Accounting Economics and Law-A Convivium最新文献_第9页

Do Lawyers Need Economists? Review of Katja Langenbucher, Economic Transplants: On Lawmaking for Corporations and Capital Markets (Cambridge U. Press, 2017) 律师需要经济学家吗?《经济移植:论公司和资本市场的立法》(剑桥大学出版社，2017)

IF 1.4

Accounting Economics and Law-A Convivium Pub Date : 2020-09-04 DOI: 10.1515/ael-2020-0018

R. Avi-Yonah

{"title":"Do Lawyers Need Economists? Review of Katja Langenbucher, Economic Transplants: On Lawmaking for Corporations and Capital Markets (Cambridge U. Press, 2017)","authors":"R. Avi-Yonah","doi":"10.1515/ael-2020-0018","DOIUrl":"https://doi.org/10.1515/ael-2020-0018","url":null,"abstract":"Abstract Katja Langenbucher’s outstanding book seeks to address the question of why and in what ways have lawyers been importing economic theories into a legal environment, and how has this shaped scholarly research, judicial and legislative work? Since the financial crisis, corporate or capital markets law has been the focus of attention by academia and media. Formal modelling has been used to describe how capital markets work and, later, has been criticized for its abstract assumptions. Empirical legal studies and regulatory impact assessments offered different ways forward. This excellent book presents a new approach to the risks and benefits of interdisciplinary policy work. The benefits economic theory brings for reliable and tested lawmaking are contrasted with important challenges including the significant differences of research methodology, leading to misunderstandings and problems of efficient implementation of economic theory’s findings into the legal world. Katja Langenbucher’s innovative research scrutinizes the potential of economic theory to European legislators faced with a lack of democratic accountability.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2020-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86865533","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 Political Economy of Private Law 私法的政治经济学

IF 1.4

Accounting Economics and Law-A Convivium Pub Date : 2020-08-24 DOI: 10.1515/ael-2020-0077

M. Thiemann

{"title":"The Political Economy of Private Law","authors":"M. Thiemann","doi":"10.1515/ael-2020-0077","DOIUrl":"https://doi.org/10.1515/ael-2020-0077","url":null,"abstract":"Abstract Katharina Pistor’s book The code of capital – how the law creates wealth and inequality (Pistor, K. (2019). The code of capital – How the law creates wealth and inequality. Princeton: Princeton University Press) is an original and insightful intervention in the quest to understand both the rising inequality of the last 40 years, as well as the inner dynamics of capitalism, a social formation that has ruled in western societies for about 200 years now. Pistor shares many of the convictions of the publications in the journal Accounting, Economics and Law, such as the dangers to democracy inherent in the corporate form (Robé, J. P. (2011). The legal structure of the firm. Accounting, Economics and Law, 1(1). https://doi.org/10.2202/2152-2820.1001; Strasser, K., & Blumberg, P. (2011). Legal form and economic substance of enterprise groups: Implications for legal policy. Accounting, Economics and Law, 1(1). https://doi.org/10.2202/2152-2820.1000), the fact that firms and corporate form need to be distinguished (Y. Biondi, A. Canziani, & T. Kirat (Eds), (2007). The firm as an entity: Implications for economics, accounting and law. New York and London: Routledge) and that shareholders do not own corporations, but just their shares, it is only appropriate to discuss and present it to the wider audience of the journal, pointing to its fundamental insights and potential for follow-up research. The title of the book and its set-up evoke both Luhmann’s system theory with its penchant for binary code as well as Marx’s capital (Marx, K. (1955[1867]). Das Kapital. Berlin: Dietz Verlag, Vol. 1). Combining the coding of social systems and their relentless dynamic in innovating and generating new forms by recursively referring to established elements (Luhmann, N. (1984). Soziale Systeme. Frankfurt am Main: Suhrkamp Verlag; Luhmann, N. (1995). Das Recht der Gesellschaft. Frankfurt am Main: Suhrkamp Verlag) with Marx’s focus on the structuring effects capital has on society is making this a very inspiring book, which at the same time evokes many follow-up questions.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2020-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81416804","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

International Experience of Applying Transparency Rules in Arbitration Processes Between Investors and States 在投资者与国家间仲裁程序中应用透明度规则的国际经验

IF 1.4

Accounting Economics and Law-A Convivium Pub Date : 2020-08-17 DOI: 10.1515/ael-2019-0072

Ziad Kh. Al Enizi, W. F. Mahameed

{"title":"International Experience of Applying Transparency Rules in Arbitration Processes Between Investors and States","authors":"Ziad Kh. Al Enizi, W. F. Mahameed","doi":"10.1515/ael-2019-0072","DOIUrl":"https://doi.org/10.1515/ael-2019-0072","url":null,"abstract":"Abstract Following modern worldwide trend of transparency, the United Nations Commission on International Trade Law (UNCITRAL) adopted the UNCITRAL Rules on Transparency in Treaty-based Investor-State Arbitration, which were incorporated in UNCITRAL Arbitration Rules. The Convention on Transparency (the Mauritius Convention) adopted later was an attempt to resolve the situation with treaties, which were concluded prior to April 1, 2014. As soon as few previous studies covered this issue, the research is aimed to assess the extent to which the Rules on Transparency are applicable and inevitable. By way of qualitative analysis of documents covering the transparency issue in investor-state treaties and arbitration was revealed that like the treaties concluded after April 1, 2014, which were automatically covered by the scope of application, the treaties made prior to that date were dropped out of the Rules on Transparency and the parties thereto have to express an explicit will to apply the Rules on Transparency. The Mauritius Convention designated to resolve this problem still requires a member state to join the Convention to make the Rules applicable to all treaties with such member state. On the other hand, both discussed documents provide the parties with options to avoid transparency in arbitration. Thus, despite increasing mandatory transparency in national legislations, the transparency of investor-state arbitration proceedings remains the matter of a good will of the parties. This study provides the foundation for stakeholders to conduct investor-state agreements as well as arbitration processes in line with transparency. The issue of transparency in investor-state agreements and arbitration processes in different countries can be illustrated in the following studies based on this study.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2020-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82611339","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

