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  • Sermaye Piyasası Kanunu'nun amacı, sermaye piyasasının işleyişinin güvenli bir biçimde sağlanmasına ve yatırımcıların hak ve menfaatlerinin korunmasıdır. Bu amaçla yatırımcıların(halka açık anonim ortaklık pay senedi sahiplerinin); yatırımlarını gerçekleştirirken kararlarını doğru bilgilere dayanarak vermelerini sağlamak, şirketin kontrolüne sahip olan şahısların kişisel menfaatlerinden bağımsız olarak sadece şirketin menfaatleri doğrultusunda hareket etmelerini temin etmek üzere SerPK kendi içinde düzenlemeler barındırmaktadır. Bunlardan biri de SerPK madde 21 hükmüdür ve SerPK'nın amaçları doğrultusunda bir özel hüküm niteliği taşımaktadır. Söz konusu hükmün ratio legis'inin, halka açık anonim ortaklığın; ilişkili kişiler ile yapılan işlerde emsallere, piyasa teamüllerine uygun, ticari hayatın basiret ve dürüstlük ilkelerine uygun işlemler gerçekleştirmesini sağlamak suretiyle, ortaklık pay sahiplerinin menfaatlerinin korunması olduğu anlaşılmaktadır. SerPK madde 21'de sayılan yapılan işlem sonucu; halka açık ortaklığın, kolektif yatırım kuruluşunun, bunların iştirak ve bağlı ortaklıklarının; kârlarını azaltmak, malvarlıklarını azaltmak, kârlarının artmasını engellemek, malvarlıklarının artmasını engellemek, kârlarını korumak veya artırmak için yapmaları beklenen faaliyetleri yapmamak, malvarlıklarını korumak veya artırmak için yapmaları beklenen faaliyetleri yapmamak suretiyle ilişkili oldukları kişilerin kârlarının ya da malvarlıklarının artmasını sağlamak şeklinde aktif veya pasif davranışlarla kazanç aktarımında bulunmaları yasaklanmıştır. Konunun vergi hukukunda, Kurumlar Vergisi Kanunu m. 13'te transfer fiyatlandırması yoluyla örtülü kazanç dağıtımı adıyla düzenlenmekte olduğu görülmektedir. Şüphesiz vergi hukukunda gözetilen amaçlarla sermaye piyasası hukukunun izlediği amaçlar arasındaki farklılık, maddi unsurları benzeyen bu iki düzenlemeyi birbirinden ayırmaktadır. Konunun vergi hukuku ve maliye boyutu bağlamında eserler mevcuttur. Buna mukabil bu tez ile SerPK düzenlemesinin ardından konunun özel hukuktaki yeri ve sonuçları ile spesifik olarak konunun Borçlar Hukuku, Ortaklıklar Hukuku ve Sermaye Piyasası Hukuku yönlerinden araştırılması hedeflenmektedir. [...] Related-party transactions include the routine forms of abusive insider behavior that have come to be dubbed tunneling in the economic literature a category that includes all forms of misappropriation of value by corporate insiders. Prohibited related party transactions are the ones which contain transfer prices that contradict the arm's length principle. SerPK article 21/4 say that parties which have received an income transfer are obliged to return the transferred amount with its legal interest within the period to be determined by the Board. Sweeping prohibitions of related-party transactions were once common in company law. Apart from bans on loans, prohibitions tend to focus on transactions between managers and third parties that are thought to divert the value of information that the law assigns, implicitly or otherwise, to the company or its shareholders. It is forbidden that publicly- held corporations and collective investment schemes and their subsidiaries and associates to transfer income to real persons or legal entities with whom they have a direct or indirect relationship in terms of management, audit or capital by decreasing their profits or their assets or by preventing the increase of their profits or their assets via performing transactions such as making contracts or commercial practices containing different prices, fees, costs or conditions producing a trading volume in violation of the conformity with market practices and comparability to similar transactions prudence and honesty principles of commercial life.

