Corporate Governance and the Board's Locus of Control:the case of the ABI's treatment of footprints

This paper discusses the degree to which codes of corporate governance and the guidelines that develop around them tend to shift the locus of control away from the board of directors. It is argued that even in principles-based codes of governance such outcomes are an unavoidable consequence and that policy makers should weigh such consequences carefully before promulgating codes and guidelines. The case of the treatment of footprints (incentive plan performance averaging periods) by the UK’s Association of British Insurers (ABI) is analysed to illustrate the problem

The British American Rules: An experimental examination of pre-trial bargaining within the shadow of the law

A commonly held view is that the frequency and value of pre-trial settlements in civil disputes are greatly influenced by the cost allocation regime that is in place if the case goes to trial. There is a large and growing theoretical literature on this subject but almost no empirical evidence. This is due simply to the scarcity of relevant data owing to the confidentiality generally associated with such matters. However, the area is an ideal one to analyse experimentally. In this paper we consider the effect of the British and American rules for cost allocation using such an experimental methodology. We find that the two rules produce no difference in the frequency of pre-trial settlements but that the British rule produces higher settlements (pro-pursuer) if the probability of the pursuer winning is large.

Pre-trial settlement: Who's for two-way offers?

This paper reviews the use of cost shifting devices intended to encourage pre-trial settlement. Both the well-known instrument of judicial offers (tenders) and the more recently introduced pursuers' offers are discussed. Numerical examples are provided and experimental evidence is reviewed. Both sources create some doubts regarding the efficacy of such devices in encouraging settlement. There is a strategic aspect of negotiating that is encouraged by these rules. In essence, these arrangements impart a certain amount of power to one side or other. This influences the level of settlement (if any), but may also reduce the probability of reaching a settlement. Abandoning such arrangements, while somewhat contrary to conventional views may well be a positive step in encouraging pre-trial settlement.

What price civil justice?

In the jurisdictions both of England and Wales and of Scotland, the civil justice system is currently the subject of intense critical appraisal. This paper considers the current status of civil justice, beginning by asking what we expect from our system of civil justice and going on to analyse the supply and demand of civil legal services in market terms. The authors conclude that there is scope in the system for substantial experimentation with procedural reform. They suggest that as much as possible should be done to encourage the development of a cafeteria-style of civil justice system with improved information flows for consumers, and provision for innovations such as cost capping and risk sharing between legal representatives and clients, so providing consumers with more freedom of choice.

Reactions of cyclomanganated complexes with carbon disulfide: routes to η²-aryldithiocarboxylate-Mn(CO)₄ complexes and to the trithiocarbonate complex (μ₃-CS₃)₂Mn₄(CO)₁₆

Reaction of cyclomanganated aryl ketones with CS₂ proceeds with insertion into the Mn–C bond to give η²-dithiocarboxylato–Mn(CO)₄ compounds. With other cyclomanganated substrates such as that from Ph₃P=S and also with Mn₂(CO)₁₀, CS₂ gives (μ₃-CS₃)₂Mn₄(CO)₁₆ with bridging trithiocarbonate ligands