scholarly journals Securities class actions of Chinese companies

2018 ◽  
Vol 15 (4) ◽  
pp. 107-130
Author(s):  
Nancy Chun Feng ◽  
Ross D. Fuerman
Keyword(s):  
Audit Quality ◽  
Mainland China ◽  
Class Action ◽  
Country Level ◽  
Class Actions ◽  
Chinese Companies ◽  
Low Country ◽  
The Us ◽  
New Finding ◽  
Auditor Litigation

This paper provides the first empirical evidence documenting the determinants and outcomes of private securities class action lawsuits filed in the US and Canada against Chinese companies and their auditors. Our findings show that, in the global context, Chinese companies are positively associated with their auditors being defendants and experiencing an adverse outcome (for example, related government enforcement actions and/or settlement payments to terminate class actions). A group of companies from outside the US with low country level audit quality, the Chinese companies, and the overall global sample were compared. For the low country level audit quality comparison group, we found that a restatement was negatively associated with auditors being defendants; this is a new finding. Two unique Chinese characteristics are that reverse mergers are positively associated with auditor litigation and bankruptcy has no association with auditor litigation. Aggregate Chinese companies’ settlements are positively associated with the occurrence of an auditor settlement and with class period length. Auditor settlements are associated with several factors. No mainland China CPA firm has ever paid to settle a private securities class action filed in the US or Canada; this also is a new finding. Several factors explain this last result.

scholarly journals Die Us-Amerikanische Class Action: Struktur und Rechtsökonomischer Hintergrund

2011 ◽  
Vol 11 (2) ◽  
pp. 79-92
Author(s):  
Marina Tamm
Keyword(s):  
Capital Market ◽  
Legal Regulation ◽  
Class Action ◽  
False Information ◽  
Legal Rules ◽  
Class Actions ◽  
The Us

Abstract The article is dealing with the new German legal regulation concerning so called securities class actions. Th e author sees the new possibilites to bind together claims which arose from false information in capital market as a followor of the US class actions, therefore the article explains with the aim to simplify the intepretation of the new German legal rules the current American legal regulation of class actions. Th is means it analyses mainly the article 23 of the Federal Rules of Civil Prodecure and brings opinions of the author whether its particularities may function in Germany or not.

PENERAPAN METODE STORY READING UNTUK MENINGKATKAN KEMAMPUAN BERBICARA ANAK USIA 5 - 6 TAHUN DI TK MELATI / ABA 005 PULAU BALAI

2015 ◽  
Vol 4 (2) ◽  
pp. 143
Author(s):  
Hasnidar '
Keyword(s):  
Data Collection ◽  
Initial Data ◽  
Research Data ◽  
Class Action ◽  
Percentage Increase ◽  
Story Reading ◽  
Reading Methods ◽  
Number Of Children ◽  
Class Actions ◽  
Speaking Skills

This study aims to improve speaking skills of children aged 5-6 through methods Story Reading in TK Melati/ ABA 005 Pulau Balai. The method used is a Class Action Research. Class actions that researchers do the research is to use the method Story Reading to improve speaking skills of children aged 5-6 years in TK Melati TK Melati/ ABA 005 Pulau Balai, and is observed by the observer. Samples taken are TK Melati/ ABA 005 Pulau Balai with the number of children of 20 people, consisting of 13 men and 7 women. Data collection techniques in this research is through observation of teachers and children as well as data capability speaking children aged 5-6 years with use of methods Story Reading. Hipotesis in this study is if the method will be applicable Story Reading can improve speaking skills of children aged 5-6 years in TK Melati/ ABA Pulau Balai 005 can be enhanced through storytelling. Results of the research data obtained by using the method Story Reading can improve the ability to speak of children aged 5-6 years in TK Melati / ABA 005 Pulau Balai. The percentage increase in the ability to speak the child at the age of 5-6 years using Story Reading methods in TK Melati/ ABA 005 Pulau Balai, from initial data to the second cycle increased by 32.2%. The implication of this study is the use of methods Story Reading used properly, can improve speaking skills of children aged 5-6 years in TK Melati/ ABA 005 Pulau BalaiKeywords: story reading, speech

Audit Quality of Chinese ADR Engagements

2016 ◽  
Vol 31 (2) ◽  
pp. 25-43 ◽  
Author(s):  
Aloke (Al) Ghosh ◽  
Elisabeth Peltier ◽  
Cunyu Xing
Keyword(s):  
Audit Quality ◽  
Emerging Market ◽  
Financial Statements ◽  
Foreign Firms ◽  
American Depositary Receipts ◽  
Reverse Mergers ◽  
Chinese Companies ◽  
Big 4 ◽  
Depositary Receipts

