A sociological approach is used to analyze incidences of extreme opportunism in financial markets. Through an analysis of arguably the most widely publicized "rogue" trader events in recent history, a determination is made of the validity of explaining these events as aberrations, attributable to the actions of "rogues". The primary focus is the role of structural factors underlying these incidences of extreme opportunism in financial markets. A diverse range of documentary and other sources is used to avoid any form of bias as far as possible. It was found that structural factors act as countervailing forces to inhibit such behavior or as motivators and facilitators acting as catalysts for extreme opportunism. The balance between these factors largely determines the level of opportunistic behavior in a particular environment. Extreme opportunism is therefore not an aberration or "rogue" occurrence but a manageable phenomenon intrinsic to the social structural context within which it occurs. By conceptualizing these factors as countervailing forces one is forced to view structural factors, like compensation structures and formal and informal restraints, relative to one another and no longer in isolation. This realization translates into the conclusion that restraints and oversight systems for example, should be designed relative to the relevant motivators and facilitators in its area of application. In an environment where traders of highly geared financial products are motivated with multimillion USD incentive packages, a low budget oversight system and inexperienced regulatory staff, is clearly not the appropriate tools to control and manage extreme opportunism. / Criminology / D.Phil. (Sociology)

Syfte: Problemet med hårdgjorda ytor, som exempelvis asfalt och tak, är att de inte absorberar dagvattnet tillräckligt. Vidare leder detta till att gräsytor och andra absorberande ytor runt omkring måste ta hand om det dagvatten som inte de hårdgjorda ytorna kan tillvarata. Översvämningar i urbana miljöer har blivit allt vanligare på grund av kraftiga regn och stor andel hårdgjorda ytor. Detta leder till att ledningsnätet för dagvatten blir överbelastat. Därmed behövs väl fungerande utjämningsmagasin nära källan för att efterlikna naturens naturliga avrinningsförlopp. Målet var att utreda vilken eller vilka utjämningsmagasin som främst bör tillämpas i starkt hårdgjorda små radhustomter, med avseende på effektivitet, kostnad och underhåll, då jordmånen har begränsade infiltrationsegenskaper. Metod: De metoder som har använts för att svara mot målet är dokumentanalys, kvalitativ intervju och fallstudie. Dokumentanalysen fungerade som underlag för fallstudien och intervjuerna fungerade som bidragande empiri för fallstudien. Resultat: Det utjämningsmagasin som är att föredra är rörmagasin när anläggningsytan är begränsad och jordmånen har begränsade infiltrationsegenskaper. Konsekvenser: I problembeskrivningen beskrivs problemet med att det blir allt fler översvämningar i urbana miljöer på grund av de hårdgjorda ytorna och de kraftiga regnen. Vidare beskrivs det att ledningssystemet därför riskerar att bli överbelastat. Detta problem bekräftades även i intervjuerna. Arbetet löste inte vilket utjämningsmagasin som är att föredra för alla typer av fall, utan för fall där tomtytan är begränsad och där jordmånen har begränsade infiltrationsegenskaper. Lösningen på problemet är därför att rörmagasin är det utjämningsmagasin som är att föredra vid lokalt omhändertagande av dagvatten vid dessa förhållanden. Vid tillämpning av detta resultat i verkligheten rekommenderas det att använda kostnaderna per meter och utjämningsvolym per meter som finns i arbetet för att komma fram till hur lång sträcka som rörmagasinet behöver anläggas på för att uppnå önskad utjämningsvolym. Poängsättningen som har gjorts för underhållet kan däremot återanvändas till andra fall. Begränsningar: Resultatet är tillämpbart i liknande typfall som för fallstudien, alltså vid radhus där ytan för utjämningsmagasinet är begränsat och där jordmånen har begränsade infiltrationsegenskaper. I arbetet har ett diagram tagits fram där anläggningskostnaden per meter framgår för respektive utjämningsmagasin och ett diagram med utjämnad volym dagvatten per meter. Dessa diagram kan därför tillämpas på andra fall med små ytor men med lite andra mått på tomten. Därav är resultatet även tillämpbart på andra fall. / Purpose: The problem with hard surfaces, as for example asphalt and roofing, is that they do not absorb enough rainwater. Furthermore, this leads to that grass surfaces and other absorbent surfaces around having to take care of all stormwater that the hardened surfaces cannot infiltrate. Flooding in urban environments has become increasingly common due to heavy rain and a high proportion of hard surfaces. This leads to an overload of the pipe line for rainwater. Therefore well-functioning balancing trays close to source needed to mimic natural drainage of nature. The goal was to investigate witch countervailing magazine mainly should be applied in heavily paved small terraced plots, where the soil has limited infiltration properties, in terms of efficiency, cost and maintenance. Method: The methods used to meet the objective is analysis of documents, qualitative interviews and a case study. The document analysis serves as a basis for the case study and interviews serve as empirical input for the case study. Findings: The countervailing magazine that is preferred is the pipe magazine when the plant surface is limited and the soil has limited infiltration properties. Implications: The problem statement treats the issue with an increasing number of floodings in urban environments due to the paved surfaces and the heavy rains. Furthermore, it is disclosed that the management system therefore risks becoming overloaded. This problem was also confirmed in the interviews. The work did not identify which countervailing magazine that is preferred for all kinds of cases, but only in the cases where land space is limited and where the soil has limited infiltration properties. The solution is therefore that pipe magazine is the magazine preferred for local disposal of stormwater in those circumstances. It is recommended when applying this result real life, to use the cost per meter and countervailing volume per meter available in efforts to work out how long stretch pipe magazine needs to be built on to achieve the desired equalization volume. Rating systems made for maintenance can however be used for other cases. Limitations: The result is applicable in similar scenarios as for the case study, which is at a row house site where the surface for the magazine is limited and where the soil has limited infiltration properties. A graph has been developed for the work where the construction cost per meter is described for each countervailing magazine and also has a graph with stormwater volume per meter been developed. These diagrams can therefore be applied to other cases with small areas but with other measures of the plot. Therefore the result also is applicable to other cases.

