Enforcement of Chinese Insider Trading Law: An Empirical and Comparative Perspective

2021 ◽  
Author(s):  
Robin Hui Huang
Keyword(s):  
Insider Trading ◽  
Social Impact ◽  
Temporal Distribution ◽  
Local Environment ◽  
The United States ◽  
Policy Debate ◽  
Criminal Cases ◽  
Insider Information ◽  
Criminal Penalties ◽  
Potential Factors

Abstract This Article conducts the first comprehensive and systematic empirical analysis of all relevant insider trading cases in China from the birth of Chinese securities markets in the early 1990s until mid-2017, shedding light on the way in which China’s insider trading law has been enforced by the regulator and criminal courts in practice. First, the Article generates descriptive statistics on features of insider trading cases, such as the total number of cases over the study period, the temporal distribution of the cases, the identity of the insider, and the nature of the insider information. Second, it measures the intensity of insider trading enforcement and compares the Chinese situation with six overseas jurisdictions, including the United States, the United Kingdom, Australia, Canada, Singapore, and Hong Kong. Third, using multiple regression analyses, it identifies potential factors determining the administrative and criminal penalties for insider trading. The results of the empirical study indicate that China has significantly stepped up its efforts to crack down on insider trading in recent years, resulting in a sharp increase in insider trading cases, particularly criminal cases since 2008. While the Chinese insider trading law was essentially transplanted from overseas jurisdictions, its; enforcement has exhibited distinctive features in its local environment. Judging by the type, magnitude, and frequency of the sanctions imposed, the intensity of insider trading enforcement in China seems to be at a level comparable to relevant jurisdictions overseas. Administrative and criminal penalties against insider trading are found to be significantly influenced by some factors, notably the amount of illegal proceeds, the magnitude of social impact, the presence of mitigating circumstances, and whether the trader used others’ accounts to trade. The hope is that the empirical findings will help inform the policy debate over the regulation of insider trading in China and beyond.

Opportunities for improving the insider laws: A comparative analysis of the practice in the USA and Russia

2020 ◽  
Vol 26 (4) ◽  
pp. 796-814
Author(s):  
E.K. Ovakimyan
Keyword(s):  
Financial Markets ◽  
Insider Trading ◽  
Negative Impact ◽  
Business Environment ◽  
Market Manipulation ◽  
Insider Information ◽  
Analysis And Synthesis ◽  
The Usa ◽  
Legislative Perfection ◽  
Definition Of

Subject. The article examines the laws regulating insider trading. Objectives. The study outlines recommendations for refining Law On Countering the Illegal Use of Insider Information and Market Manipulation and Amendments to Some Legislative Acts of the Russian Federation, № 224-ФЗ of July 27, 2010. Methods. The methodological framework includes a general dialectical method, analysis and synthesis, induction and deductions, and some specific methods, such as comparative and formal logic analysis to specify the definition of insider information, structural logic and functional analysis to improve the mechanism for countering insider trading and market manipulation. Results. We discovered key drawbacks to be addressed so as to improve the business environment in Russia. Although the Russia laws mainly mirror the U.S. laws, they present a more extended list of terms concerning the insider information. I believe the legislative perfection should be continued. Conclusions and Relevance. The study helps apply the findings to outline a new legislative regulation or amend the existing ones, add a new mention on the course of financial markets to students’ books, develop new methods for detecting and countering and improving the existing ones. If all parties to insider relationships use the findings, they will prevent insider trading crimes in financial markets and (or) reduce the negative impact of such crimes on the parties.

scholarly journals We Are Aging Too! Exploring the Social Impact of Late-Life Migration among Older Immigrants in the United States

2021 ◽  
pp. 1-18
Author(s):  
Arati Maleku ◽  
Megan España ◽  
Shannon Jarrott ◽  
Sharvari Karandikar ◽  
Rupal Parekh
Keyword(s):  
United States ◽  
Social Impact ◽  
Late Life ◽  
The United States ◽  
Older Immigrants ◽  
The Social

