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Author: Gen Goto
Publisher:
ISBN:
Category :
Languages : en
Pages : 40
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Book Description
Securities litigation against issuers is growing in Japan. In the latter half of the 2000's, many suits against issuers that made material misrepresentations were filed by investors in the secondary market, and in many of them, plaintiffs were granted judgments in their favor. Before then, such litigation was very rare. After reviewing Article 21-2 of Financial Instruments and Exchange Act, which is a special provision for statutory liability of issuers to investors in the secondary market, and a few aspects of Japanese civil procedural law, such as a lack of the U.S.-style class actions, this article tries to grasp the reality of securities litigation in Japan.First, securities litigation against issuers has increased, but still it is not filed in every possible case. In other words, securities litigation is still not a wide-spread phenomenon, but it has attracted attention as court decisions in a few notable cases have accumulated quickly, as multiple suits by different plaintiffs were filed concurrently against the same issuer for the same misrepresentation by different plaintiffs. Second, these plaintiffs can be categorized into three types, namely, institutional investors, a group of other investors (i.e., other than institutional investors) gathered by lawyers via the Internet, and individual investors. Although the second type resembles class actions in the U.S. to some extent, their lawyers' compensation differs as they take retainers and set modest rates of 10-20% for contingency fees. Also, the focus of discussions that followed the increase of securities litigation was not on an increase of strike suits without merit, but rather on the theoretical rationale of the issuer's liability. These findings show that securities litigation is possible even without the U.S.-style class actions, if there is strong substantive law, but that it could develop differently from that in the U.S. Research on the deterrence effect of securities litigation in Japan should take these factors into consideration.
Author: Gen Goto
Publisher:
ISBN:
Category :
Languages : en
Pages : 40
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Book Description
Securities litigation against issuers is growing in Japan. In the latter half of the 2000's, many suits against issuers that made material misrepresentations were filed by investors in the secondary market, and in many of them, plaintiffs were granted judgments in their favor. Before then, such litigation was very rare. After reviewing Article 21-2 of Financial Instruments and Exchange Act, which is a special provision for statutory liability of issuers to investors in the secondary market, and a few aspects of Japanese civil procedural law, such as a lack of the U.S.-style class actions, this article tries to grasp the reality of securities litigation in Japan.First, securities litigation against issuers has increased, but still it is not filed in every possible case. In other words, securities litigation is still not a wide-spread phenomenon, but it has attracted attention as court decisions in a few notable cases have accumulated quickly, as multiple suits by different plaintiffs were filed concurrently against the same issuer for the same misrepresentation by different plaintiffs. Second, these plaintiffs can be categorized into three types, namely, institutional investors, a group of other investors (i.e., other than institutional investors) gathered by lawyers via the Internet, and individual investors. Although the second type resembles class actions in the U.S. to some extent, their lawyers' compensation differs as they take retainers and set modest rates of 10-20% for contingency fees. Also, the focus of discussions that followed the increase of securities litigation was not on an increase of strike suits without merit, but rather on the theoretical rationale of the issuer's liability. These findings show that securities litigation is possible even without the U.S.-style class actions, if there is strong substantive law, but that it could develop differently from that in the U.S. Research on the deterrence effect of securities litigation in Japan should take these factors into consideration.
Author: Robin Hui Huang
Publisher: Cambridge University Press
ISBN: 1316738507
Category : Law
Languages : en
Pages : 553
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Book Description
This book assembles the world's most authoritative specialists for a comparative analysis of the enforcement of corporate and securities laws in thirteen national jurisdictions. It examines the enforcement of corporate and securities laws across the globe and across different legal and political systems from an in-depth comparative perspective.
