scholarly journals Trough Equity Crowdfunding Evolution and Involution: Initial Coin Offering and Initial Exchange Offering

Lex Russica ◽  
2021 ◽  
pp. 101-117
Author(s):  
S. L. Furnari
Keyword(s):  
Conflict Of Interest ◽  
Point Of View ◽  
Regulatory Regime ◽  
Smart Contracts ◽  
Potential Conflict ◽  
Equity Crowdfunding ◽  
Pros And Cons ◽  
A Company ◽  
Positive Evolution ◽  
Family Meaning

This article analyzes two of the last innovative financing instruments of the crowdfunding family: Initial Coin Offering (ICO) and Initial Exchange Offering (IEO). Having both a potential financial nature, they will be addressed as «sons» of Equity-based Crowdfunding (EBCF). The main scope of this paper is to show opportunities and dangers of ICO and IEO through a comparison with EBCF. Indeed, at the end of the analysis it will be possible to understand if ICO and IEO can be considered as positive evolution of EBCF or — at least one of them — can be considered so dangerous to appear as a sort of «involution».In order to answer our question, the discussion firstly focuses on EBCF, the innovative financing instrument being one of the most important figures of the «crowdfunding family». Its importance lies in its financial nature that makes this instrument different from the other models (meaning the donation, reward and lending). Participating in an EBCF-campaign, indeed, lets participants become shareholders of the company they are giving money to. So, the main pros and cons of the participation in an EBCF campaign will be disclosed. In particular, granting easier access to capitals together with the possibility to benefit from the so-called «wisdom of the crowd» allowed EBCF to become one of the most innovative financing tools of our age. However, these advantages need to be mitigated with the main risks occurring during a crowdfunding campaign. These are: moral hazard and frauds, arbitrary exclusion during pre-emptive screening by platform and, last but not least, illiquidity.Therefore, the discussion moves to the technological advanced new entry of the crowdfunding family, meaning ICO and IEO. In order to understand why ICO and IEO are so similar to EBCF, both the main characteristic of these instruments will be described. With reference to ICO, first of all this article provides a brief description of the technology that makes this innovative financing tool the advanced «son» of EBCF. Indeed, through the launch of an ICO, a company asks the crowd a precise amount of money in exchange of a «token»: an informatic instrument through which the participant may exercise also some financial rights towards the company. From this point of view, an ICO-campaign is very similar to an EBCF one, lying the main difference in the technological solutions used, the queen on those is blockchain. Furthermore, ICO characteristic will be outlined in order to disclose its functioning — meaning the relation with blockchain and smart contracts — and the different models of tokens.After that, also IEO will be described. IEO could be considered one of the last variants of ICO. The main difference, indeed, lies in the fact that IEO campaigns are not conducted in the website owned by the company but in a specific platform, that is a crypto-asset exchange.The exam of ICO and IEO potentialities (i.e. programmability, disintermediation and tokenization) will highlight how ICO and IEO may solve most of the mentioned EBCF cons. This will lead to the potential consideration of ICO and IEO as evolution of EBCF. However, also ICO and IEO cons will be highlighted (meaning lack of transparency, not clear regulatory regime and, for IEO in particular, dangerous proximity with investors and potential conflict of interest). From the comparison between ICO and IEO pros and cons it will be possible to discuss on if we are really in front of two evolution of EBCF or nearer to an «involution» of this instrument, considering regulatory solutions in order to avoid this second scenario.

我國新修正公開發行公司出席股東會使用委託書規則之評析

2019 ◽  
Vol 18 (18) ◽  
pp. 1-42
Author(s):  
王偉霖 王偉霖
Keyword(s):  
Financial Institution ◽  
Comparative Law ◽  
Shareholder Activism ◽  
Point Of View ◽  
Good Faith ◽  
Freedom Of Information ◽  
Fair Competition ◽  
Pros And Cons ◽  
A Company ◽  
Unlimited Amount