Made available in DSpace on 2016-04-26T20:24:34Z (GMT). No. of bitstreams: 1 Tese ANA CARLA BLIACHERIENE.pdf: 1983408 bytes, checksum: e8bb52bda7466ff200fc0557d3c299a1 (MD5) Previous issue date: 2006-06-19 / This thesis defines classifies and explores the applicable laws to subsidies and countervailing measures which are regulated by international rules of commercial defense issued by the World Trade Organization It introduces the historical evolution of the laws related to the multilateral trade by the international community and emphasizes the importance to maintain the mechanisms of commercial defense separated from those derived from the competition law Furthermore it presents out new themes related to subsidies raised in the Doha Agenda in addition to pointing out the Brazilian line of thought concerning other WTO-members propositions By classifying subsidies it discriminates financial subsidies between credit and tributary showing how the State acts as a regulator of the economical order It emphasizes the existence of a specific law system applicable to countervailing and antidumping measures in opposition to the one applicable to safeguards and it is compared with the Brazilian federal law It points out the vital importance of the maintenance of the judicial safety of the national court decisions about the application and interpretation of the WTO-derived Agreements specifically the Subsidies and Countervailing Measures Agreement Finally it shows the mechanisms available for application of the commercial defense measure by the States and international trade subjects / Aborda a definição classificação e o regime jurídico aplicável aos subsídios e às contramedidas segundo as regras do Acordo sobre Subsídios e Medidas Compensatórias da Mundial do Comércio e a Legislação brasileira Trata do histórico da regulamentação jurídica do comércio multilateral pela comunidade internacional e ressalta a importância da autonomia dos mecanismos de defesa comercial em relação àqueles derivados do direito da concorrência Destaca os novos temas em matéria de subsídios levantados na Agenda Doha de Negociação bem como a posição brasileira quanto às propostas presentadas por outros membros da Organização Diferencia subsídios financeiros tributários de ditícios e aborda a atuação do Estado como regulador da ordem econômica Destaca a existência de um regime jurídico especial e próprio aplicável às medidas antidumping e compensatórias diferente daquele aplicável às salvaguardas fazendo uma análise das visões jurisprudencial legislativa e doutrinária brasileiras Demonstra a necessidade de manutenção da segurança jurídica nas decisões do Poder Judiciário nacional no que se refere à aplicação e à interpretação dos acordos derivados da OMC mais precisamente do Acordo de Subsídio e Medidas Compensatórias Por fim aponta os mecanismos disponíveis para a aplicação dos instrumentos de defesa comercial pelos Estados e as pelas partes interessadas