Author: Reinier H. Kraakman
Publisher: Oxford University Press
ISBN: 019873963X
Category : Corporation law
Languages : en
Pages : 305
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Book Description
This is the long-awaited third edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively revised and updated to reflect the profound changes in corporate law and governance practices that have taken place since the previous edition. These include numerous regulatory changes following the financial crisis of 2007-09 and the changing landscape of governance, especially in the US, with the ever more central role of institutional investors as (active) owners of corporations. The geographic scope of the coverage has been broadened to include an important emerging economy, Brazil. In addition, the book now incorporates analysis of the burgeoning use of corporate law to protect the interests of "external constituencies" without any contractual relationship to a company, in an attempt to tackle broader social and economic problems. The authors start from the premise that corporations (or companies) in all jurisdictions share the same key legal attributes: legal personality, limited liability, delegated management, transferable shares, and investor ownership. Businesses using the corporate form give rise to three basic types of agency problems: those between managers and shareholders as a class; controlling shareholders and minority shareholders; and shareholders as a class and other corporate constituencies, such as corporate creditors and employees. After identifying the common set of legal strategies used to address these agency problems and discussing their interaction with enforcement institutions, The Anatomy of Corporate Law illustrates how a number of core jurisdictions around the world deploy such strategies. In so doing, the book highlights the many commonalities across jurisdictions and reflects on the reasons why they may differ on specific issues. The analysis covers the basic governance structure of the corporation, including the powers of the board of directors and the shareholder meeting, both when management and when a dominant shareholder is in control. It then analyses the role of corporate law in shaping labor relationships, protection of external stakeholders, relationships with creditors, related-party transactions, fundamental corporate actions such as mergers and charter amendments, takeovers, and the regulation of capital markets. The Anatomy of Corporate Law has established itself as the leading book in the field of comparative corporate law. Across the world, students and scholars at various stages in their careers, from undergraduate law students to well-established authorities in the field, routinely consult this book as a starting point for their inquiries.
Author: Afra Afsharipour
Publisher: Edward Elgar Publishing
ISBN: 1788975332
Category : Law
Languages : en
Pages : 544
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Book Description
This research handbook provides a state-of-the-art perspective on how corporate governance differs between countries around the world. It covers highly topical issues including corporate purpose, corporate social responsibility and shareholder activism.
Author: Sean Griffith
Publisher: Edward Elgar Publishing
ISBN: 1786435349
Category : Business & Economics
Languages : en
Pages : 552
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Book Description
Written by leading scholars and judges in the field, the Research Handbook on Representative Shareholder Litigation is a modern-day survey of the state of shareholder litigation. Its chapters cover securities class actions, merger litigation, derivative suits, and appraisal litigation, as well as other forms of shareholder litigation. Through in-depth analysis of these different forms of litigation, the book explores the agency costs inherent in representative litigation, the challenges of multijurisdictional litigation and disclosure-only settlements, and the rise of institutional investors. It explores how related issues are addressed across the globe, with examinations of shareholder litigation in the United States, Canada, the United Kingdom, the European Union, Israel, and China. This Research Handbook will be an invaluable resource on this important topic for scholars, practitioners, judges and legislators.
Author: William Savitt
Publisher:
ISBN: 9781910813645
Category :
Languages : en
Pages : 310
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Book Description
Author: Jingchen Zhao
Publisher: Edward Elgar Publishing
ISBN: 1784719110
Category : Law
Languages : en
Pages : 293
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Book Description
This book examines corporate governance rules in China, and highlights the deficiencies in current company law, with the purpose of arguing for a more effective derivative action mechanism, for the benefit of shareholders and their companies.
Author: Mitsuru Misawa
Publisher: World Scientific Publishing Company
ISBN: 9813106743
Category : Business & Economics
Languages : en
Pages : 464
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Book Description
This is one of the few books written in English by a Japanese author with expertise in finance, law and business. The book presents issues pertaining to the three areas from Japan's and US viewpoints, and is based on ten articles, published in reputable journals, on current issues in finance and law in Japan. It includes additional comments on Japan's banking and finance industry. The book contains a number of citations which will help readers understand more about Japanese law and finance. It also serves as a reference source for people outside Japan interested in Japanese law and finance. This book will be of interest to businessmen, accountants and lawyers who wish to know more about the second largest economy in the world.
Author: Mitsuru Misawa
Publisher: World Scientific Publishing Company
ISBN: 9813107693
Category : Business & Economics
Languages : en
Pages : 596
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Book Description
This book is the 2nd edition of the author's earlier book with the same title. It contains additional five chapters that are added to reflect the most recent changes in the economy and law in Japan.At a time when foreign interest in the current Japanese market and economy is significant and becoming increasingly prominent, Japanese corporate behavior and practices are two potentially confusing areas for international businessmen, accountants and lawyers. This book features numerous insights into Japanese perspectives on finance, law and business, based on the author's expertise in these three areas. As the data provided in this book is pertinent to understanding Japanese laws and business practices, this text will be of great interest to foreign companies aspiring to be successful in Japan./a
Author: C.A.E. Goodhart
Publisher: Springer
ISBN: 1349107476
Category : Political Science
Languages : en
Pages : 219
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Book Description
A collection of papers presented at the International Conference on Japanese Financial Growth, held in London in October 1988. The papers cover not only the subject of Japanese financial development, but also the question of how its likely future patterns may affect the global capital market.
