Efeitos da adoção obrigatória das IFRS sobre a qualidade do ambiente informacional: a relevância dos fatores institucionais

O estudo investiga os efeitos da adoção obrigatória das IFRS sobre a qualidade do ambiente informacional e confirma a hipótese de que os incentivos econômicos associados aos fatores institucionais são mais relevantes do que os padrões contábeis para explicar a qualidade do ambiente informacional. Foi utilizada uma amostra de 15 países que não passaram por reformas significativas na estrutura de enforcement legal, proporcionando uma estratégia de identificação econométrica mais robusta. Os países analisados adotaram as IFRS em momentos diferentes a partir de 2006. Foram utilizadas quatro métricas de qualidade dos accruals e três métricas de performance dos analistas para operacionalizar a variável dependente qualidade do ambiente informacional. Além disso, foram utilizadas como variáveis mediadoras diversas características institucionais com potencial de afetar os incentivos à elaboração e divulgação de demonstrações financeiras. Os resultados indicam que a adoção obrigatória das IFRS afetou de forma negativa a qualidade dos accruals e a performance dos analistas. No entanto, esses resultados são contingentes à qualidade da infraestrutura institucional da jurisdição que adotou as IFRS como modelo contábil obrigatório. Os efeitos das IFRS foram significativamente mais positivos (ou menos negativos) para os países com origem legal common law, estrutura de enforcement legal mais forte, mercado de capitais mais desenvolvido, menor diferença entre padrões contábeis locais e padrões internacionais, maior grau de liberdade econômica, menor corrupção percebida e instituições mais sólidas. Foram realizados testes de robustez para verificar a sensibilidade desses resultados. Os resultados permaneceram qualitativamente iguais após serem aplicados diferentes critérios de amostragem, controlados os efeitos da crise financeira de 2008 e levado em conta o possível efeito aprendizado dos responsáveis pela elaboração e análise das demonstrações financeiras no primeiro ano de adoção. O estudo contribui com a literatura da área de contabilidade financeira e com os órgãos reguladores da indústria contábil ao fornecer evidências de que a adoção obrigatória das IFRS, quando não acompanhada por reformas econômicas e institucionais, não causará os benefícios informacionais esperados

Influencia anglosajona en la prueba del Arbitraje Internacional: Discovery

El objeto de este estudio es conocer las semejanzas que existen entre los sistemas jurídicos del common law y civil law. Nos centraremos en el mecanismo probatorio del discovery, un mecanismo propio del Derecho americano y expondremos si tiene cabida en Estados pertenecientes al civil law, en concreto en España. En segundo lugar, se hará una exposición sobre la regulación de este incidente, tanto en Derecho americano como en Derecho británico al igual de la influencia que ha tenido las nuevas tecnologías. Asimismo, veremos qué ocurre cuando la información que se requiere está en poder de un tercero ajeno a la controversia ¿Es posible requerirle? ¿Y si se encuentra en el extranjero? Finalmente, expondremos cómo funciona el discovery en un arbitraje internacional mediante el Schedule of Document Production, también denominado Redfern Schedule.

Enhancing Conservation Options: An Argument for Statutory Recognition of Options to Purchase Conservation Easements (OPCEs)

The most dynamic component of the conservation movement in the United States for the past three decades has been land conservation transactions. In the United States, land conservation organizations have protected roughly 40 million acres of land through transactions. Most of these acres have been protected using conservation easements. Climate change threatens the vast conservation edifice created by land conservation transactions. The tools of land conservation transactions are, traditionally, stationary. Climate change means that the resources that land conservation transactions were intended to protect may no longer remain on the land protected. Options to purchase conservation easements (OPCEs) have long played a modest but important role in conservation law practice. In the world climate change is creating, with its substantial uncertainties and shifting windows of opportunity, OPCEs can serve more complicated and strategic purposes. The ability of OPCEs to serve important roles in protecting land in the context of uncertainty would be significantly increased if state legislatures amend current conservation easement statutes to (1) specifically recognize OPCEs, (2) immunize OPCEs from a range of potential common law challenges, (3) guarantee the durability and transferability of OPCEs, and (4) integrate OPCEs into the burgeoning body of conservation easement law. These statutory amendments would do for OPCEs what conservation easement statutes have done for conservation easements: transform them into an essential multi-purpose tool for conservation in a changing world.