With national cuts on solar PV subsidies and the current “oversupply” of panels, the global solar market is clearly threatened by a contraction. Yet, the need for more solar power is apparent, particularly for the world’s poor and vulnerable population. Instead of securing modern energy access for these people, trade interests have triggered a counterproductive solar trade war. This contemporary legal study addresses these issues by examining existent and potential instruments for stimulating a North-to-South solar capital flow. The research finds that recent reforms of the CDM will do little difference from previous deficiencies, as local investment barriers are not reflected in the monetary support of the clean development mechanism. Competing technologies are successfully keeping solar out of the game while baseline requirements are undermining the poor. Inspired by national renewable energy law and policy, international alternatives could address these shortcomings. While feed-in tariffs have been commonly advocated, the REC model seems far more appropriate in an international context. Its ability to be traded separately from the electricity makes it a perfect candidate as a substitute for the CDM. Entrusted with certain features it could address the geographical unbalance and provide with greater investor certainty. But the scheme(s) are under current WTO regulations required to be non-discriminatory, making it highly questionable to believe that developed countries would ever fund such incentive. It is not likely that solar capital exporters want Chinese solar PV manufacturers, who are already receiving significant production subsidies, to receive the same benefits as other producers. However, if countries adversely effected by subsidies where allowed to offset the injury by discriminating Chinese producers in international REC schemes, the Author believes that it would be easier to sell such a concept and implement it, for the benefits of climate change mitigation and adaptation as well as the world’s vulnerable and poor nations. However, this would require extensive reforms under WTO which the Author calls for.

A sociological approach is used to analyze incidences of extreme opportunism in financial markets. Through an analysis of arguably the most widely publicized "rogue" trader events in recent history, a determination is made of the validity of explaining these events as aberrations, attributable to the actions of "rogues". The primary focus is the role of structural factors underlying these incidences of extreme opportunism in financial markets. A diverse range of documentary and other sources is used to avoid any form of bias as far as possible. It was found that structural factors act as countervailing forces to inhibit such behavior or as motivators and facilitators acting as catalysts for extreme opportunism. The balance between these factors largely determines the level of opportunistic behavior in a particular environment. Extreme opportunism is therefore not an aberration or "rogue" occurrence but a manageable phenomenon intrinsic to the social structural context within which it occurs. By conceptualizing these factors as countervailing forces one is forced to view structural factors, like compensation structures and formal and informal restraints, relative to one another and no longer in isolation. This realization translates into the conclusion that restraints and oversight systems for example, should be designed relative to the relevant motivators and facilitators in its area of application. In an environment where traders of highly geared financial products are motivated with multimillion USD incentive packages, a low budget oversight system and inexperienced regulatory staff, is clearly not the appropriate tools to control and manage extreme opportunism. / Criminology and Security Science / D.Phil. (Sociology)

