Suchergebnisse

The edited volume aims at examining China's role in the field of international governance and the rule of law under the Belt and Road Initiative from a holistic manner. It seeks alternative analytical frameworks that not only take into account legal ideologies and legal ideals, but also local demand, socio-political circumstances, to explain and understand China's legal interactions with countries along the Road, so that more useful insights can be produced in predicting and analysing China's as well as other emerging Asian countries' legal future. Authors from Germany, Korea, Singapore, Mainland China, Taiwan and Hong Kong have contributed to this edited volume, which produces academic dialogues and conducts intellectual exchanges in specific sub-themes

Legal services are an important type of trade in services, and opening up the legal services market requires careful consideration. The Closer Economic Partnership Agreement (CEPA) between Mainland China and Hong Kong has taken the lead in setting the platform for opening up the legal services market. This regional free trade arrangement aims to provide preferential treatment to (and only to) the legal service industry and providers in the region. Because of the ever-developing economic relationship between the two parties, it is necessary to study the possibility of opening the market even further. This article examines the existing framework for liberalization of legal services under the CEPA framework and offers some suggestions on further liberalization of legal services between Mainland China and Hong Kong.

The law, China, and the world : an introduction / Yun Zhao and Michael Ng -- Punishments in the post re-education through labour world : questions about minor crime in China / Sarah Biddulph -- Understanding the presumption of innocence in China : institution and practice / Lin Xifen and Casey Watters -- Judicial approach to human rights in transitional China / Shucheng Wang -- Public enforcement of securities laws : a case of convergence? / Chao Xi and Xuanming Pan -- China's free trade from SEZs to CEPA to FTZs : the Beijing consensus in global convergence and divergence / Wenwei Guan -- Achievements and challenges of Chinese maritime judicial practice / Liang Zhao -- Interaction of national law-making and international treaties : implementation of the convention against torture in China / Bjorn Ahl -- Online privacy protection : a legal regime for personal data protection in China / Yun Zhao -- Traditionalising Chinese law : symbolic epistemic violence in the discourse of legal reform and modernity in late Qing China / Li Chen -- Judicial orientalism : imaginaries of Chinese legal transplantation in common law / Michael Ng -- Commercial arbitration transplanted : a tale of the book industry in modern Shanghai / Billy K.L. So and Sufumi So -- China's unilateral abrogation of the Sino-Belgian treaty : case study of an instance of deviant transplantation / Maria Adelel Carrai -- Consequential court and judicial leadership : the unwritten Republican judicial tradition in China / Zhaoxin Jiang

AbstractThis paper examines the relationship between volatility and the probability of occurrence of expected extreme returns in the Canadian market. Four measures of volatility are examined: implied volatility from firm option prices, conditional volatility calculated using an EGARCH model, idiosyncratic volatility, and expected shortfall. A significantly positive relationship is observed between a firm's idiosyncratic volatility and the probability of occurrence of an extreme return in the subsequent month for firms. A 10% increase in idiosyncratic volatility in a given month is associated with the probability of an extreme shock in the subsequent month (top or bottom 1.5% of the returns distribution) of 26.4%. Other firm characteristics, including firm age, price, volume and book‐to‐market ratio, are also shown to be significantly related to subsequent firm extreme returns. The effects of conditional and implied volatility are mixed. The E‐GARCH and expected shortfall measures of conditional volatility are consistent with mean reversion: high short term realizations of conditional volatility foreshadow a lower probability of extreme returns.