SYNOPSIS The controversy over Chinese reverse mergers has led to concerns about the audit quality of all U.S.-listed Chinese companies. Because a sizeable number of foreign firms cross-list their shares as American Depositary Receipts (ADRs) issued by U.S. depositary banks (as opposed to direct listings), we study how auditors have managed their audits of Chinese ADRs. Our motivation for examining Chinese ADRs is based on the findings that cross-listing via the ADR process is beneficial for U.S. shareholders. We find that relative to ADRs from countries other than China, and relative to directly listed Chinese companies, Chinese ADRs are more likely to be associated with a Big 4 auditor and are less likely to restate prior-period financial statements. We also find that Chinese ADRs pay significantly higher fees than other emerging market ADRs and Chinese direct-listings. Collectively, these results suggest high audit quality for Chinese ADRs, which is in sharp contrast to the Chinese direct-listing results. Using Tobin's Q as a measure of market value, we find that the stock market rewards Chinese ADRs, indicating that investors incorporate the benefits of higher audit quality when evaluating Chinese ADRs.

scholarly journals The carbon footprint of dietary guidelines around the world: a seven country modeling study

2021 ◽  
Vol 20 (1) ◽  
Author(s):  
Brittany Kovacs ◽  
Lindsey Miller ◽  
Martin C. Heller ◽  
Donald Rose
Keyword(s):  
The Netherlands ◽  
Carbon Footprint ◽  
The United States ◽  
Dietary Guidelines ◽  
Consumption Patterns ◽  
Consumption Pattern ◽  
Carbon Footprints ◽  
Country Level ◽  
The Us ◽  
The World

Abstract Background Do the environmental impacts inherent in national food-based dietary guidelines (FBDG) vary around the world, and, if so, how? Most previous studies that consider this question focus on a single country or compare countries’ guidelines without controlling for differences in country-level consumption patterns. To address this gap, we model the carbon footprint of the dietary guidelines from seven different countries, examine the key contributors to this, and control for consumption differences between countries. Methods In this purposive sample, we obtained FBDG from national sources for Germany, India, the Netherlands, Oman, Thailand, Uruguay, and the United States. These were used to structure recommended diets using 6 food groups: protein foods, dairy, grains, fruits, vegetables, and oils/fats. To determine specific quantities of individual foods within these groups, we used data on food supplies available for human consumption for each country from the UN Food and Agriculture Organization’s food balance sheets. The greenhouse gas emissions (GHGE) used to produce the foods in these consumption patterns were linked from our own database, constructed from an exhaustive review of the life cycle assessment literature. All guidelines were scaled to a 2000-kcal diet. Results Daily recommended amounts of dairy foods ranged from a low of 118 ml/d for Oman to a high of 710 ml/d for the US. The GHGE associated with these two recommendations were 0.17 and 1.10 kg CO2-eq/d, respectively. The GHGE associated with the protein food recommendations ranged from 0.03 kg CO2-eq/d in India  to 1.84 kg CO2-eq/d in the US, for recommended amounts of 75 g/d and 156 g/d, respectively. Overall, US recommendations had the highest carbon footprint at 3.83 kg CO2-eq/d, 4.5 times that of the recommended diet for India, which had the smallest footprint. After controlling for country-level consumption patterns by applying the US consumption pattern to all countries, US recommendations were still the highest, 19% and 47% higher than those of the Netherlands and Germany, respectively. Conclusions Despite our common human biology, FBDG vary tremendously from one country to the next, as do the associated carbon footprints of these guidelines. Understanding the carbon footprints of different recommendations can assist in future decision-making to incorporate environmental sustainability in dietary guidance.

Competition Litigation

2019 ◽  
Keyword(s):  
Class Action ◽  
Criminal Proceedings ◽  
Applicable Law ◽  
Class Actions ◽  
Joint And Several Liability ◽  
Litigation Process ◽  
Opt Out ◽  
Full Analysis ◽  
Deutsche Bahn ◽  
The Uk

This book provides a comprehensive guide to all aspects of competition litigation in the UK. It covers both practice and procedure in the UK courts as well as in the Competition Appeal Tribunal. All aspects of case work are covered, from commencement of proceedings, group litigation, jurisdiction, applicable law, evidence, remedies, costs, and arbitration to criminal proceedings, giving competition lawyers a full analysis of the litigation process. There are also new chapters dedicated to the practice and procedure in Scotland and Northern Ireland.Fully updated in its second edition, coverage reflects important amendments to the Competition Act 1998; for example, the introduction of rules for class actions in the Competition Appeal Tribunal. As a result of the implementation of the Damages Directive, Directive 2014/204, new rules have been introduced for disclosure and joint and several liability. The book also covers the new cartel offence, which no longer has the mens rea of dishonesty.The new edition covers a range of important new cases: to name but a few, Sainsbury’s v MasterCard on the pass-on defence; Dorothy Gibson and Walter Merricks on opt-out class action; Cooper Tire and Toshiba Carrier on anchor defendants; and Deutsche Bahn on applicable law.

