Auctions law and practice

This is the new edition of the leading work on the law and practice of auctions. The book looks at every aspect of auction practice from the economics of auction sales and restrictions on trading to criminal and other liabilities of the auctioneer. There is also a chapter on VAT. There have been important recent developments in the field of consumer protection and the book has been substantially revised to reflect these. In addition to general updating the new edition considers the practice of online auctions for the first time. There is also a section on looted art . The book continues to draw on case law from other common law jurisdictions.

Questions and answers:Landlord and tenant Law

The law of landlord and tenant has become an increasingly complex area for both professionals and students. Apart from the double hurdle of mastering both common law principles and statutory codes, various aspects of the subject have become increasingly specialised and challenging. This new edition of Question and Answer Landlord and Tenant demonstrates that even complex problems can be explained in straightforward and inspiring terms. The authors, both experienced academics and barristers, provide detailed answers to typical questions in this difficult field. The third edition of this book has been updated in the new Question and Answer style of questions followed by commentary, bullet points and diagrams and flowcharts. It offers new questions based on the latest recommendations of the Law Commission on renting homes and the abolition of the law of forfeiture. There are new questions on the human rights dimension, the recent changes to Part II of the Landlord and Tenant Act 1954 and the substantial amendments made to leasehold enfranchisement under the Commonhold and Leasehold Reform Act 2002.

Ownership structure and operating performance: evidence from the European maritime industry

In this paper we examine the relation between ownership structure and operating performance for European maritime firms. Using a sample of 266 firm-year observations, during the period 2002–2004, we provide evidence that operating performance is positively related with foreign held shares and investment corporation held shares, indicating better investor protection from managerial opportunism. We also find no relation between operating performance and employee held shares, suggesting no relation between employee commitment and firms’ economic performance. Furthermore, we find no relation between operating performance and government held shares, indicating that government may not adequately protect shareholders’ interests from managerial opportunism. Finally, we do find a positive relation between operating performance and portfolio held shares for code law maritime firms but not for common law maritime firms. Results are robust after adjusting for various firm and country risk characteristics. Overall, our results on the importance of the ownership structure are new to this setting and add to a large body of evidence linking ownership characteristics to corporate performance.

The role of audiometry in the prevention of occupational deafness

The research set out to test three main hypotheses derived from a summary of literature relevant to the use of audiometry in industry. These hypotheses were: (1) performing audiometry increases the probability that hearing protectors, once issued, will be worn; (2) audiometry is considered by workers to be evidence of their employer's concern for their welfare; (3) audiometry is associated with common law claims by workers against employers for alleged occupational deafness. Six subsidiary hypotheses were also developed. Four methods of data collection were used: (1) attitude questionnaires were administered to samples of workers drawn from an industrial company performing audiometry and two industrial companies not performing audiometry; (2) a postal questionnaire was sent out to industrial medical officers; (3) surveys were undertaken to assess the proportion of the workforce in each of eight industrial companies that was wearing personal hearing protectors that had been provided; (4) structured interviews were carried out with relevant management level personnel in each of five industrial companies. Factor analysis was the main statistical analytic technique used. The data supported all three main hypotheses. Audiometry was also examined as an example of medical screening procedure. It was argued that the validation of medical screening procedures requires the satisfaction of attitudinal or motivational validation criteria in addition to the biological and economic criteria currently used. It was concluded that industrial audiometry failed to satisfy such attitudinal or motivational criteria and so should not be part of a programme of screening for occupational deafness. It was also concluded that industrial audiometry may be useful in creating awareness, amongst workers, of occupational deafness. It was argued that the only profitable approach to investigating the role of audiometry in preventing occupational deafness is to study the attitudes and perceptions of everyone involved.

