Romania and the local development policy

Romania's regional development involves boosting and diversifying economic activities, stimulating investments in the private sector, the contribution to reducing unemployment, along with improving living standards. In order to implement the policy of regional development, were established eight development regions comprising the entire territory of Romania, each regional development, including several counties and, not being administrative-local units, do not legal personality. Regional development policy concerns all measures planned and promoted by public authorities, private factors, volunteers for economic growth

Investor Protection and the Value Effects of Bank Merger Announcements in Europe and the US

Investor protection regimes have been shown to partly explain why the same type of corporate event may attract different investor reactions across countries. We compare the value effects of large bank merger announcements in Europe and the US and find an inverse relationship between the level of investor protection prevalent in the target country and abnormal returns that bidders realize during the announcement period. Accordingly, bidding banks realize higher returns when targeting low protection economies (most European economies) than bidders targeting institutions which operate under a high investor protection regime (the US). We argue that bidding bank shareholders need to be compensated for an increased risk of expropriation by insiders which they face in a low protection environment where takeover markets are illiquid and there are high private benefits of control

Legal Pluralism & Women\u27s Rights: A Study in Post-Colonial Tanzania

Recognizing a dearth of legal research on Zanzibar, the authors explore the complex legal and cultural landscape of this archipelago and its relationship to mainland Tanzania. The article discusses the problems that arise when multicultural societies adopt a pluralist system of justice in order to preserve the traditions of its diverse communities. Although the article focuses on Tanzania, the problems that arise from multicultural accommodations affect not only young, postcolonial nations in Africa and Asia, but also individuals in cosmopolitan, economically-developed countries such as Israel and the United States. As countries wrestle with ever diversifying ethnic and religious populations, such a study is an important tool in ensuring that equal rights are provided to all citizens

Consolidation and Value Creation in the Insurance Industry: the Role of Governance

We examine the long run performance of M&A transactions in the property-liability insurance industry. We specifically investigate whether such transactions create value for the bidders' shareholders and assess how corporate governance mechanisms affect such performance. Our results show that M&A create value in the long run as buy and hold abnormal returns are positive and significant after three years. While tender offers appear to be more profitable than mergers, our evidence does not support the conjecture that domestic transactions create more value than cross border transactions. Furthermore, positive returns are significantly higher for frequent acquirers and in countries where investor protection is better. Internal corporate governance mechanisms are also significant determinants of the performance of bidders.Merger and acquisition, property-liability insurance, governance, value creation, performance of bidders

Diversifying Clearinghouse Ownership In Order To Safeguard Free And Open Access To The Derivatives Clearing Market

Implementing the rigorous governance and ownership standards established in the Dodd-Frank Wall Street Reform and Consumer Protection Act3 for derivatives clearing organizations (DCOs) will promote free and open access to clearing and reduce systemic risk within what is now the $700 trillion notional value derivatives market. Such standards are central to and advance the key regulatory tenants of Dodd-Frank: i.e., to restore transparency, capital adequacy, and accountability to what was the unregulated over-the-counter (OTC) derivatives market by ensuring that swaps are cleared through financially sound DCOs. Also, these rules will promote competition by curtailing large swap dealers‘ (SDs) control over these markets to the disadvantage of swaps users. This article focuses on the importance of swaps clearing to Dodd-Frank-mandated market reforms and the need for fair and open access to that clearing. Specifically, it shows that implementing objective governance standards for DCOs that include maximum capital requirements for DCO membership will enhance market stability and efficiency. To this end, the article focuses exclusively on clearing as it lies at the heart of Dodd Frank market reforms. Also, although the article discusses the SEC‘s proposed rules on DCO governance and ownership, it primarily focuses on the CFTC‘s rulemaking for DCOs since the CFTC has jurisdiction over 85The article is divided into four parts. First, it shows that Congress intended the CFTC to adopt rigorous rules regarding DCO governance and ownership that eliminate the conflicts of interest that have allowed SDs to stifle competition for clearing services and to charge unnecessarily high transaction fees. Second, it explains how pre-Dodd-Frank market forces have limited access to clearing. Third, it shows that the CFTC‘s final rule on participant eligibility—particularly the rule establishing a$50 million threshold for DCO membership—promises to both improve swap users‘ access to clearing and ensure greater stability within the derivatives clearing market. Finally, the article argues that the CFTC should strengthen its proposed governance standards for DCOs in order to safeguard swap users‘ access to clearing against the possibility that the CFTC‘s participant eligibility requirements fail to increase DCO membership

