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Thesis (doctoral)--Universität Hamburg, 1976. / Includes bibliographical references (p. ix-xvi).

Thesis (doctoral)--Philipp-Universität zu Marburg.

What explains the form and substance of international financial standards? Form refers to the legal or non-legal bindingness of an international standard. Substance refers to how significantly the standard changes the international status quo. The form and substance of international standards on bank capital adequacy, hedge funds, “bail-in” resolution, and insurance capital adequacy challenge the predictions of major rationalist, realist, and two-level perspectives. I propose a novel theory and present original evidence to test two central claims. First, the structure of domestic institutions and strategic interaction within a state incentivizes an actor from that state to prefer and pursue a certain form of international standard: legally or non-legally binding. The state actor, as a first mover, aims to propose a standard at an appropriate international institution which produces standards of its preferred form. Second, the state actor must bargain with representatives of other states according to certain decision-making rules at the international standard-setting institution. The type of decision-making rule used in bargaining—not the market power or other characteristics of key players—explains the substance of the final standard. More restrictive decision-making rules, which use majority or supermajority voting, lead to greater change than open rules, which are based on consensus or unanimity voting. My empirical findings remove the veneer of technocratic legitimacy associated with international standard-setting to reveal intense distributional battles. In pursuing the Basel capital standards, the US Federal Reserve has been motivated more by turf wars with other US bank regulators than by its publicly stated desire to create a “level playing field” for internationally active banks. Supported by domestic collaboration between regulators and industry, French officials set a legally binding and deep de facto international standard for hedge fund managers over the vigorous objections of the City of London. By pursuing a soft standard on bail-in, the Bank of England has sought not only to protect taxpayers from costly bailouts, but also to keep Her Majesty’s Treasury at arm’s length. The lack of international insurance regulation is due not to the lack of effort by the UK Financial Services Authority and its European partners, but to open decision-making rules that allow US state regulators, albeit fragmented and under-resourced, to protect the international status quo. In each of these cases, I specify how domestic and international institutional settings provide enduring opportunities and constraints for key players in global finance.

假設真實輸入參數可以事先預知，實際上，透過平均數-變異數的投資組合量化模式，效率前緣將會往右下方移動。這也意謂倘若保險公司的投資策略有達到效率前緣的情況下，保險法146條的投資上限將使得保險公司的投資報酬率降低，以及投資風險增加。給定投資上限反而降低保險公司的投資績效。然而真實輸入參數並無法事先預知，因此根據過去的經驗資料以及主觀判斷來估計輸入參數將是作為取代真實參數的作法。而估計誤差的存在將勢難避免。同時平均數-變異數模式所決定的投資組合會過度投資在高估投資報酬率以及低估投資風險的股票上，因此估計誤差的影響將是不容忽略。並且保險公司在追求資產極大化的同時，有其必要兼顧到估計誤差的影響。 本研究主要有三個主題，首先我們透過平均數-變異數模式來探討估計誤差對投資組合的影響。緊接著就投資上限與估計風險的關係進行研究。最後分析股票淨利率限制和投資上限之間的關係，並且解釋存在的功能以及探討是否有其存在的必要性。 本研究結果發現現行的單一股票的投資上限(七分之一)不但降低了投資風險，並且改善了真實反應的投資報酬率低於6%，甚至為負值的問題。並且就淨利率上限為6%的合適性而言，除非保險公司採取的投資策略非常的保守，否則還不如放寬，或者廢除。

Univ., Diss.--Hamburg, 2005. / Literaturverz. S. 227 - 232.

An insurance contract is a contract of utmost good faith. The nature of the insurance bargain makes the duty a commercial necessity. Duties of disclosure and representation, which were two fundamental components of the principle of utmost good faith, operate in different ways in England and China. The insured and insurer in these two countries bears distinctive good faith related obligations pre- and post-contractually. English insurance law exercise considerable influence in most common law countries and some civil law jurisdictions. The separation between utmost good faith and the duty of fair presentation, with the abolition of the avoidance remedy, under the Insurance Act 2015 could influence other jurisdictions to alter their remedies. This thesis examines the application of the civil law notion of good faith and the common law duty of utmost good faith. It covers the operation of insured’s pre-contractual duties of disclosure and representation in both countries. The thesis considers the insurer’s duties as well as the continuing duties and the effect of utmost good faith taking in account the recent legislative changes on fraudulent claims and late payment. The thesis further examines the legal status of brokers and their disclosure duty in China and England. Finally, it also provides special considerations on consumers and micro-businesses.