Greater TTIP Ambition in Chemicals: Why and how. CEPS Special Report, 28 July 2015. Paper No. 10 in the CEPS-CTR project ‘TTIP in the Balance’ and CEPS Special Report No. 114/July 2015.

To date, the negotiations over chemicals in the Translatlantic Trade and Investment Partnership (TTIP) have not shown sufficient ambition. The talks have focused too much on the differences in the two ‘systems’, rather than on the actual levels of health and environmental protection for substances regulated by both the US and the EU. Given the accomplishments within the OECD and the UN Globally Harmonised System of Classification and Labelling of Chemicals (GHS), the question is whether TTIP can be any more ambitious in the area of chemicals? We find that there is no detailed or systematic knowledge about how the two levels of protection in chemicals compare, although caricatures and stereotypes abound. This is partly due to an obsessive focus on a single US federal law, the Toxic Subtances Control Act (TSCA), whereas in practice US protection depends on many statutes and regulations, as well as on voluntary withdrawals (under pressure from the Environmental Protection Agency) and severe common law liability. This paper makes the economic case for firmly addressing the regulatory barriers, discusses the EU’s proposals, finds that the European Parliament’s Resolution on TTIP of July 2015 lacks a rationale (for chemicals), argues that both TSCA and REACH ought to be improved (based on ‘better regulation’), discusses the link with a global regime, advocates significant improvement of market access where equivalence of health and environmental objectives is agreed and, finally, proposes to lower the costs for companies selling in both markets by allowing them to opt into the other party’s more stringent rules, thereby avoiding duplication while racing-to-the-top. The ‘living agreement’ on chemicals ought to be led by a new TTIP institution authorised to establish the level of health and environmental protection on both sides of the Atlantic for substances regulated on both sides. These findings will lay the foundation for a highly beneficial lowering of trading costs without in any way affecting the level of protection. Indeed, this is exactly what TTIP is, or should be, all about.This paper is the 10th in a series produced in the context of the “TTIP in the Balance” project, jointly organised by CEPS and the Center for Transatlantic Relations (CTR) in Washington, D.C. It is published simultaneously on the CEPS (www.ceps.eu) and CTR websites (http://transatlantic.sais-jhu.edu).

La resa in italiano del linguaggio giuridico americano nel doppiaggio della serie tv "Le regole del delitto perfetto"

Lo scopo del presente lavoro è analizzare le scelte traduttive adottate nel doppiaggio in italiano della serie televisiva americana “How to get away with murder”, distribuita in Italia con il nome “Le regole del delitto perfetto”. L’analisi verterà sulla resa italiana del lessico giuridico americano. Verranno descritte le caratteristiche principali del sistema di common law americano, con attenzione verso il sistema giudiziario, il sistema precedente giudiziale e il sistema di risoluzione delle controversie. Tale parte del lavoro è volta a dare l’idea, anche solo generale, di come è il sistema giuridico statunitense e dei suoi tratti caratteristici. In seguito si andranno a evidenziare le sostanziali differenze tra i due ordinamenti giuridici, quello statunitense e quello italiano, in modo da definire al meglio ciò che li contraddistingue. Si passerà poi all’analisi della resa italiana del lessico giuridico presente nella serie televisiva. Verrà analizzata, pur nei limiti di un lavoro di tesina triennale, la resa in italiano di alcuni termini giuridici riscontrati in alcuni episodi della serie televisiva, ponendo particolare attenzione al loro significato, al significato del termine usato per tradurli e all’effetto che tale traduzione potrebbe produrre sul pubblico.