股東會為公司最高意思決定機關，然現實上因公司規模擴大，股權分散，令現今股東會轉化為徵求委託書的過程，亂象紛呈，故有需要對股東使用委託書給予適當規範，但規範之制定應符合訊息公開、公平競爭以及誠實信用等原則。金管會對於委託書規則之制定向來採嚴格監理的態度。在委託書規則修正前，學界已批評徵求人持股門檻過高，豈料新修正委託書規則再提高門檻，其中對金融機構無限徵求規定最為嚴格。本文以為此修改似違股東行動主義；且區分金融機構與非金融機構為不同規定似亦缺乏合理基礎，就比較法之角度而言亦有再研議之空間。為此，本文將由委託書制度之起源利弊，法律對徵求委託書之限制，比較法觀點，評析新修正委託書規則並提出部分建議。 The shareholder meeting has the upmost power that makes decisions for a company. However, as a company grows on its scale, shares often disperse, turning share holders' meetings nowadays into competitions to solicit proxies for attendance at shareholder meetings. To prevent chaotic situations that come with, the use of proxies need to be regulated. The regulation shall comply with the doctrine of freedom of information, fair competition, and good faith. Financial Supervisory Commission has always had a stringent supervising front towards the regulation of soliciting proxies. There had been plenty critics, from the academic circle, that the threshold for solicitors' shares is too high. Much to everyone's surprise, the threshold is raised to even higher with the amendment of Regulations Governing the Use of Proxies for Attendance at Shareholder Meetings of Public. The threshold for financial institution to solicit unlimited amount of proxies are especially stringent. This article finds that this amendment might contradict with shareholder activism. Moreover, there seems to lack a legitimate ground for treating financial institution differently from the non-financial institution. More could be thought over from the point of view of comparative law. Therefore, this article reviews the recent amendment, taking into account the fountainhead, the pros and cons and the restrictions on the proxies in light of comparative law and provides some suggestions.

SFC reminding sponsors of the need to adopt an attitude of “professional scepticism”

2017 ◽  
Vol 18 (3) ◽  
pp. 82-84
Author(s):  
Gareth Hughes ◽  
James Comber
Keyword(s):  
Hong Kong ◽  
Design Methodology ◽  
Regulatory Regime ◽  
Group Company ◽  
Content Type ◽  
Professional Skepticism ◽  
Company Limited ◽  
A Company ◽  
Practical Implications ◽  
Do So

Purpose To remind sponsors to adopt an attitude of “professional skepticism” in Hong Kong IPOs. Design/methodology/approach Explains the Securities and Futures Commission (“SFC”)'s sanction on BOCOM International (Asia) Limited (“BIAL”) as a sign of determination to hold sponsors to account as gatekeepers to the Hong Kong capital markets. Findings The SFC has reprimanded and fined BIAL HK$15 million for failing to discharge its duties as a sole sponsor in a listing application for China Huinong Capital Group Company Limited (“China Huinong”), a company established in the PRC. This substantial fine reinforces the need for sponsors to ensure that they fully and properly discharge all of their duties, and that they will be held responsible for any failure to do so, even if the listing is not ultimately approved. Practical implications If sponsors fail to fulfil the requirements required under the sponsors’ regulatory regime, the SFC will be proactive and impose tough sanctions, even if the listing application is eventually withdrawn or returned by the SEHK. Originality/value Practical guidance from experienced regulatory, financial and commercial dispute resolution lawyers.

Strengthening and widening of steel pony truss bridges

1977 ◽  
Vol 4 (2) ◽  
pp. 214-225
Author(s):  
Baidar Bakht ◽  
Paul F. Csagoly
Keyword(s):  
Traffic Safety ◽  
Carrying Capacity ◽  
Point Of View ◽  
Load Carrying Capacity ◽  
Truss Bridges ◽  
Load Carrying ◽  
Live Loads ◽  
Pros And Cons ◽  
Pony Truss Bridge ◽  
Truss Bridge

There are many thousands of existing pony truss bridges in North America which were constructed in the earlier part of this century and are still serving as important traffic carriers. The present economic situation demands that these bridges should usefully serve their purpose for as long as is safely possible.These bridges could be found inadequate for either or both of the following reasons. With the exception of remote areas, operational traffic safety would require two 12-ft lanes plus adequate shoulders. Many of these old bridges are therefore unsatisfactory from the geometrical point of view. Some bridges were designed for live loads that are only a fraction of present commercial vehicle weights.A computer-oriented method of rigorous analysis of lateral buckling behaviour of pony truss bridges is briefly discussed. The method is implemented through a computer program which has been validated by experimental data. It is expected that the program would predict realistic values of load-carrying capacity of such bridges and would help to avoid many an unnecessary replacement.Various methods of strengthening and widening pony truss bridges, and their pros and cons, are discussed. It is shown that the strengthening of a few components of a pony truss bridge does not always lead to an increase in the load-carrying capacity of the bridge.

scholarly journals Emotion Modulation of the Body-Selective Areas in the Developing Brain