Um die Auswirkung der Liberalisierung der EU-Erdgasmärkte auf die Macht der Marktteilnehmer zu studieren, entwickeln wir ein disaggregiertes Modell der eurasischen Erdgasversorgung. Wir modellieren die Abhängigkeiten zwischen den Spielern als kooperatives Spiel und berücksichtigen verschiedene Lösungen: den Shapley-Wert, den Nukleolus und den Kern. Im Kapitel 1 untersuchen wir die regionalen Auswirkungen der Liberalisierung des Zugangs zu den Übertragungsnetzen, sowie die Anreize für Fusionen und Kartelle. Im Kapitel 2 untersuchen wir die Auswirkung der Liberalisierung auf die Machtbalance zwischen den lokalen Champions, den Kunden und den Produzenten außerhalb EU. Wir unterscheiden zwischen zwei Schritten der Reform: 1.die Öffnung des Zugangs zu den Übertragungsnetzen und 2.die Öffnung des Zugangs zu den Vertriebssystemen. Für den Shapley-Wert finden wir geringe und heterogene Effekte des ersten Schritts. Die Auswirkungen des zweiten Schritts sind viel größer und ergeben ein klares Muster: alle lokalen Champions verlieren, während alle Kunden und alle externen Produzenten gewinnen. Da ein Drittel der Verluste der Champions innerhalb EU zu den Spielern im Ausland abfließt, können die aktuellen Reformen die Dominanz der bereits starken externen Produzenten verbessern. Wenn wir den Nukleolus heranziehen, profitieren die Produzenten außerhalb EU von der vollen Liberalisierung hingegen nicht. Im Kapitel 3 untersuchen wir die Beziehungen zwischen Shapley-Wert, Nukleolus und Kern. Für unser Modell ist der Shapley-Wert nie im Kern. Um ein Maß der Instabilität von Auszahlungen, die nicht im Kern liegen, zu erhalten, schlagen wir eine Erweiterung des starken epsilon-Kerns vor und betrachten 3 Metriken. Wir finden, daß die Liberalisierung die Instabilität des Shapley-Werts erhöht. Wir zeigen, daß die Liberalisierung den Kern komprimiert. Die Auswirkung auf den Nukleolus korrespondiert jedoch nicht immer mit der Verschiebung von Minimal- und Maximalwerten der Spieler im Kern. / To study the impact of the liberalization of EU natural gas markets on the power of market players we develop a disaggregated model of the Eurasian natural gas supply system. We model interdependenices among the players as a cooperative game for which we consider various solutions: the Shapley value, the nucleolus and the core. In the first paper we study regional impact of liberalization of access to transmission networks, incentives for mergers and cartels. In the second paper we study the impact of liberalization on the balance of power between ''local champions'', customers, and outside producers, such as Russian Gazprom. We distinguish between two steps of the reform: 1. opening access to transit pipes and 2. opening access to distribution systems, hence customers. Using the Shapley value, we find a modest and rather heterogeneous impact from the first step. The impact of the second step is much larger and yields a clear pattern: all local champions lose, while all customers and all outside producers gain. As one third of the losses of champions within EU leaks to players abroad, current reforms might enhance the dominance of already powerful outside producers. When we apply the nucleolus, in contrast, full liberalization does not benefit outside producers at all. In the third paper we focus on the relation of the Shapley value and the nucleolus to the core. For our model the Shapley value is never in the core. To evaluate the degree of instability of a payoff allocation which is not in the core, we propose an extension of the strong epsilon-core and consider three metrics. We find that liberalization increases the degree of instability of the Shapley value for all metrics. We show that liberalization compresses the core, but not always the nucleolus corresponds well to the shifts in the minimal and maximal values of players in the core.