scholarly journals INTERNATIONAL EXPERIENCE OF THEORETICAL AND PRACTICAL ASPECTS OF GROUP LAWSUITS

2020 ◽  
Vol 6 (42) ◽  
pp. 85
Author(s):  
T. Oldak
Keyword(s):  
International Experience ◽  
Class Action ◽  
Procedural Law ◽  
Class Actions ◽  
Opt Out ◽  
Civil Proceedings ◽  
Legitimate Interests ◽  
Scope Of Application ◽  
General Scientific ◽  
Large Groups

The article is devoted to the study of international experience of theoretical and practical aspects of proceedings in class actions. This study will present various models of regulation in this area of the Anglo-Saxon and mixed legal families. By analyzing this legal basis, the practice of application will be possible to establish the essence of the class action in civil proceedings by disclosing the main features that are inherent in it and are such that distinguish it from other procedural structures aimed at protecting violated rights and legitimate interests as effective judicial mechanism.The subject of the study is issues related to one of the jurisdictional ways to protect the rights and legitimate interests of large groups of people. The purpose of this work is to publish the results of the study, which was conducted as part of a dissertation study on "Group lawsuit in civil proceedings in Ukraine." During the study, a general scientific dialectical method of use was used, which allowed to comprehensively study the main provisions of class action in foreign procedural law and the possibility of its development in the legislation of Ukraine, and provided an opportunity to reveal the nature of class actions in civil proceedings. stages. The scope of application of the results of the development of the theoretical basis in the field of mechanisms for the protection of the rights and legitimate interests of large groups of persons in order to introduce the appropriate procedure in the civil procedure legislation of Ukraine.Key words: civil proceedings, group lawsuit, initiating plaintiff, numerous groups, litigation proceedings, model "opt-in", "opt-out".

scholarly journals Opportunities to improve the measurement of audit quality: a call for collaboration between the profession and academics

2016 ◽  
Vol 90 (9) ◽  
pp. 352-351 ◽  
Author(s):  
Jeroen van Raak ◽  
Ulrike Thürheimer
Keyword(s):  
Audit Quality ◽  
Audit Fees ◽  
Class Action ◽  
Financial Statement ◽  
Accrual Quality ◽  
Wide Range ◽  
External Stakeholders ◽  
Insight Into ◽  
Considerable Doubt

Audit research relies on a wide range of publicly available measures to examine which factors influence the quality of financial statement audits. While research to date has to rely largely on remote proxies due to a lack of access to proprietary data, there is considerable doubt about the validity of these proxies and the inferences drawn based on these proxies. In order to provide insight into the reliability of these measures, Rajgopal, Srinivasan & Zheng (2015) investigate whether commonly used proxies for audit quality (i.e. auditor size, abnormal audit fees, accrual quality, and the propensity to meet and beat analyst targets) are associated with deficiencies reported in SEC investigations and class-action lawsuits. Such alleged deficiencies reflect how external stakeholders assess audit performance. Their study indicates that the use of such proxies is highly problematic and that the performance of these measures, with the exception of auditor size, is poor.

Review of securities class action filings in 2015

2016 ◽  
Vol 17 (3) ◽  
pp. 1-27
Author(s):  
Alexander Aganin
Keyword(s):  
Design Methodology ◽  
Stock Exchange ◽  
Class Action ◽  
Current View ◽  
Content Type ◽  
Industry Sector ◽  
Class Actions ◽  
Trends Over Time ◽  
Loss Index

Purpose To provide an analysis of securities class action filings in 2015 along with related trends over time and a comprehensive current view of the securities class action landscape. Design/methodology/approach Details 2015 securities class actions and related trends in terms of the number and size of filings; market capitalization losses; the litigation exposure of IPOs; the classification of complaints; litigation likelihood for US exchange-listed companies; resolutions (settlements, dismissals or trial verdict outcomes); timing of dismissals and settlements; filing lags; filings against foreign issuers; number of mega filings; recent rulings related to class certification; and concentration of class action activity by industry sector, stock exchange and court circuit. Findings The number of filings in 2015 was the largest since 2008. The Disclosure Dollar Loss Index® (DDL Index®), the Maximum Dollar Loss Index® (MDL Index®) and the number of mega filings rose sharply in 2015 after declines in 2014. The Consumer Non-Cyclical sector had the most filings in 2015 while filings against companies in the Financial sector were below historical averages. Dismissal rates appear to be trending down. The median filing lag has never been shorter than in 2015. Filings against foreign issuers remain at high levels. Filings against S&P 500 companies remained below the historical average. Originality/value Detailed analysis by legal and industry experts.

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