  • As we have seen from the numerous high profile launch failures and accidents that have occurred between 2014 and 2016, space activities are still ultra-hazardous in nature, despite sixty-plus years of technological development. These activities range from essential to modern life (ex., telecommunications) to futuristic and forward thinking (ex., space tourism). In order for these activities to not only continue, but also develop and grow, this inherent risk must be managed.Further complicating the risk dynamic in outer space, States are required to take liability and responsibility for the activities of their nationals in space, including private entities and individuals. The reality of this relationship is that while States wish to promote the development of their domestic space industries, they will also usually require certain levels of insurance and indemnification to protect the State against potentially costly mishaps.With regard to outer space, political will is lacking at an international level to create new binding rules for activities in space. Likewise, States are reluctant to unilaterally impose stricter (even if ultimately beneficial) regulations on their entities for fear that their domestic industries will flee abroad to greener pastures, creating a regulatory prisoner's dilemma. These factors create a scenario where the major space insurers responsible for writing policies across national boundaries may be uniquely positioned to enforce or at least promote mechanisms to increase safety and sustainability in the commercial space industry. Increasing safety and sustainability in outer space may help to keep premium costs from growing out of control for these hazardous activities, as well. Thus, this thesis addresses three fundamental questions: 1)From a legal and policy perspective, is there a regulatory void that needs to be filled, at least temporarily?2)Are insurance companies in a position to be able to fill or partially fill that void?3)If so, how, and what actions can they undertake to improve their ability to execute that governance function?In answering these questions, this manuscript-based thesis explores the existing body of space law and common practices in space activities, including notable lacunae, and applies theories of "insurance as governance." This approach permits both analysis of the existing status of the industry and recommendations to increase the viability of space activities moving forward.

  • La thèse analyse en théorie du droit l’évolution de la procédure civile sous l’angle des enjeux de l’accès à la justice. Elle formule l’hypothèse d’un modèle de régulation sociale qui opère un renversement de la perspective moniste positiviste classique par l’intégration des modes extrajudiciaires de PRD. La thèse répond à la question de recherche suivante : Quels fondements théoriques à l’évolution de la procédure civile pour l’amélioration de l’accès à la justice ? D’un point de vue méthodologique, la thèse opte pour une démarche théorique et documentaire. Elle emprunte aux principales Écoles de théories du droit, en particulier à l’École sociologique. Le cadre théorique s’appuie alors sur les théories du pluralisme juridique, des systèmes et du réseau. Ces théories irriguent la thèse tout entière et servent de grille analytique aux deux parties principales de celle-ci. Dans la première partie, la thèse délimite et précise le concept d’accès à la justice. En trois chapitres, cette première partie s’attèle méthodiquement à déconstruire les acceptions dominantes institutionnelles et restrictives du concept. Elle aboutit à l’élaboration d’une définition innovante à valeur théorique et pratique de l’accès à la justice. Dans la seconde partie, l’analyse porte sur l’évolution des paradigmes de la procédure civile. En trois chapitres, elle pose une critique du système dominant de règlement des conflits en général et de la procédure civile en particulier qui reposent sur le droit selon les principes de hiérarchie des normes. La thèse déconstruit cette vision, puis propose une théorie générale supportant la légitimité des modes extrajudiciaires de PRD. Finalement, la recherche suggère une évolution de la procédure civile et soumet à cet effet un modèle de système de justice alternatif intégrant les modes extrajudiciaires de PRD. Le modèle de régulation proposé est non antinomique et complémentaire au modèle dominant. Le modèle de régulation sociale construit dans la thèse s’articule autour de trois paradigmes fondamentaux à savoir la décentralisation, la multipolarité et la complémentarité. La thèse constitue un compendium d’analyses et soumet un cadre de référence des paradigmes de base d’un système de justice renouvelé pour l’amélioration de l’accès à la justice.