美國與歐盟在航空產業的補貼爭議已有數十年之久，雙方互相指控對方補貼其國內民用航空器製造業，此一爭議雖經雙方談判協商，但終究談判破裂而進入世界貿易組織（WTO）爭端解決機構，成為WTO歷史上涉案金額最大的一次貿易糾紛案。雖然美國與歐盟就航空器補貼爭議相互於WTO下提出訴訟，總計成立了四個爭端案件，在如此複雜的情況下，目前僅歐盟航空補貼案（DS316）已進入至言詞辯論程序，其他爭議案均未進入實質審理程序，尚無資料可得分析，因此僅就DS316一案而為討論。 / 在該案中，美方指控歐盟以開發補助、基礎設施、研發技術補助等措施為空中巴士進行補貼，提升空中巴士之市場競爭力，對美國波音公司產生不良影響。上述措施是否違反WTO規定，著實進一步分析探討之必要，因此本文將介紹補貼及民用航空器的相關規定，由SCM協定下之補貼構成要件－政府財務補助、利益及特定性之要件，判斷歐盟是否構成補貼，而其中尚須檢驗美國與歐盟首次書狀中論點之合理性、考量過去小組類似判斷之見解與顧及1992年美歐航空器的雙邊協定，最後嘗試預測未來小組判斷中，對補貼之構成與否及其法律效果之意見。 / Subsidy dispute of aviation between the US and EU has been lasting over the past decades. Both sides accused each other of subsidizing domestic civil aircraft industry. In spite of having made efforts to solve the trade clash through negotiations, they eventually took the subsidy dispute before Dispute Settlement Body of the World Trade Organization（WTO） after the negotiations had failed. In the biggest case ever to come before WTO, US and EU separately filed legal complaints against each other at the WTO, which set up four dispute cases. However, except the oral arguments were held in the European Communities-Measures Affecting Trade in Large Civil Aircraft（DS316）, the three other cases have not yet entered into substantial procedures. Therefore, this thesis intends to focus on the DS316 due to no related data available to analyze the rest of the cases. / In DS316, the US argued that EU subsidized Airbus by way of such measures as Launch Aid, Infrastructure & Regional Aid and Research & Technology to improve Airbus’s competitiveness in the aviation market and put its US rival Boeing at disadvantage. Given that whether the EU subsides are against the trade rules of the WTO needs further studies, this thesis would like to interpret related rules which regulate subsidy and civil aircraft industry. It would also like to decide if the EU involved in subsidizing by examining the constitutive requirements of subsidy under the Agreement on Subsidies and Countervailing Measures（SCM agreement）including financial contribution, benefit and specificity. This thesis will review the rationality of arguments in the first written submissions both by the US and EU, and then deliberate the opinions of similar decisions from the WTO panel in the past as well as take into account the Agreement between the European Economic Community and the Government of the United States of America concerning the Application of the GATT Agreement on Trade in Civil Aircraft on Trade in Large Civil Aircraft in 1992. Finally, this article tries to forecast the opinions about what is regarded as subsidy and the related legal effects in future decisions by the WTO panel.

I evaluate four possible approaches the United States may take to address China's practice of undervaluing the renminbi: 1) a challenge under Article XV of the GATT and the associated IMF provisions; 2) countervailing duties; 3) antidumping measures; and 4) safeguard measures. I conclude that the first three approaches are unlikely to succeed; there are a number of legal and political obstacles to the pursuit of these remedies. While the current WTO safeguards regime is likely insufficient, a new safeguards regime can--and should--be developed. I review and critique Dani Rodrik's proposal for a new safeguards regime and set out my own basic blueprint for a significantly expanded safeguards regime, emphasizing that flexibility in the realm of international trade law would help to secure overall stability in international trade itself. In order to be effective shock absorbers, safeguards must become far more flexible.

I evaluate four possible approaches the United States may take to address China's practice of undervaluing the renminbi: 1) a challenge under Article XV of the GATT and the associated IMF provisions; 2) countervailing duties; 3) antidumping measures; and 4) safeguard measures. I conclude that the first three approaches are unlikely to succeed; there are a number of legal and political obstacles to the pursuit of these remedies. While the current WTO safeguards regime is likely insufficient, a new safeguards regime can--and should--be developed. I review and critique Dani Rodrik's proposal for a new safeguards regime and set out my own basic blueprint for a significantly expanded safeguards regime, emphasizing that flexibility in the realm of international trade law would help to secure overall stability in international trade itself. In order to be effective shock absorbers, safeguards must become far more flexible.

No abstract available. / Dissertation (LLM)--University of Pretoria, 2013. / Centre for Human Rights / unrestricted