Disclosure Law and the Market for Corporate Social Responsibility

We analyse the expansion of corporate social responsibility (CSR) accountability fostered by the United Kingdom's legal disclosure strategy which is based on a three-way interplay of law, voluntary CSR and the financial market. We review developments in the law, analyse the politics and economic models behind them, and assess the practical impact of CSR. To reconcile CSR with established assumptions about the purposes of companies and company law, it is necessary to justify the pursuit of CSR objectives as ultimately being in the company's economic interests. To this end we consider how CSR affects shareholder value by examining the stock market performance of companies included in the FTSE4Good ethical indices. By comparing the companies included in these indices with excluded companies and the market as a whole, we obtain empirical evidence concerning investor perceptions of the value-creating potential of CSR activities

An Opportunity Lost: The United Kingdom\u27s Failed Reform of Defamation Law

The Defamation Act 1996 is the first major piece of libel legislation in Britain since the Defamation Act 1952. The British Parliament passed the Act in response to the ease with which libel plaintiffs can establish liability and in response to huge damage awards. In passing the Act, Parliament attempted to shift the balance of defamation law away from protecting the reputational interest of plaintiffs and toward protecting free discussion and open criticism. However, the Act merely fine-tunes current law. The Act reduces the limitations period for defamation suits, introduces procedural reforms to simplify and reduce libel suits and permits Members of Parliament to waive their Parliamentary privilege if necessary to bring their own defamation claims. Yet the Act fails to adequately reform English law to provide greater freedom of speech protection. For example, unlike other jurisdictions, English law does not recognize some form of public figure defense. By failing to substantively reduce the ease of defamation suits, Parliament lost the opportunity to provide greater protection of speech

New fabrication technique for highly sensitive qPlus sensor with well-defined spring constant

A new technique for the fabrication of highly sensitive qPlus sensor for atomic force microscopy (AFM) is described. Focused ion beam was used to cut then weld onto a bare quartz tuning fork a sharp micro-tip from an electrochemically etched tungsten wire. The resulting qPlus sensor exhibits high resonance frequency and quality factor allowing increased force gradient sensitivity. Its spring constant can be determined precisely which allows accurate quantitative AFM measurements. The sensor is shown to be very stable and could undergo usual UHV tip cleaning including e-beam and field evaporation as well as in-situ STM tip treatment. Preliminary results with STM and AFM atomic resolution imaging at $4.5\,K$ of the silicon $Si(111)-7\times 7$ surface are presented.Comment: 5 pages, 3 figure

Subsurface hydrothermal processes and the bioenergetics of chemolithoautotrophy at the shallow-sea vents off Panarea Island (Italy)

The subsurface evolution of shallow-sea hydrothermal fluids is a function of many factors including fluid-mineral equilibria, phase separation, magmatic inputs, and mineral precipitation, all of which influence discharging fluid chemistry and consequently associated seafloor microbial communities. Shallow-sea vent systems, however, are understudied in this regard. In order to investigate subsurface processes in a shallow-sea hydrothermal vent, and determine how these physical and chemical parameters influence the metabolic potential of the microbial communities, three shallow-sea hydrothermal vents associated with Panarea Island (Italy) were characterized. Vent fluids, pore fluids and gases at the three sites were sampled and analyzed for major and minor elements, redox-sensitive compounds, free gas compositions, and strontium isotopes. The corresponding data were used to 1) describe the subsurface geochemical evolution of the fluids and 2) to evaluate the catabolic potential of 61 inorganic redox reactions for in situ microbial communities. Generally, the vent fluids can be hot (up to 135 °C), acidic (pH 1.9-5.7), and sulfidic (up to 2.5 mM H2S). Three distinct types of hydrothermal fluids were identified, each with higher temperatures and lower pH, Mg2 + and SO42 -, relative to seawater. Type 1 was consistently more saline than Type 2, and both were more saline than seawater. Type 3 fluids were similar to or slightly depleted in most major ions relative to seawater. End-member calculations of conservative elements indicate that Type 1 and Type 2 fluids are derived from two different sources, most likely 1) a deeper, higher salinity reservoir and 2) a shallower, lower salinity reservoir, respectively, in a layered hydrothermal system. The deeper reservoir records some of the highest end-member Cl concentrations to date, and developed as a result of recirculation of brine fluids with long term loss of steam and volatiles due to past phase separation. No strong evidence for ongoing phase separation is observed. Type 3 fluids are suggested to be mostly influenced by degassing of volatiles and subsequently dissolution of CO2, H2S, and other gases into the aqueous phase. Gibbs energies (ΔGr) of redox reactions that couple potential terminal electron acceptors (O2, NO3-, MnIV, FeIII, SO42 -, S0, CO2,) with potential electron donors (H2, NH4+, Fe2 +, Mn2 +, H2S, CH4) were evaluated at in situ temperatures and compositions for each site and by fluid type. When Gibbs energies of reaction are normalized per kilogram of hydrothermal fluid, sulfur oxidation reactions are the most exergonic, while the oxidation of Fe2 +, NH4+, CH4, and Mn2 + are moderately energy yielding. The energetics calculations indicate that the most robust microbial communities in the Panarea hot springs combine H2S from deep water-rock-gas interactions with O2 that is entrained via seawater mixing to fuel their activities, regardless of site location or fluid type

Vilhelm Lundstedt’s ‘Legal Machinery’ and the Demise of Juristic Practice

This article aims to contribute to the academic debate on the general crisis faced by law schools and the legal professions by discussing why juristic practice is a matter of experience rather than knowledge. Through a critical contextualisation of Vilhelm Lundstedt’s thought under processes of globalisation and transnationalism, it is argued that the demise of the jurist’s function is related to law’s scientification as brought about by the metaphysical construction of reality. The suggested roadmap will in turn reveal that the current voiding of juristic practice and its teaching is part of the crisis regarding what makes us human

Public protests, private lawsuits, and the market: The investor response to the McLibel case

The tendency of English libel law to protect reputation at the expense of freedom of expression makes the United Kingdom a potentially attractive forum for retaliatory lawsuits against individuals and organizations who lobby or campaign against the interests of large companies. The most prominent recent example of such a lawsuit was the so-called 'McLibel' case, in which McDonald's Corporation sued protesters who had distributed anti-McDonald's leaflets outside some of the company's restaurants. The case is often cited as evidence that the risk of unfavourable publicity generated by retaliatory libel actions is a strong deterrent to using the libel laws to silence public opposition to corporate activities. This article uses a technique widely employed in financial economics research, the 'event study' method, to investigate whether the unanticipated bad publicity attracted by the McLibel case had a negative financial impact on McDonald's, such that future retaliatory lawsuits might be deterred

Uber die “konvergierte regulierung” zum deregulierten medienmarkt?

No abstract available