  • Since deeper 'open-door' domestic reform in 1992, China has consistently maintained its position as the largest foreign direct investment (FDI) recipient among developing countries. In recent years China is going global as well. Accompanied with a large amount of outbound FDI, the level of debt is also increasing. Thus it is necessary for China to adopt a sustainable development policy and behave based on rules. China needs to work with the world to promote a rules-based investment climate. At a multilateral level, China joined the World Trade Organization (WTO) in 2001 and promised general and specific obligations on market entry and non-discrimination principles. Bilaterally, only after 2001, China has started negotiating preferential trade agreements (PTAs). The first part of the thesis analyses China’s legal obligations in investment agreements in pre- and post-WTO entry phases. Chapter 1 introduces China’s investment policy before 2001. Chapter 2 clarifies China’s commitments on non-discrimination principles under the WTO agreements, especially China’s Protocol of Accession. Chapter 3 compares Chinese BITs and PTAs with regard to investment principles. The second part of the thesis concerns interpretation on substantive and procedural provisions. Chapter 4 tries to answer the question of whether and how do tribunals consider jurisprudential concepts developed in the case law of the trade regime when resolving investment cases. Chapter 5 examines different remedies in trade and investment agreements. It is important for China to keep compliance with its commitments in international agreements, otherwise, it would face countermeasures which are highly costly. Also, China can implement competition rules in its domestic market for improving firms’ efficiency. Meanwhile, a balancing approach which emphasizes corporate social responsibility is equally important for China’s companies going global.

  • 4054 Sayılı Rekabetin Korunması Hakkında Kanun'un uygulanması bakımından teşebbüs kavramının merkezi önemi haiz olması, ilk olarak teşebbüsün tespit edilmesini gerektirmektedir. Ancak kendiliğinden gelişmiş birtakım fiili durumlar ve yasal düzenlemeler, teşebbüsün tespit edilmesini giderek zorlaştırmaktadır. Teşebbüsün sınırlarını belirleme amacı taşıyan bu tespit rekabet hukukunda "ekonomik bütünlük" kavramıyla ifade edilmektedir. Fiili durumlar ve yasal düzenlemelerin sebep olduğu karmaşa dolayısıyla teşebbüsün tespit edilmesinde merkezi öneme sahip ekonomik bütünlük kavramının belirlenebilmesi noktasında uygulamada çeşitli zorluklar ile karşılaşıldığını söylemek mümkündür. RKHK bağlamında rekabet ihlaline yönelik işlemlere taraf teşkil eden unsurlar teşebbüsler olduğundan ilgili teşebbüslerin ve dolayısıyla bu teşebbüslerin sınırlarının belirlenmesi gerektiğinden, ekonomik bütünlük burada büyük öneme sahip bir kavram olarak karşımıza çıkmaktadır. Bu nedenle çalışmanın amacı ekonomik bütünlüğün ne şekilde tespit edileceği sorununun ele alınması ve çözüme yönelik öneriler sunulmasına yöneliktir. For the implementation of the Code on the Protection of Competition No. 4054, the fact that the concept of enterprise has a central importance requires that the enterprise be determined first. However, some spontaneously developed actual situations and legal regulations make it increasingly difficult to identify the enterprise. This determination, which aims to determine the boundaries of the enterprise, is expressed in the concept of "economic entity" in competition law. It is possible to say that various difficulties have been encountered in the practice of determining the concept of economic entity with the central presumption when the enterprise is identified due to the actual situation and the complexity caused by the legal regulations. In the context of the Code on the Protection of Competition No. 4054, the economic entity is a concept with great precaution here, since the elements that are the parties to the competition breach are enterprises, and the boundaries of the related undertakings and therefore of these undertakings must be specified. For this reason, the aim of the study is to examine the problem of how economic entity will be determined and to propose suggestions for solution.