Changing Ethnic Relations and Diversifying Lives of Zainichi Koreans

This paper discusses the diversifying lives of Zainichi Koreans in order to understand their identities in transition. Along with the improved legal and social status of Zainichi Koreans and subsequently their living conditions, a large number of Zainichi Koreans have been leaving ethnic institutions, and in some cases, the Zainichi community. The ethnic relations surrounding Zainichi Koreans also partly reflect the diplomatic relations between Japan and the two Koreas. The difference in the images of the two Koreas is a significant factor in their ethnic identities. This paper also examines how Zainichi Korean civil rights movements after the 1970s have encouraged many Zainichi Koreans to assert and maintain their ethnic pride

SALT Equalizer, Vol. 2011, Issue 2

Contents of This Issue: Raquel Aldana & Steven W. Bender, Co-Presidents’ Column, at 1. Hazel Weiser, Executive Director’s Column, at 1. Hazel Wesier, SALT Board of Governors Election, at 4. Hazel Weiser, Breaking In: Committed to Diversity in the Legal Academy, at 7. Hope Lewis, SALT and Northeastern Host Well-Received “Breaking Into Law Teaching Program,” at 7. Solangel Maldonado, B.A. to J.D. Pipeline Initiative: November Conference on Diversifying the Legal Profession, at 8. Ruben Garcia, Great Teacher Keith Aoki’s Legacy to be Celebrated at 2012 SALT Dinner, at 9. Doug Colbert & Pamela Bridgewater, Access to Justice Committee: Progress, Projects, and a New Co-Chair, at 10. Jackie Gardina, LGBT Committee: What Does Repeal of Don’t Ask Don’t Tell Really Mean?, at 11. Andi Curcio & Carol Chomsky, Issues in Legal Education Committee: Continuing Work on Pending ABA Accreditation Standards, at 12. Majorie Cohn, Human Rights Committee: SALT Signs Amicus Brief Against Alabama Racial Profiling Law, at 13. Hazel Weiser, A New School Year Means It’s Time to Renew Your SALT Membership, at 14. Robert Lancaster & Ngai Pindell, SALT Public Interest Retreats: Coming Soon to a Location Near You, at 15. SALT 2011-12 Calendar: Enjoy the Benefits of SALT Membership, at 15

How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable results.Firstly, M&As involving European firms are considerably more bondholderfriendly than are US domestic deals.Bidding firm bondholders earn economically significant positive returns, while target bondholders incur positive but insignificant returns. Overall, acquisitions do generate value to European bidding firms, but most of the wealth effect is captured by the bondholders.Secondly, bondholder gains in both bidding and target firms are systematically higher in M&As that involve Continental European firms.Thirdly, bidder abnormal bond returns are lower in cross-border deals.However, this is counterbalanced if creditor rights and the efficiency of credit contract enforcement are stronger in the target country. There is also strong evidence that, consistent with crossborder spillovers, improved creditor protection redistributes wealth from shareholders to bondholders.Finally, we document that bondholder wealth changes are subject to changes in asset risk and to a negative listing effect similar to that previously reported for changes in shareholder wealth.bondholder returns;Eurobonds;mergers and acquisitions;creditor rights;takeover;corporate governance;shareholders abnormal returns;M&A;insolvency

LGBTQ Grantmakers 2008 Report Card on Racial Equity

A research study examining how a subset of lesbian, gay, bisexual, transgender and queer (LGBTQ) grantmakers addresses racial equity in grantmaking, governing documents, policies and practices, demographics and leadership, and strategic communications