Can Small Shareholders Protect Their Interests from Expropriation: The Case of a Chinese Bank

ABSTRACTThis article examines how small shareholders protected their interests from large shareholders’ expropriation by forming an alliance and taking collective action to block a convertible bonds issue by a Chinese bank that they considered harmful. Forming an alliance strengthened small shareholders’ network density, enhanced their salience (power, legitimacy, and urgency), and reduced the bank's centrality. This enabled small shareholders to change their strategy from being a subordinator to a compromiser and forced the controlling shareholders and their representatives to change their strategy from a commander to a compromiser. Apart from interest-based motives, the alliance provided small shareholders with identity-based incentives to persistently oppose expropriation by controlling shareholders. This article enriches the literature on small shareholder activism and principal-principal problem.

Gasification of Municipal Solid Waste Using Tyre Char as Catalyst

Gasification is raised as the most promising technologies of municipal solid waste (MSW) removal as well as energy recovery. The principal problem related with the gasification process is the high amount of tar released during the gasification process that causes environmental and operational problems. The purpose of this study is to investigate the performance of MSW gasification using tyre char as an alternative option for catalytic gasification to produce tar free clean gas. Catalytic performance of tyre char was compared with performance of MSW gasification alone without the tyre char in a bench scale downdraft reactor. The waste tyre char removed 80% of tars in syngas at 700 °C. Analysis of the syngas compositions indicated that concentration of H2and CO were significantly increased. Therefore, it was concluded that chars especially tyre char can be an effective and inexpensive catalyst for tar removal and syngas production of MSW gasification.

Selling with evidence

We study the informed‐principal problem in a bilateral asymmetric information trading setting with interdependent values and quasi‐linear utilities. The informed seller proposes a mechanism and voluntarily certifies information about the good's characteristics. When the set of certifiable statements is sufficiently rich, we show that there is an ex ante profit‐maximizing selling procedure that is an equilibrium of the mechanism proposal game. In contrast to posted price settings, the allocation obtained when product characteristics are commonly known (the unravelling outcome) may not be an equilibrium allocation, even when all buyer types agree on the ranking of product quality. Our analysis relies on the concept of strong Pareto optimal allocation, which was originally introduced by Maskin and Tirole (1990) in private value environments.

Instytucjonalna podstawa orzekania w ramach arbitrażu przymusowego

The courts of modern countries do not want to use the monopoly in the area of deciding about investments or sports cases. Henceforth, in time appeared a construction of alternative forms for solving such a dispute. They constitute an open category of proceedings solving sports disputes, which are undergoing a big evolution in some countries nowadays. Their common characteristic is the interference of a neutral third party (for example an arbitrator), with a purpose to present or propose to the parties a solution of a dispute. Arbitration is often thought as a quick and efficient method for determining controversies. The modern law prescribes formal and substantive requirements for the arbitration agreement, which must be made in writing. The requirement of a written form is also satisfied if in a contract between parties, they refer to a document containing a clause with a decision to resolve their dispute in arbitration, provided that such a contract is made in writing and the reference incorporates that clause into the contract. The principal problem related to the arbitration agreement “per relationem” or “by reference” lies in the consensual character of such agreement whereas the form of the agreement has been found to be a preliminary question to this matter. In the article the author analyses the institutional basis for obligatory arbitration in past and currently. This type of arbitration may be forced by a law, a third party (e.g. international sports federation) or a party of the legal relationship.

Eliminating the problem of hell

According to Marilyn Adams, hell poses the principal problem of evil for Christians. In this article, I show that the problem of hell can be eliminated, or solved, but not by any of four favoured theistic solutions (i.e. traditional, escapist, annihilationist and universalist) that have been provided. Rather, I argue that there is another theistic solution to the problem of hell, a morally realistic solution, which, by drawing on ethical theory, can be shown to be morally preferable to these other solutions.

First Philosophy In Metaphysics Λ‎

I argue that Metaphysicsλ‎ is a unified work, and one which is not a continuation of the central books ΖΗΘ‎ (with or without Ι‎ or Κ‎). It outlines an extensive project in First Philosophy, which has close connections with ΑΒΓΕ‎, but which proceeds on a different trajectory from ΖΗ‎. The principal problem in understanding λ‎ as a whole is how to reconcile Aristotle's explicit presentation of the book as a highly unified study with the disparate character of its two halves – the first a general‐metaphysical enquiry into the features which changeable substances have as being substances of that kind (and also into what can be said generally about their attributes), the second a detailed investigation of the specific character and activity of immaterial substances. My paper aims to show how this reconciliation is possible, and what we can learn about Aristotle's conception of first philosophy as a result.