Executive remuneration, financial performance and corporate governance in UK and Spanish listed firms

This study examines the relationship between executive directors’ remuneration and the financial performance and corporate governance arrangements of the UK and Spanish listed firms. These countries’ corporate governance framework has been shaped by differences in legal origin, culture and backgrounds. For example, the UK legal arrangements can be defined as to be constituted in common-law, whereas for Spanish firms, the legal arrangement is based on civil law. We estimate both static and dynamic regression models to test our hypotheses and we estimate our regression using Ordinary Least Squares (OLS) and the Generalised Method of Moments (GMM). Estimated results for both countries show that directors’ remuneration levels are positively related with measures of firm value and financial performance. This means that remuneration levels do not lead to a point whereby firm value is reduced due to excessive remuneration. These results hold for our long-run estimates. That is, estimates based on panel cointegration and panel error correction. Measures of corporate governance also impacts on the level of executive pay. Our results have important implications for existing corporate governance arrangements and how the interests of stakeholders are protected. For example, long-run results suggest that directors’ remuneration adjusts in a way to capture variation in financial performance

Testamentary trusts and the rule against capricious purposes:an underlying rationale?

This paper examines the rule against capricious purpose trusts and examines its application in English law but more particularly drawing upon the experiences of other common law jurisdictions and seeks to create a rationale for the operation o the doctrine in the common law world.

Common mistake:theoretical justification and remedial inflexibility

Discusses the implications for the doctrine of common mistake of the Court of Appeal ruling in Great Peace Shipping Ltd v Tsavliris Salvage (International) Ltd on whether a contract for the hire of a ship was void on the ground of common mistake regarding the position of the ship. Reviews the origins of the doctrine of common mistake and the relationship between the doctrine and the implication of terms. Considers the determination of impossibility. Examines the role of equity in common mistake and remedial equitable intervention.

The law and finance of share repurchases in Europe

This article analyses the impact of the EU market abuse law on share repurchases. We find that the Member States' previous rules differed considerably, and therefore it can be said that the Regulation on share repurchases has provided uniformity as to the availability of a safe harbour for share repurchases. The picture, however, gets more difficult to assess if we consider our findings on the actual effect of the law. Our results do not confirm a “simple law and finance story“ according to which market participants would have just reacted as expected by the new legal rules. Rather, it seems to be the case that the value of legal certainty and the positive signal of common legal rules have also had an impact on the propensity to repurchase own stock.

Cyberstalking:a new challenge for criminal law

Cyberstalking has recently emerged as a new and growing problem and is an area that will probably receive a higher profile within criminal law as more cases reach court (see Griffiths, 1999; Griffiths, Rogers and Sparrow, 1998; Bojic and McFarlane, 2002a; 2002b). For the purposes of this article we define cyberstalking as the use of information and communications technology (in particular the Internet) in order to harass individuals. Such harassment may include actions such as the transmission of offensive e-mail messages, identity theft and damage to data or equipment. Whilst a more comprehensive definition has been presented elsewhere (Bocij and McFarlane, 2002), it is hoped that the definition here is sufficient for those unfamiliar with this field. The stereotypical stalker conjures up images of someone harassing a victim who is the object of their affection. However, not all stalking incidents are motivated by unrequited love. Stalking can also be motivated by hate, a need for revenge, a need for power and/or racism. Similarly, cyberstalking can involve acts that begin with the issuing of threats and end in physical assault. We also make distinctions between conventional stalking and cyberstalking. Whilst some may view cyberstalking as an extension of conventional stalking, we believe cyberstalking should be regarded as an entirely new form of deviant behaviour. It is not surprising that cyberstalking is sometimes thought of as a trivial problem. A number of writers and researchers have suggested that cyberstalking and associated activities are of little genuine concern. Koch (2000), for example, goes as far as accusing those interested in cyberstalking as promoting hysteria over a problem that may be minuscule or even imaginary. The impression gained is that cyberstalking represents a relatively small problem where victims seldom suffer any real harm. Whilst there are no genuinely reliable statistics that can be used to determine how common cyberstalking incidents are, a great deal of evidence is available to show that cyberstalking is a significant and growing problem (Griffiths et al, 1998). For instance, CyberAngels (a well-known Internet safety organization) receives some 500 complaints of cyberstalking each day, of which up to 100 represent legitimate cases (Dean, 2000). Another Internet safety organization (Working to Halt Online Abuse) reports receiving an average of 100 cases per week (WHOA, 2001). To highlight the types of cyberstalking behaviours that take place and some of the major issues facing criminal law, we briefly examine four high profile cases of cyberstalking (adapted from Bocij and MacFarlane, 2002b).