Fake Pharmaceuticals: How They and Relevant Legislation or Lack Thereof Contribute to Consistently High and Increasing Drug Prices

2003 ◽  
Vol 29 (4) ◽  
pp. 525-542
Author(s):  
Merri C. Moken
Keyword(s):  
United States ◽  
Prescription Drugs ◽  
The United States ◽  
Pharmaceutical Products ◽  
New Drugs ◽  
Pharmaceutical Companies ◽  
Brand Name ◽  
Potential Factors ◽  
Counterfeit Pharmaceuticals ◽  
New Applications

The use of pharmaceutical products in the United States has increased more than the use of any other health resource from 1960 to 1990. In excess of 9,600 drugs were on the market in 1984, and the Food and Drug Administration (“FDA”) approves approximately 30 new drugs and countless new applications for alterations of already existing drugs each year. In 2001, the $300 billion pharmaceutical industry sold $154 billion worth of prescription drugs in the United States alone, nearly doubling its $78.9 billion in sales in 1997. With such a rapid increase in market domination and expenditures, the U.S. government and many hospitals have focused their attention on the sales and pricing practices of pharmaceutical companies, as well as other potential factors contributing to these escalating prices. One such cause of the steadily increasing prices of brand name pharmaceuticals is the sale of fake or counterfeit pharmaceuticals (also called “look-alike” drugs).

中國大陸內幕交易法介紹與刑事處罰實證研究：1997－2019

2021 ◽  
Vol 22 (22) ◽  
pp. 103-185
Author(s):  
林建中 林建中 ◽  
李揚 李揚
Keyword(s):  
Empirical Study ◽  
Insider Trading ◽  
Empirical Investigation ◽  
Criminal Cases ◽  
Relevant Research ◽  
Securities Law ◽  
Comprehensive Picture ◽  
The Law ◽  
The Relationship

內幕交易罪的處理，在證券法的發展歷史中，一直具有理論與實務上之重要意義。此一問題，在中國大陸相對初生但生猛且量體巨大的市場環境中如何被面對，從理論與比較法觀點，均具備特殊的研究價值。立法層面上，中國大陸法對於內幕交易的實體法構成，經二十多年的持續發展，已呈現出一定的複雜與完整面貌。然就執行層面視之，法院對於條文的理解與具體適用仍存在諸多爭議之處，同時，相關實證統計等資料的缺乏，也成為執行層面上對內幕交易罪研究的主要障礙之一。基於上述認識，本文立足於內幕交易刑事處罰執行層面的觀察，試圖呈現相關法律設計在中國大陸的司法實踐現狀。並通過1997年立法以來法院判決的實證研究，本文除一般性地檢驗內幕交易的執法情況外，同時針對法院在解釋犯罪構成上所呈現的爭議，進行進一步的評估。文中依照觀察面向的差異，特別鎖定三個重要的子議題：內幕信息的類型及其認定、被告「知悉」的司法判準、刑事處罰的比例性在內幕交易罪中的運用與體現。以上述實證研究結果為基礎，本文擬對於中國大陸內幕交易罪之司法執行效力提出評估，同時也補充性地可提供臺灣一定之參考。Insider trading has long been recognized as one of the key elements in modern securities law. As a massive but relatively young market, how China handles this issue is a topic rich in comparative value. On its face, the law and regulations prohibiting insider trading in securities transactions have already in place for more than two decades. However, their actual implementation, as well as how courts interpret the elements of insider trading offense in cases, are still obscure to outside observers. The lack of in-depth empirical investigation in its enforcement further creates an extra layer of complexity to the relevant research. Due to the problems mentioned above, this paper conducts an empirical study of the insider trading criminal cases, ranging from 1997 to 2019, to examine how insider trading cases are enforced in China. By observing the actual cases and their attributes, this paper presents a comprehensive picture of who commits insider trading law in China and how courts decide these cases. Three sub-set issues of the implementation are under special scrutiny:types of information and defendants; standard of proving defendant's scienter; and the relationship between sanction and illegal gain. Based on the results of this study, we evaluate the effectiveness of the enforcement on insider trading law in China in its first two decades of existence.