Capitalization and its Legal Friends 资本化及其法律朋友

IF 1.4

Accounting Economics and Law-A Convivium Pub Date : 2020-08-12 DOI: 10.1515/ael-2020-0063

Leon Wansleben

{"title":"Capitalization and its Legal Friends","authors":"Leon Wansleben","doi":"10.1515/ael-2020-0063","DOIUrl":"https://doi.org/10.1515/ael-2020-0063","url":null,"abstract":"Abstract Katharina Pistor’s argument in The Code of Capital about the constitutive role of legal practice for the creation and distribution of wealth requires contextualization; her claims about the stand-alone role of law in determining the political economy of global capitalism are exaggerated. My first intervention concerns the concept of capital. Capital evidently is not just a legal code, but also constitutes a financial accounting entity that emerges from processes of investment, which are embedded in (economic, social, political) structures that are facilitative of unequal distributions of rewards and risks. Legal coding should be considered as part of such ‘capitalization’ and as becoming more critical in the contemporary economy, in which capitalization increasingly happens through financial engineering and through capturing rents from ‘intangible capital’. Secondly, we can only understand the distributional implications of legal coding if we recognize a) the importance of rent-seeking in secularly stagnating economies and b) the particular class configurations in what Milanovic, B. (2019). Capitalism, alone. Cambridge, MA: Harvard University Press calls ‘liberal meritocratic capitalism’. The consolidation of a capital-rich and hard-working upper class in such a capitalist formation (the extreme case being United States) not just indicates a close alliance or overlap between holders of wealth and the professions (fund managers, legal advisers etc.) that serve them. It also indicates that social class structures – the paths of socialization they reproduce; their in-built social sorting mechanisms; their close association with ideologies of legitimate privilege – play a key role in reproducing economic distributional outcomes.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2020-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77784589","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

Regulatory Arbitrage in the Intersection of Accounting Standards and Tax Laws: The Case of Synthetic Leases 会计准则与税法交叉中的监管套利:以综合租赁为例

IF 1.4

Accounting Economics and Law-A Convivium Pub Date : 2020-08-12 DOI: 10.1515/ael-2020-0098

Jan Friedrich

{"title":"Regulatory Arbitrage in the Intersection of Accounting Standards and Tax Laws: The Case of Synthetic Leases","authors":"Jan Friedrich","doi":"10.1515/ael-2020-0098","DOIUrl":"https://doi.org/10.1515/ael-2020-0098","url":null,"abstract":"Abstract This paper focuses on the interplay between accounting standards and tax laws in the context of regulatory arbitrage by examining the development of synthetic leases especially in the USA. In a synthetic lease, the lease remains off balance sheet for financial reporting by the lessee, while depreciations and interest expenses can be deducted for tax purposes. Exploring the evolving structures of synthetic leases over the last 30 years, the paper demonstrates how financial engineers have been able to perpetually re-structure this sophisticated instrument to keep it off-balance sheet instrument notwithstanding regulatory changes. Specifically, it shows that the most recent revision of lease accounting standards in 2016 – that intended to mark the end of off-balance sheet leases under IFRS and US-GAAP – resulted in reviving the demand for synthetic leases as the tax benefits outweigh the structuring costs. Contributing to the debate on the shift towards international accounting convergence (including US-GAAP and IFRS), the paper argues that attempts to limit regulatory arbitrage may also consider the reciprocal linkages between accounting standards and tax laws. For instance, tax laws should be considered as a means to limit regulatory arbitrage in financial reporting.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2020-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89084003","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: 5

On the Danger of “Economic Transplants” 论“经济移植”的危害

IF 1.4

Accounting Economics and Law-A Convivium Pub Date : 2020-08-12 DOI: 10.1515/ael-2020-0032

M. Thiemann

引用次数: 0

How America’s Corporations Lost their Public Purpose, and How it Might be (Partially) Restored 美国公司是如何失去其公共目标的，以及如何(部分)恢复

IF 1.4

Accounting Economics and Law-A Convivium Pub Date : 2020-07-24 DOI: 10.1515/ael-2019-0088

David Ciepley

引用次数: 2

Regulatory Arbitrage: What’s Law Got To Do With It? 监管套利:法律与之有何关系?

IF 1.4

Accounting Economics and Law-A Convivium Pub Date : 2020-07-16 DOI: 10.1515/ael-2019-0054

K. Langenbucher

引用次数: 5

Lynn Stout, Pro-sociality, and the Campaign for Corporate Enlightenment 林恩·斯托特，《亲社会性与企业启蒙运动》

IF 1.4

Accounting Economics and Law-A Convivium Pub Date : 2020-07-16 DOI: 10.1515/ael-2020-0067

Donald C. Langevoort

引用次数: 1

Rethinking Non-Financial Reporting: A Blueprint for Structural Regulatory Changes 反思非财务报告:结构监管变革的蓝图

IF 1.4

Accounting Economics and Law-A Convivium Pub Date : 2020-07-01 DOI: 10.1515/ael-2020-0092

David Monciardini, Jukka Mähönen, G. Tsagas

引用次数: 18