REPRESENTAÇÕES SOCIAIS DE PROFESSORES DE DIREITO SOBRE O EXERCÍCIO DA DOCÊNCIA

O objetivo desse estudo foi investigar representações sociais de professores de Direito acerca do exercício da docência. Buscou-se compreender quais são os saberes docentes que o professor de Direito julga necessários à sua atuação, já que a legislação vigente não exige que o operador do Direito frequente um curso específico que o capacite para a docência no ensino superior. Em razão disso, geralmente, o professor de Direito se depara com inúmeras dificuldades no início de carreira e constata que, na prática, ser um bom profissional do Direito não lhe basta para a docência, pois necessita de didática e de um método pedagógico pelos quais seus alunos o compreendam. A pesquisa teve como sujeitos professores de Direito que se encontram na docência, no mínimo, há dois anos, no município de São Paulo e região do Grande ABC paulista. Os autores que possibilitaram a fundamentação teórica foram: Serge Moscovici (1978), Denise Jodelet (2005), Marília Claret Geraes Duran (2006), dentre outros estudos significativos. O estudo foi realizado mediante pesquisa quantitativa e qualitativa de dados. Para levantamento dos dados, foi utilizado um questionário que, na sua parte inicial, contava com três palavras indutoras. Em seguida, foram apresentadas quinze questões, sendo três abertas e doze fechadas. A partir das descrições das respostas dadas pelos sujeitos no questionário, foi possível realizar a análise dos dados coletados, por meio da análise de conteúdo (Laurence Bardin, 1977). A pesquisa realizada possibilitou a análise da percepção e a concepção dos sujeitos da pesquisa quanto ao ensino jurídico e à sua própria formação. Demonstrou, ainda, que o professor de Direito deve apropriar-se de saberes docentes específicos para lecionar, ultrapassando a ideia de que lhe basta o conhecimento técnico, já que a docência, assim como as demais profissões, tem especificidades importantes.

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.

Professionalism and Ethics in Hospitality

In their discussion - Professionalism and Ethics in Hospitality - by James R. Keiser, Associate Professor and John Swinton, Instructor, Hotel, Restaurant and Institutional Management, The Pennsylvania State University, Keiser and Swinton initially offer: “Referring to “the hospitality profession” necessitates thinking of the ethics of that profession and how ethics can be taught. The authors discuss what it means for the hospitality industry to be a profession.” The authors will have you know, a cursory nod to the term or description, profession and/or professional, is awarded to the hospitality industry at large; at least in an academic sense. Keiser and Swinton also want you to know that ethics, and professionalism are distinctly unique concepts, however, they are related. Their intangible nature does make them difficult, at best, to define, but ethics in contemporary hospitality has, to some degree, been charted and quantified. “We have left the caveat emptor era, and the common law, the Uniform Commercial Code, and a variety of local ordinances now dictate that the goods and services hospitality offers carry an implied warranty of merchantability,” the authors inform you. About the symbiotic relationship between ethics and professionalism, the authors say this: The less precise a code of ethics goes, the general rule, the fewer claims the group has to professional status.” The statement above may be considered a cornerstone principle. “However, the mere existence of an ethical code (or of professional status, for that matter) does not ensure ethical behavior in any group,” caution Keiser and Swinton. “Codes of ethics do not really define professionalism except as they adopt a group's special, arcane, exclusionary jargon. Worse, they can define the minimum, agreed-upon standards of conduct and thereby encourage ethical corner-cutting,” they further qualify the thought. And, in bridging academia, Keiser and Swinton say, “Equipped now with a sense of the ironies and ambiguities inherent in labeling any work "professional," we can turn to the problem of instilling in students a sense of what is professionally ethical. Students appear to welcome this kind of instruction, and while we would like to think their interest comes welling up from altruism and intellectual curiosity rather than drifting down as Watergate and malpractice fallout, our job is to teach, not to weigh the motives that bring us our students, and to provide a climate conducive to ethical behavior, not supply a separate answer for every contingency.” Keiser and Swinton illustrate their treatise on ethics via the hypothetical tale [stylized case study] of Cosmo Cuisiner, who manages the Phoenix, a large suburban restaurant. Cosmo is “…a typical restaurant manager faced with a series of stylized, over-simplified, but illustrative decisions, each with its own ethical skew for the students to analyze.” A shortened version of that case study is presented. Figure 1 outlines the State Restaurant Association Code of Ethics.

Manager's Perceptions of Alcohol Server Staffing and Training Methods

Over-consumption of alcoholic beverages is a concern of managers of hotels and motels with a club/lounge, restaurant, and tavern. The authors surveyed members of two industry associations in Oklahoma to ascertain alcohol server training methods and managers' perception of the value of such programs.

Casino Gambling is Hot: Gambling Debt Collection is Hot

Gambling on credit, considered a vice by some, is not judicially collectible based upon the Statute of Anne. This common law statute prevents the collection of gambling losses, unless expected by state statute. This article reviews and updates the findings of an unenforceability of gambling debt study conducted in 1989 just prior to the rapid expansion of gambling in the United States.