Social impact bonds and their implications for third sector organisations: experiences from the Netherlands

2021 ◽  
Author(s):  
Valentina Patetta ◽  
Marta Enciso Santocildes
Keyword(s):  
United States ◽  
The Netherlands ◽  
Social Impact ◽  
Third Sector ◽  
The United States ◽  
The United Kingdom ◽  
The Social ◽  
Private Investments ◽  
Social Impact Bonds ◽  
Third Sector Organisations

The social impact bond (SIB) is defined as a form of payment-by-results scheme combining governmental payments with private investments. This paper explores the motivations and implications of three third sector organisations (TSOs) participating in SIBs in Continental Europe. It offers an understanding of the involvement of TSOs in this type of scheme; and it shares insights about a context that is different from the United Kingdom and the United States – the Netherlands – which presents the opportunity to expand our knowledge about SIBs.

The Necessity of Performance Measures for Prosecutors

2021 ◽  
pp. 226-258
Author(s):  
Lauren-Brooke Eisen ◽  
Miriam Aroni Krinsky
Keyword(s):  
Performance Measures ◽  
Performance Metrics ◽  
Mass Incarceration ◽  
The United States ◽  
New Wave ◽  
Criminal Cases ◽  
Critical Data ◽  
District Attorneys ◽  
The Right ◽  
Individual Line

Local prosecutors are responsible for 95 percent of criminal cases in the United States—their charging decisions holding enormous influence over the number of people incarcerated and the length of sentences served. Performance metrics are a tool that can align the vision of elected prosecutors with the tangible actions of their offices’ line attorneys. The right metrics can provide clarity to individual line attorneys around the mission of the office and the goals of their job. Historically, however, prosecutor offices have relied on evaluation metrics that incentivize individual attorneys to prioritize more punitive responses and volume-driven activity—such as tracking the number of cases processed, indictments, guilty pleas, convictions, and sentence lengths. Under these past approaches, funding, budgeting, and promotional decisions are frequently linked to regressive measures that fail to account for just results. As more Americans have embraced the need to end mass incarceration, a new wave of reform-minded district attorneys have won elections. To ensure they are accountable to the voters who elected them into office and achieve the changes they championed, they must align measures of success with new priorities for their offices. New performance metrics predicated on the goals of reducing incarceration and enhancing fairness can shrink prison and jail populations, while improving public trust and promoting healthier and safer communities. The authors propose a new set of metrics for elected prosecutors to consider in designing performance evaluations, both for their offices and for individual attorneys. The authors also suggest that for these new performance measures to effectively drive decarceration practices, they must be coupled with careful, thoughtful implementation and critical data-management infrastructure.

Experimental evidence about deficit reduction strategies: bias in measuring tax and spending preferences

2017 ◽  
Vol 29 (1) ◽  
pp. 78-103 ◽  
Author(s):  
Jennifer Dineen ◽  
Mark D. Robbins ◽  
Bill Simonsen
Keyword(s):  
Budget Deficit ◽  
The United States ◽  
Randomized Experiment ◽  
Policy Debate ◽  
Question Wording ◽  
The Public ◽  
Deficit Reduction ◽  
Reduction Strategies ◽  
Fiscal Conditions ◽  
Experimental Trials

Fiscal conditions and budget constraints in the United States have placed solutions to budget deficit problems at the center of the public policy debate. Preferences for deficit reduction strategies are likely to be heavily associated with particular ideologies and other demographic and economic variables. Therefore, since this study is a true randomized experiment, it provides strong evidence about the influence of question wording on deficit reduction preferences, and therefore the likelihood it is susceptible to manipulation. We find clear evidence that using the word ‘tax’ significantly and substantially influences respondents’ choices. This result is robust over two experimental trials about a year apart and whether or not control variables are included.

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