不作为型内幕交易罪

论述了在刑法的理论中,危害行为可分为作为与不作为,其中不作为犯可分为纯正不作为犯和不纯正不作为犯。认定纯正不作为犯和不纯正不作为犯中的自然犯比较容易,但对于不纯正不作为犯中的法定犯的认定却一直是理论争论的焦点之一。笔者试图从两个案例出发,针对否定说所持的四个否定不作为型内幕交易罪的理由,以内幕交易罪的本质特点——利用内幕信息出发,从正反两方面论证不作为型内幕交易罪。     

公务员圈内人身份感知对任务绩效的影响研究——基于差序格局理论

华人社会中普遍存在着独特的圈子现象。以差序格局为理论基础,从下级主观感知的视角出发,探讨公务员圈内人身份感知对任务绩效的影响机制。实证研究结果表明,公务员圈内人身份感知对任务绩效有正向预测作用,圈内人身份感知对工作投入有正向预测作用,工作投入是圈内人身份感知与任务绩效关系的中介变量。     

家族企业、信息泄露及内幕交易可能性

利用事件研究法,本文实证分析了家族企业在信息泄露和内幕交易可能性等方面与非家族控股类企业的差异性.结果表明:对于利好消息,家族控股类企业在信息公告之前30个窗口期内的累计异常收益率显著高于非家族控股类企业(约高出1.5％),说明家族企业存在着更为明显的信息泄露问题,其发生内幕交易的可能性较非家族控股类企业更为明显;而对于利空消息,两类股权组织结构不同的企业间并未表现出显著差异.     

紧急状态下国家自我保存权问题思考

疾病威胁同人类一样古老,其发展与变化不可预测。人类还有持续利用病菌作为武器攻击他人的事例出现。在对极端致命威胁的防治问题上,紧急状态下国家自我保存权问题尤为引人关注。国家自我保存权理论经历了从国家违反国际法义务的权力、正当理由到仅作为免责借口的发展历程,但其模糊性的特点仍然存在。国家难以平衡“国家权力”与“面临危险威胁的人的权利”之间的关系。《国家对国际不法行为的责任条款草案》第25条和第26条旨在处理这一棘手问题。该第25条和第26条有较严格的适用条件限制,结合实例论述该适用条件有助于正确认识和把握国家自我保存权。     

论内幕交易罪中“内幕信息”的界定

内幕信息的界定是认定某交易行为能否构成内幕交易罪的关键所在,对于内幕信息的判断问题,各国法的规定并不相同,但一般都认为内幕信息应当具有重要性（实质性或价格敏感性）、未公开性、相关性的特征,欧盟指令还指出内幕信息应具有准确性的特征。美国判例关于实质性、相关性的证明方式,日本法中关于重要信息的分类列举方式,欧盟法中的“准确性”标准等对于中国法的相关问题都具有相当的借鉴意义。     

Information in Securities Markets: Kyle Meets Glosten and Milgrom

This paper analyzes models of securities markets with a single strategic informed trader and competitive market makers. In one version, uninformed trades arrive as a Brownian motion and market makers see only the order imbalance, as in Kyle (1985). In the other version, uninformed trades arrive as a Poisson process and market makers see individual trades. This is similar to the Glosten–Milgrom (1985) model, except that we allow the informed trader to optimize his times of trading. We show there is an equilibrium in the Glosten–Milgrom‐type model in which the informed trader plays a mixed strategy (a point process with stochastic intensity). In this equilibrium, informed and uninformed trades arrive probabilistically, as Glosten and Milgrom assume. We study a sequence of such markets in which uninformed trades become smaller and arrive more frequently, approximating a Brownian motion. We show that the equilibria of the Glosten–Milgrom model converge to the equilibrium of the Kyle model.     

中国发展MBO的理性思考

管理层收购(MBO)被认为是可以降低企业代理成本和解决内部人控制的一种长期激励制度。中国的MBO刚刚起步,但已被赋予了特殊的使命———解决国有企业产权问题。目前社会各界对我国要不要发展MBO和如何发展MBO存在很大争议。明确中国MBO的实施目的是解决问题的关键,应从中国的现实出发对MBO有一个科学理解和正确认识,同时对MBO的定价原则、融资问题、实施效果和实施环境等应进行理性的再思考。     

国有企业的内部人控制研究

内部人控制问题仍然是公司治理中要解决的主要问题,若此问题不设法解决,不但对股东利益有影响,而且还影响着中国资本市场的稳定,影响着中国经济的长足发展。内部人控制的企业并不是直接地、无条件地产生内部人控制问题,因此在界定两者之间的差别的基础上,分析了内部人控制的产生原因及其正负面影响,进而提出解决内部人控制的可行性方法,规范国有企业的公司治理。     

Probability Elicitation Under Severe Time Pressure: A Rank‐Based Method

Probability elicitation protocols are used to assess and incorporate subjective probabilities in risk and decision analysis. While most of these protocols use methods that have focused on the precision of the elicited probabilities, the speed of the elicitation process has often been neglected. However, speed is also important, particularly when experts need to examine a large number of events on a recurrent basis. Furthermore, most existing elicitation methods are numerical in nature, but there are various reasons why an expert would refuse to give such precise ratio‐scale estimates, even if highly numerate. This may occur, for instance, when there is lack of sufficient hard evidence, when assessing very uncertain events (such as emergent threats), or when dealing with politicized topics (such as terrorism or disease outbreaks). In this article, we adopt an ordinal ranking approach from multicriteria decision analysis to provide a fast and nonnumerical probability elicitation process. Probabilities are subsequently approximated from the ranking by an algorithm based on the principle of maximum entropy, a rule compatible with the ordinal information provided by the expert. The method can elicit probabilities for a wide range of different event types, including new ways of eliciting probabilities for stochastically independent events and low‐probability events. We use a Monte Carlo simulation to test the accuracy of the approximated probabilities and try the method in practice, applying it to a real‐world risk analysis recently conducted for DEFRA (the U.K. Department for the Environment, Farming and Rural Affairs): the prioritization of animal health threats.     

论证券市场内幕交易民事诉讼中的举证责任

证券市场上的内幕交易行为作为一种违法违规行为一直是各国立法规制的对象,我国虽然也有相关立法规定,但是却鲜有关于内幕交易民事责任的规定。本文讨论了内幕交易民事责任中的举证责任,并主张应实行举证责任倒置。