  • Die vorliegende Arbeit steht im Kontext der Regionalisierung im Internationalen Strafrecht. Sie untersucht die Faktoren, die der entsprechenden Entwicklung des afrikanischen internationalen Strafrechts unter der Ägide der Afrikanischen Union (AU) zugrunde liegen und beleuchtet die Inhalte dieser sich entwickelnden Disziplin. Primäres Ziel der Arbeit ist es, die theoretischen und praktischen Grundlagen für die Entwicklung eines tragfähigen Systems afrikanischer Strafjustiz zu untersuchen, das in der Lage sein soll, mit Verbrechen gegen den Frieden und die Sicherheit in Afrika umzugehen, die die öffentliche Ordnung des Kontinents bedrohen. Im Weiteren entwickelt die Arbeit das Verhältnis des regionalen, afrikanischen Strafrechts zu dem globalen System des internationalen Strafrechts, in dessen Mittelpunkt der Internationale Strafgerichtshof (IStGH) und der Sicherheitsrat der Vereinten Nationen stehen. Die Kombination der Analysen dieser verschiedenen Bereiche führt die Arbeit zu drei zentralen Schlussfolgerungen: Erstens ist die Entwicklung eines afrikanischen internationalen Strafrechts nicht nur eine Konsequenz der aktuellen Krise des internationalen Strafrechts. Sie ist ebenso und zuvorderst das Ergebnis einer Politik der Eigenständigkeit der AU und ihrer Mitgliedsstaaten. Diese zielt darauf ab, die regionale öffentliche Ordnung durch regionale Institutionen und strafrechtliche Verantwortlichkeit zu schützen. Die zweite Schlussfolgerung lautet, dass die AU ein System regional- afrikanischer Strafjustiz vorantreibt, das auf drei optionalen Modellen aufbaut: Der Delegation von Rechtsprechungsbefugnissen an Mitgliedsstaaten, der Errichtung hybrider Gerichte mit regionalen RichterInnen sowie dem Aufbau eines regionalen Strafgerichtshofs. Zusammen mit solchen Straftatbeständen der Verbrechen gegen den Frieden und die Sicherheit, die den Kontinent spezifisch betreffen, bilden diese Modelle den Kern des afrikanischen internationalen Strafrechts. Allerdings bleiben Tragfähigkeit und Effizienz des Systems problematisch. Es steht vor einer Vielzahl an Herausforderungen, etwa der Ratifikation des Malabo-Protokolls von 2014, das einen „Strafgerichtshof der AU“ errichten soll, der Förderung justizieller Kooperation der Staaten oder der Sicherung einer stabilen Finanzierung des Gerichts. Die dritte Schlussfolgerung lautet, dass ein afrikanisches internationales Strafrecht kein Ersatz für das allgemeine internationale Strafrecht ist. Es geht um die Koexistenz von Normen und Institutionen und eine koordinierte Beziehung, um Kollisionen und Ineffizienzen zu vermeiden. Die Arbeit diskutiert drei verschiedener Ansätze für stabile Beziehungen zwischen dem afrikanisch-regionalen und dem internationalen Strafrecht: Das hierarchische Modell, den kooperativen Ansatz und die Regionalisierung des IStGH in Verbindung mit dem Prinzip der regionalen Territorialität.

