The enactment of derivative action was expected to be actively used by shareholders to protect their interests. In fact, it turned out that this reform effort seemed futile as the right to engage in such actions was rarely exercised. This raises a question about the role of derivative actions in China; namely, should a derivative action system play a key role in protecting shareholder interests? If the answer is positive, the next question is how such a system could be improved in order to effectively discipline management. The essence of this thesis is to try to address these issues. This thesis argues that derivative action should and can play a key role in China’s corporate governance. First, minority shareholders in China face double agency problems within the company and thus protective mechanisms must be put in place. Second, this thesis formulates its argument by demonstrating the ineffectiveness of market forces and other legal methods. As a consequence, derivative action ought to retain a central role in regulating the misbehaviour of controlling shareholders and managers. After demonstrating the need to strengthen and improve derivative actions in China, this thesis starts to explore Chinas’ derivative actions system. It first examines derivative action cases before Company Law 2005. Despite the absence of a clear statutory basis for derivative actions in Company Law 1993, such cases have nevertheless appeared in the courts. After almost eight years of implementation, less than 80 cases were raised. Whilst this seems a good figure in comparison to other jurisdictions, closer examination shows this not to be the case. For example, the opacity of the demand requirement constitutes a barrier for shareholders wishing to exercise this right. More importantly, the funding rule of derivative actions is treated as the same with other forms of litigation. In view of the unique economic nature of the derivative action, a new funding rule for derivative action should be established. After discussing why derivative actions should play a significant role in monitoring management and how they should be improved, this thesis argues that shareholders are increasingly willing to take this action to protect their rights and interests because of the establishment of commercial society and the existence of the traditional culture of Legalist School. Also, the courts are more capable of dealing with derivative action cases because of the enactment of the Judges Law and the increasing recruitment of more qualified people to the judiciary. It is believed that the effectiveness of derivative action can contribute to foster good corporate governance in China.

published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

No description available.

No description available.

No description available.

The naturally occurring monoterpene 1,3,3-trimethyl-2-oxabicyclo[2.2.2]octane 1, commonly named 1,8-cineole and the major component in the leaf oil of many eucalypts, exhibits bioactivity, being potentially antimicrobial and pesticidal. A range of derivatives of 1,8-cineole and its naturally occurring isomeric analogue 1,4-cineole 2, 1-isopropyl-4-methyl-7-oxabicyclo[2.2.1]heptane, were synthesised. High-cineole eucalyptus oil, 1,8-cineole and the 1,8- and 1,4-cineole derivatives were shown to have a dose dependent pre-emergence and post-emergence herbicidal activity against radish (Raphanus sativus var. Long Scarlet), and annual ryegrass (Lolium rigidum) in laboratory bioassays. A postulated increase in activity of the ester derivatives due to metabolic cleavage into their bioactive hydroxy-cineole and carboxylic acid portions after uptake by the plant was not observed. The role of mallee eucalypts in the rehabilitation of degraded farmland in the Western Australian wheat belt, uses of eucalyptus oil and the bioactivity of essential oils and naturally occurring terpenes, with particular emphasis on eucalyptus oil and 1,8-cineole, were reviewed. The review encompasses allelopathic and herbicidal activity, insecticidal, acaricidal and antimicrobial activity. 1,8-Cineole compounds functionalised at position 3 of the cyclohexane ring and the 1,4-cineole derivatives were chemically synthesised whilst 2-endo-hydroxy-1,8-cineole was obtained as the primary metabolite of a novel bacterium grown on 1,8-cineole as sole carbon source. The bacteria were isolated by inoculating liquid growth medium containing 1,8-cineole as carbon source with aliquots of deionised water in which eucalyptus leaves had been stirred. Sequencing of its 16S rRNA gene identified the bacteria as belonging to the order Sphingomonadales, family Sphingomonadaceae and genus Sphingomonas. Growth curves for the bacterium are described and a metabolic pathway for the microbial degradation of 1,8-cineole is confirmed. Bacteria were cultured on a 20 L scale to provide sufficient 2-endo-hydroxy-1,8-cineole for the herbicidal bioassays.

In this thesis we discuss option pricing and hedging under regime switching models. To the standard model we add jumps of various types. In particular, we consider a jump that is synchronous with a change in the regime state. Thus, for example, we can define a process such that the stock price moves to a high volatility state and simultaneously has a large downward jump in returns. This type of model is consistent with market experience. We derive the compensator for our synchronous jumps and price options on such a price process using Fourier transforms. We also test the model on S&P futures options and show that it performs significantly better than a jump diffusion model. Furthermore, we look at the problem of hedging options under finitely many regime states and with finitely many possible jump sizes. We find risk-free hedge portfolios using the risk-free asset, the underlying asset, and finitely many options. Our risk-free trading strategy is consistent with any equivalent martingale measure, and so does not in itself specify which measure should be used to price options.

Thesis (Ph. D.)--University of Washington, 2006. / Vita. Includes bibliographical references (leaves 144-151).

Abstract Population movement is one of the very natures of economic geography in the era of globalisation. The paper aims to map out the new geographical contours of Taiwan from which the Southeast Asian population immigrates particularly after 1990s, with perspectives of the foreign labours, spouse moves and the Diaspora. Thus this thesis is structured by the conceptual framework of globalization, geographical imagery and identity. This study has then successfully conducted in-depth interviews to 36 samples of foreign laborers and spouse movers and 6 samples of policy makers in Taiwan. The results show firstly that the movement is mostly concerned with economical and environmental dynamics. The economical factor includes the worse working terrains and shortage of employment, and the latter embraces, due to the political conflicts in their native home, the seekings of better quality of life and better job imagination. Cultural identity is then the second motivation: Taiwan here is without conversely the homeland for overseas Chinese, the diaspora, to returning back to. Next, gaps between the imaginary and real economic geography are discussed due to the differentiation of working situations, multiculturalisms and inequalities. Thirdly, mediated by the mass media and previous immigrants, the condition of agencies for the concrete actor network of the immigrants is unraveled. Fourthly, the population trafficking and crackdown are found via the process of immigrant spouses. Finally, the domino effect on subsequently ¡¥spinning immigration¡¦ is recently significant and then scrutinized. After drawn out the lucid curves of immigration issues, policies of implementation are suggested to the agent and the policymakers of government interview mechanism, and immigrant policy.

Thesis (Ph.D)--Virginia Commonwealth University, 2009. / Prepared for: Dept. of Accounting. Title from title-page of electronic thesis. Bibliography: leaves 95-98.