connectivity, and systems capable of processing that data make it possible for such financing to be used without sacrificing breadth of information. Its use can free corporations from the arbitrary whirl of securities trading. An ecosystem of funds using ensemble machine learning could provide sufficient capital, liquidity and as much variety of opinion as the secondary market. This could replace belief in a fantastic market with factually determined price and free management to focus on guiding a productive enterprise.","PeriodicalId":213837,"journal":{"name":"Technology and Corporate Law","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128306500","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Data explosion, disclosure and stepping stones 数据爆炸、信息披露和垫脚石

Technology and Corporate Law Pub Date : 2021-08-19 DOI: 10.4337/9781800377165.00013

R. Langford

引用次数: 0

Introduction to Technology and Corporate Law 技术与公司法导论

Technology and Corporate Law Pub Date : 2021-08-19 DOI: 10.4337/9781800377165.00007

Andrew Godwin, P. Lee, R. Langford

{"title":"Introduction to Technology and Corporate Law","authors":"Andrew Godwin, P. Lee, R. Langford","doi":"10.4337/9781800377165.00007","DOIUrl":"https://doi.org/10.4337/9781800377165.00007","url":null,"abstract":"Technology is ubiquitous and palpable in all aspects of modern life. This phenomenon is now all the more entrenched as Covid-19 has rapidly accelerated digital transformation, dramatically and permanently altering the manner of our work, business and social activities. As the most common business form, the corporation is situated at the forefront of this revolution. Businesses must inevitably innovate to protect and acquire market share. Indeed, the adoption of technology to these ends is increasingly an existential necessity given the remarkable shifts in consumption patterns and in sales and distribution channels. When they succeed, efforts to innovate have spawned novel activities and business models that raise interesting and complex issues as to legality and regulation. Correspondingly, a growing body of legal scholarship has emerged to address these challenges. Consistent with its hegemony in innovating and adopting technological solutions, the financial sector has generated the most conspicuous surge in such scholarship. Much attention has been drawn, for instance, to the rise of FinTech, RegTech and crypto-assets as innovations that are rapidly and continuously reshaping our financial and economic landscape. More recently, the tidal waves of technological advances have also sparked critical reflections on their potential impact on various aspects of corporate activities. Significantly, the current technological age is characterised not by a single dominant technology but by an array of technologies including blockchain, artificial intelligence (AI), machine learning, robotics, big data analytics and cloud computing, the effects of which are further intensified by easy access to global connectivity (Internet) and high-performance computing. The convergence of these technologies produces ‘amplification effects’; that is, they ‘interact with each other and create synergies that greatly [increase]","PeriodicalId":213837,"journal":{"name":"Technology and Corporate Law","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133813519","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The advent of decentralised autonomous business networks in the disembodied economy: a discussion on why the governance regimes of corporations and partnerships are unsuitable to them 在无实体经济中出现分散的自主商业网络:讨论为什么公司和合伙企业的治理制度不适合它们

Technology and Corporate Law Pub Date : 2021-08-19 DOI: 10.4337/9781800377165.00023

M. Abdussalam, M. Rahim

引用次数: 0

Artificial intelligence and corporate boards: some ethical implications 人工智能和公司董事会:一些伦理问题

Technology and Corporate Law Pub Date : 2021-08-19 DOI: 10.4337/9781800377165.00012

V. Brand

{"title":"Artificial intelligence and corporate boards: some ethical implications","authors":"V. Brand","doi":"10.4337/9781800377165.00012","DOIUrl":"https://doi.org/10.4337/9781800377165.00012","url":null,"abstract":"The ethics issues associated with AI have attracted significant attention. A range of guidelines for ‘Ethical AI’ have been promulgated by international agencies, domestic governments and others, but a criticism of these guidelines is that they operate at a high level of generality and are difficult to operationalise. Given the situated, complex ethical issues that AI generates, high-level principles may be insufficient to the task. This present problems for directors, who will be faced with AI ethics risks yet may feel the lack of useful guidelines. Given that the vast majority of AI will be developed and applied within corporate contexts, this issue is significant. \u0000 \u0000However, existing models of corporate regulation offer a potentially useful framework within which AI ethics issues can be analysed, by directors and others. Obligations owed by directors to make decisions in the best interests of the company and to act with care and diligence already require directors to make subtle, contextualised decisions, and these duties are also responsive to evolving community norms. Further, director obligations are supported by well-understood and developed accountability mechanisms and ultimately by state-based enforcement regimes. In the context of current critiques of AI ethics principles, these are significant advantages and point to the value of directors’ duties in the evolution of AI ethics corporate practice.","PeriodicalId":213837,"journal":{"name":"Technology and Corporate Law","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127571304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate disclosure in a technology-enabled world 技术驱动下的企业信息披露

Technology and Corporate Law Pub Date : 2021-08-19 DOI: 10.4337/9781800377165.00021

Andrew Godwin

引用次数: 0

Viewing artificial persons in the AI age through the lens of history 从历史的角度看人工智能时代的人造人

Technology and Corporate Law Pub Date : 2021-08-19 DOI: 10.4337/9781800377165.00009

S. Watson

{"title":"Viewing artificial persons in the AI age through the lens of history","authors":"S. Watson","doi":"10.4337/9781800377165.00009","DOIUrl":"https://doi.org/10.4337/9781800377165.00009","url":null,"abstract":"With talk of driverless companies and bots substituting for human beings on company boards either in part or completely, the spectre of a future controlled by entities devoid of human beings is upon us. But has the future been here for longer than we all realise; has the corporation really changed? In this chapter it is argued that the modern business corporation has been separate from human beings since the 17th century. Developments in the English East India Company during that century meant functional separation followed legal separation, as boards were charged to act in the interests of the capital of the shareholders rather than the shareholders themselves. In closely held corporations, and for periods through history, the functional separation has reduced for a time. The trend through history, though, is towards separation precisely because that separation, combined with boards constrained to act in their interests, means corporations grow and prosper at least financially. The shift to artificial legal persons being controlled by other artificial entities is not therefore as radical as it might appear to be. This chapter will discuss the challenges that artificial intelligence (‘AI’) presents for corporate governance and will set the context for specific issues examined in the chapters that follow.","PeriodicalId":213837,"journal":{"name":"Technology and Corporate Law","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131174564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

The first step of a long march: dual-class company regulation and the experiment by the sci-tech and innovation board in China 万里长征的第一步:公司双层制和中国科创板的实验

Technology and Corporate Law Pub Date : 2021-08-19 DOI: 10.4337/9781800377165.00017

C. Weng, Shangxuan Wu, Zhaohui Shen

引用次数: 0