2019 ◽  
Author(s):  
Paddy Ross ◽  
Beatrice de Gelder ◽  
Frances Crabbe ◽  
Marie-Hélène Grosbras
Keyword(s):  
Conflict Of Interest ◽  
Right Hemisphere ◽  
Brain Activity ◽  
The Body ◽  
Childhood And Adolescence ◽  
Body Perception ◽  
Body Area ◽  
Potential Conflict ◽  
First Time ◽  
Posterior Superior Temporal Sulcus

AbstractEmotions are strongly conveyed by the human body and the ability to recognize emotions from body posture or movement is still developing through childhood and adolescence. To date, there are very few studies exploring how these behavioural observations are paralleled by functional brain development. Furthermore, there are currently no studies exploring the development of emotion modulation in these areas. In the current study, we used functional magnetic resonance imaging (fMRI) to compare the brain activity of 25 children (age 6-11), 18 adolescents (age 12-17) and 26 adults while they passively viewed short videos of angry, happy or neutral body movements. We observed that when viewing bodies generally, adults showed higher activity than children bilaterally in the body-selective areas; namely the extra-striate body area (EBA), fusiform body area (FBA), posterior superior temporal sulcus (pSTS) and amygdala (AMY). Adults also showed higher activity than adolescents, but only in right hemisphere body-selective areas. Crucially, however, we found that there were no age differences in the emotion modulation of activity in these areas. These results indicate, for the first time, that despite activity selective to body perception increasing across childhood and adolescence, emotion modulation of these areas in adult-like from 7 years of age.Conflict of InterestThe author declares that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

scholarly journals Muscles Recruited During an Isometric Knee Extension is Defined by Proprioceptive Feedback

2019 ◽  
Author(s):  
Gareth York ◽  
Hugh Osborne ◽  
Piyanee Sriya ◽  
Sarah Astill ◽  
Marc de Kamps ◽  
...  
Keyword(s):  
Spinal Cord ◽  
Conflict Of Interest ◽  
Rectus Femoris ◽  
Knee Extension ◽  
Proprioceptive Feedback ◽  
Muscle Synergy ◽  
Knee Angle ◽  
Potential Conflict ◽  
Dynamic Task ◽  
Isometric Knee Extension

AbstractProprioceptive feedback and its role in control of isometric tasks is often overlooked. In this study recordings were made from upper leg muscles during an isometric knee extension task. Internal knee angle was fixed and subjects were asked to voluntarily activate their rectus femoris muscle. Muscle synergy analysis of these recordings identified canonical temporal patterns in the data. These synergies were found to encode two separate features: one concerning the coordinated contraction of the recorded muscles and the other indicating agonistic/antagonistic interactions between these muscles. The second synergy changed with internal knee angle reflecting the influence of afferent activity. This is in contrast to previous studies of dynamic task experiments which have indicated that proprioception has a negligible effect on synergy expression. Using the MIIND neural simulation platform, we developed a spinal population model with an adjustable input representing proprioceptive feedback. The model is based on existing spinal population circuits used for dynamic tasks. When the same synergy analysis was performed on the output from the model, qualitatively similar muscle synergy patterns were observed. These results suggest proprioceptive feedback is integrated in the spinal cord to control isometric tasks via muscle synergies.Significance statementSensory feedback from muscles is a significant factor in normal motor control. It is often assumed that instantaneous muscle stretch does not influence experiments where limbs are held in a fixed position. Here, we identified patterns of muscle activity during such tasks showing that this assumption should be revisited. We also developed a computational model to propose a possible mechanism, based on a network of populations of neurons, that could explain this phenomenon. The model is based on well established neural circuits in the spinal cord and fits closely other models used to simulate more dynamic tasks like locomotion in vertebrates.Conflict of interest statementThe authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

scholarly journals Certolizumab pegol: new opportunities for treatment of moderate to severe plaque psoriasis

2019 ◽  
Vol 95 (5) ◽  
pp. 50-57
Author(s):  
A. A. Kubanov ◽  
A. L. Bakulev ◽  
M. I. Gluzmin ◽  
M. M. Kokhan ◽  
L. S. Kruglova ◽  
...  
Keyword(s):  
Psoriatic Arthritis ◽  
Conflict Of Interest ◽  
Plaque Psoriasis ◽  
Randomized Clinical Trials ◽  
Placental Transfer ◽  
Certolizumab Pegol ◽  
Fab Fragment ◽  
Potential Conflict ◽  
Severe Plaque Psoriasis ◽  
Tnf Α