Child care proceedings in non-specialist courts: the experience in Ireland

It is widely accepted that court proceedings concerning child protection are a particularly sensitive type of court proceedings that warrant a different approach to other types of proceedings. Consequently, the use of specialized family or children’s judges or courts is commonplace across Europe and in common law jurisdictions. By contrast, in Ireland, proceedings under the Child Care Act 1991 are heard in the general courts system by judges who mostly do not specialize in child or family law. In principle, the Act itself and the associated case law accept that the vulnerability of the parties and the sensitivity of the issues involved are such that they need to be singled out for a different approach to other court proceedings. However, it is questionable whether this aspiration has been realized in a system where child care proceedings are mostly heard in a general District Court, using the same judges and the same physical facilities used for proceedings such as minor crime and traffic offences. This article draws on the first major qualitative analysis of professional perspectives on child care proceedings in the Irish District Court. It examines evidence from judges, lawyers, social workers, and guardians ad litem and asks whether non-specialist courts are an appropriate venue for proceedings on an issue as complex and sensitive as child protection, or whether the establishment of specialist family courts with dedicated staff and facilities provides a better solution.

Les droits réels et personnels sur les titres détenus auprès d'un intermédiaire : analyse comparative en droit québécois interne et international privé

Les transactions sur les valeurs mobilières ainsi que leur mise en garantie se font bien au-delà des frontières nationales. Elles impliquent une multitude d’intervenants, tels que l’émetteur, un grand nombre d’intermédiaires disposés en structure pyramidale, un ou des investisseurs et, bien évidemment, les bénéficiaires desdites valeurs mobilières ou garanties. On peut aussi signaler l’existence de nombreux portefeuilles diversifiés contenant des titres émis par plusieurs émetteurs situés dans plusieurs états. Toute la difficulté d’une telle diversité d’acteurs, de composantes financières et juridiques, réside dans l’application de règles divergentes et souvent conflictuelles provenant de systèmes juridiques d’origines diverses (Common Law et civiliste). De nombreux juristes, de toutes nationalités confondues, ont pu constater ces dernières années que les règles de création, d’opposabilité et de réalisation des sûretés, ainsi que les règles de conflit de lois qui aident à déterminer la loi applicable à ces différentes questions, ne répondaient plus adéquatement aux exigences juridiques nationales dans un marché financier global, exponentiel et sans réelles frontières administratives. Afin de résoudre cette situation et accommoder le marché financier, de nombreux textes de loi ont été révisés et adaptés. Notre analyse du droit québécois est effectuée en fonction du droit américain et canadien, principales sources du législateur québécois, mais aussi du droit suisse qui est le plus proche de la tradition civiliste québécoise, le tout à la lueur de la 36e Convention de La Haye du 5 juillet 2006 sur la loi applicable à certains droits sur des titres détenus auprès d'un intermédiaire. Par exemple, les articles 8 et 9 du Uniform Commercial Code (UCC) américain ont proposé des solutions modernes et révolutionnaires qui s’éloignent considérablement des règles traditionnelles connues en matière de bien, de propriété, de sûreté et de conflits de lois. Plusieurs autres projets et instruments juridiques dédiés à ces sujets ont été adoptés, tels que : la Loi uniforme sur le transfert des valeurs mobilières (LUTVM) canadienne, qui a été intégrée au Québec par le biais de la Loi sur le transfert de valeurs mobilières et l’obtention de titres intermédiés, RLRQ, c.T-11.002 (LTVMQ) ; la 36e Convention de La Haye du 5 juillet 2006 sur la loi applicable à certains droits sur des titres détenus auprès d'un intermédiaire; la Loi fédérale sur le droit international privé (LDIP) suisse, ainsi que la Loi fédérale sur les titres intermédiés (LTI) suisse. L’analyse de ces textes de loi nous a permis de proposer une nouvelle version des règles de conflit de lois en matière de sûretés et de transfert des titres intermédiés en droit québécois. Cette étude devrait susciter une réflexion profonde du point de vue d’un juriste civiliste, sur l’efficacité des nouvelles règles québécoises de sûretés et de conflit de lois en matière de titres intermédiés, totalement inspirées des règles américaines de Common Law. Un choix qui semble totalement ignorer un pan du système juridique civiliste et sociétal.