{"title":"Transplantation of Fiduciary Duties into Civil Law Jurisdiction: Experiences from Taiwan","authors":"Christopher C. Chen","doi":"10.2139/ssrn.1878204","DOIUrl":"https://doi.org/10.2139/ssrn.1878204","url":null,"abstract":"The insertion of a duty of loyalty into the Trust Enterprise Act in 2000 and the Companies Act in 2001 marks the invasion of fiduciary duties into Taiwan law, a long civil law jurisdiction. Unlike common law jurisdictions, such transplantation was prescribed by legislation and only the general concept was introduced. This creates a situation where common law concepts, developed by case law, are incorporated conceptually into a civil law system, where facts of judicial decisions are considered secondary to the ‘doctrine’ specified in any statute or judicial precedent. Based on current judicial interpretation in Taiwan, this paper will argue that the way Taiwan transplanted fiduciary duties created several problems. First, the lack of substance creates a danger of misusing and extending the concept beyond that was recognised in common law jurisdictions. Secondly, the heavy inclination toward US law leads to the Americanisation of common law in Taiwan. Thirdly, the flexibility of common law is sacrificed if transplantation is only conducted in a very abstract way. Fourthly, Taiwan so far lacks further development on the duty of loyalty, which was ironically considered the main reason of the introduction of the fiduciary duties. The next question is how to deal with the vacuum left by abstract legislative transplantation. One way to address the problem is to re-enact the whole doctrine with more substance in the Civil Code or in a statute (as in Japan and China). However, as long as the application of fiduciary duties are based on a general doctrine rather than on the incremental development of case law, the transplantation of a common law or equitable concept in Taiwan will ensure that there will be some uncommon development in the future.","PeriodicalId":312283,"journal":{"name":"2011 CAAA Annual Conference (Archive)","volume":"158 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130507635","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}
{"title":"Does Reputation Discipline Big 4 Audit Firms?","authors":"Yanmin Gao, K. Jamal, Qiliang Liu, L. Luo","doi":"10.2139/ssrn.1633724","DOIUrl":"https://doi.org/10.2139/ssrn.1633724","url":null,"abstract":"Audit quality is thought to occur primarily due to litigation pressure. We report results from a study conducted in a low litigation environment (China) where a Big 4 audit firm (Deloitte) failed to detect a fraud involving a public company (Kelon). We find that Deloitte’s clients have negative abnormal returns of 4.4% at events pertaining to Kelon, and there is a spillover to clients of other Big 4 audit firms (negative abnormal returns of 1.2%) though these negative market reactions are moderated by strong corporate governance. Deloitte loses clients to local audit firms, and all Big 4 firms lose market share in the IPO market. Our results support a reputation rationale for audit quality, and also show contagion among Big 4 audit firms, and vulnerability of Big 4 firms to loss of clients to non Big 4 firms.","PeriodicalId":312283,"journal":{"name":"2011 CAAA Annual Conference (Archive)","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122710554","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}
{"title":"It’s All Overreaction: Earning Momentum to Value/Growth","authors":"Abdulaziz M. Alwathainani","doi":"10.2139/ssrn.1626242","DOIUrl":"https://doi.org/10.2139/ssrn.1626242","url":null,"abstract":"In this paper, I examine whether consistent quarterly earnings signals generate momentum and subsequent return reversals. Conditioning on growth consistency in quarterly earnings, I show that an unbroken earnings string creates a strong financial momentum that peaks at the end of the first three months following the ranking period and then reverses over the next nine-month period. By the end of the first twelve months, this momentum has been completely dissipated. The magnitude of this price continuation and subsequent reversal are more pronounced for consistent high (low) growth firms than inconsistent good (bad) performers. This evidence shows securities markets in which stock prices systematically overreact to consistent earnings signals. As well, my finding suggests that the earning momentum and the value/glamour effect are likely to be empirically linked. These results are robust to the Fama-French three-factor model and the momentum factor as well as to earnings surprise effects and various robustness tests. Evidence reported in this study is consistent with the spirit of the behavioral models.","PeriodicalId":312283,"journal":{"name":"2011 CAAA Annual Conference (Archive)","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122684879","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}
{"title":"Inter-Corporate Ownership, Taxes, and Corporate Payout Choices Between Dividends and Share Repurchases","authors":"T. Zeng","doi":"10.2139/ssrn.1703932","DOIUrl":"https://doi.org/10.2139/ssrn.1703932","url":null,"abstract":"This paper examines whether corporate payout policies are associated with inter-corporate ownership. Using the System for Electronic Document Analysis and Retrieval (SEDAR) and the Inter-Corporate Ownership (ICO) from Statistics Canada databases, we find that inter-corporate ownership is positively associated with a firm’s propensity to pay dividends and is negatively associated with a firm’s propensity to repurchase shares. Our findings are robust to the endogeneity of inter-corporate ownership and the inclusion of various control variables, such as firm size, liquidity, growth, and profitability. Overall, our results suggest that corporate shareholders’ tax positions affect firms’ payout decisions.","PeriodicalId":312283,"journal":{"name":"2011 CAAA Annual Conference (Archive)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131947517","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}
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