Tumor necrosis factor alpha (TNF-α) is one of the key inflammatory cytokines in the pathogenesis of psoriasis and psoriatic arthritis, and its inhibition with genetically engineered biological drugs ensures control of the main symptoms of these diseases. Certolizumab pegol is a PEGylated (linked to polyethylene glycol) Fab’ fragment of a monoclonal antibody that inhibits human TNF-α. It is approved for treatment of moderate to severe plaque psoriasis and psoriatic arthritis. This review summarizes the results of randomized clinical trials of efficacy and safety of certolizumab pegol in plaque psoriasis (CIMPASI 1, CIMPASI 2, and CIMPACT) and psoriatic arthritis (Rapid-PsA). The represented data demonstrate high efficacy of certolizumab pegol is bio-naïve patients and in patients previously exposed to other TNF inhibitors or IL17 inhibitors. The absence of the Fc-fragment in certolizumab pegol ensures minimal to no placental transfer of the drug and enables its usage during the entire pregnancy.Conflict of interest: the authors state that there is no potential conflict of interest requiring disclosure in this article.

scholarly journals Nepotism, favoritism and cronyism as a source of conflict of interest: corruption or not?

2020 ◽  
Vol 9 (29) ◽  
pp. 163-169
Author(s):  
Anna Tytko ◽  
Mykhailo Smokovych ◽  
Yuliia Dorokhina ◽  
Olena Chernezhenko ◽  
Serhii Stremenovskyi
Keyword(s):  
Conflict Of Interest ◽  
Conflicts Of Interest ◽  
Business Environment ◽  
Structural Method ◽  
Systematic Analysis ◽  
Family Ties ◽  
Logical Connection ◽  
Legal Method ◽  
Logical Method ◽  
Pros And Cons

The purpose of the article is to analyze the concepts of “nepotism”, “favoritism” and “cronyism” as the forms of conflict of interest, as well as to identify the relationship between the dissemination of these phenomena in the context of conflict of interest and the determinants of the latter. Methodology. Taking into account the purpose of the article, the links between the corruption and nepotism, cronyism, favoritism as forms of conflict of interest have been defined based on the method of a systematic analysis. The logical method, as well as comparative and legal method helped to analyze the concepts of “nepotism”, “сronуіsm”, “favoritism” and “clientelism”. The method of induction and deduction enabled to distinguish the key features of favoritism, cronyism, and nepotism. The method of hermeneutics allowed to interpret the above concepts through the prism of the features of corruption. The system and structural method made it possible to make a logical connection between the conflict of interest and the manifestation of favoritism, nepotism and cronyism. The legal modeling method was helpful in drawing conclusions of the research. The results of the study. The pros and cons of using family ties and friendly relations, depending on the scope of nepotism, favoritism and cronyism have been identified as a result of a study. The connection between these phenomena and the spread of conflicts of interest in the public service has been examined. Practical implications. An attempt to identify favoritism, nepotism and cronyism as the form of conflict of interest has been made, as well as some recommendations to amend the relevant legal acts have been provided. Value / originality. For the first time, the authors examined the possibility of having positive results from using nepotism, cronyism and favoritism in forming business environment.

Entrepreneurship and fintech development: comparing reward and equity crowdfunding

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ciro Troise ◽  
Diego Matricano ◽  
Elena Candelo ◽  
Mario Sorrentino
Keyword(s):  
Design Methodology ◽  
State Of The Art ◽  
Methodological Approach ◽  
Point Of View ◽  
Comparative Approach ◽  
Current Debate ◽  
Content Type ◽  
Equity Crowdfunding ◽  
Research Propositions ◽  
Practical Implications

Purpose Starting from the state-of-the-art of Fintech development, this study aims to propose some research propositions comparing reward-crowdfunding (RCF) and equity-crowdfunding (ECF). In this sense, the present research provides a comprehensive analysis of fintech development and – to conceptualize the comparison between RCF and ECF – it focuses on campaigns’ characteristics, aims and post-campaigns scenarios. Design/methodology/approach All the research propositions related to the comparison between RCF and ECF are rooted in dedicated literature. The methodological approach adopted in the present paper can be referred to theorizing. Findings This study suggests that five key elements characterize the development of fintech: regulation, infrastructure, technologies, finance and innovations. The research provides nine propositions: four related to the campaigns’ characteristics; two related to the use of crowdfunding models by entrepreneurs; and three related to the performance of crowdfunded companies. Practical implications By offering nine research propositions, this study is expected to foster and support the investigation of fintech development from an entrepreneurial and managerial point of view. Originality/value To the best of authors’ knowledge, this study is among the first to explore the fintech development and to propose a comparative approach between RCF and ECF. This research contributes to the current debate on fintech development as well as on the comparison between crowdfunding models.

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