  • Son yıllarda, uluslararası ticaret hukukundaki gelişmelerle birlikte sınır aşan şirket birleşmeleri de giderek önem kazanmıştır. Şirketler bakımından yabancı bir şirketle birleşmenin getirdiği pek çok avantaj yanında, çeşitli zorluklar da mevcuttur. Bu zorluklardan en önemlilerinden bir tanesini de sınır aşan birleşmelere uygulanacak hukukun tespiti oluşturmaktadır. AB hukukunda, sınır aşan şirket birleşmelerine ilişkin düzenlemeler öngörülerek üye devletler arasındaki uygulamanın yeknesaklaştırılması adına 2005/56/EC sayılı Direktif kabul edilmiştir. Türk hukuku bakımından ise, sınır aşan şirket birleşmelerinin önemine vurgu yapılmakla birlikte bu hususta henüz bir düzenleme getirilmiş değildir. Çalışmada, AB hukukunda bu hususta öngörülen düzenlemeler de değerlendirilmek suretiyle, Türk hukukunda sınır aşan şirket birleşmelerine uygulanacak hukukun tespiti üzerinde durulmuştur. Sınır aşan şirket birleşmelerine uygulanacak hukuka ilişkin görüşler de değerlendirilerek, AB hukuku ile de uyum sağlamak adına, Türk hukukunda her bir birleşme işlemi için uygulanacak hukuk değerlendirilmiş ve sınır aşan şirket birleşmelerine uygulanacak hukuka ilişkin düzenleme önerisinde bulunulmuştur. Anahtar Kelimeler: Sınır aşan birleşme, uygulanacak hukuk, şirket birleşmeleri, 2005/56/EC, AB hukuku. With the recent developments in international commercial law, cross-border mergers have been developed during the last few decades. Besides the advantages of merging with a company from a different country, there are also some difficulties especially about determining the applicable law. In European Union, Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies has been accepted to regulate this issue and harmonise the rules of substantive law of the member states. In Turkish law, despite the emphasize on the significance of the cross-border mergers at the preamble of Turkish Commercial Code, currently there is no codification about cross-border mergers. This study attempts to make a discussion about the applicable law to cross-border mergers from the perspective of Turkish law and a comparison between the regulations of European Union law and Turkish law. Yet, taking into consideration the EU-Turkey relations and the developments about the adaption of Turkish law to European Union law, the harmonization of rules about cross-border mergers must be inevitable. As the applicable law to cross-border mergers is topical and important subject for Turkish law, the study will also deal with the legislation proposal in accordance with European Union law. Key Words: merger, cross-border merger, applicable law, 2005/56/EC, EU law.

  • In publicly held companies where the shareholdership is differentiated from the control and the management of the company, the dispersed shareholding structure prevents the active involvement of the shareholders in the company management while the directors have the opportunity to act in their personal interests. The aforementioned conflict of interest between the shareholders and the directors in the management of the publicly held companies which has been identified as "Principle-Agent Problem" in economic literature has had substantial effect in modern company law. Accordingly, considerable work in the company law has been dedicated to the legal strategies developed to decrease the cost of monitoring directors for shareholders. One of the main corporate governance strategies that is developed to deal with the "Principle-Agent Problem" focuses on increasing the number and the effectiveness of the directors who are not involved in the managing activities of the company. The main principle of this legal strategy is the designing the structure of the board of directors on the basis of team spirit and mutual accountability. In that sense, non-management directors conduct their duties as directors without having management tasks in the company. As these directors work on a part time basis they are not fully depended to the company and in principle they receive symbolic amounts of remuneration. Under this incentive strategy it is accepted that the esteem and reputation that the non-management directors preserve in eye of the public are the main incentives that motivate them to monitor the managing directors. The corporate governance principles are designed as alternative to the rule based regulation approach in company law. The non-management directorship which is introduced as a corporate governance concept for solving the problem of conflict of interest between the shareholders and the directors is the focus area of this thesis. The thesis consists of five parts. In the first part of this study, the concept of corporate governance which is the source of non-management director concept and the conflict of intererest problem between the shareholders and the directors regarding the management of the publicly held companies have been introduced. In this regard, "Centralised Management" and "Principle-Agent Problem" are explained. Finally, based on the "Principle-Agent Problem" the legal theories that are developed to increase the effectiveness of the board of directors, the categorisation of those strategies that has been introduced and place of the non-management directors among those strategies are clarified. In the second part the emergence of the concept of non-management directorship system and the development of the mechanisms for increasing director independence are described and different forms of non-management directors in one-tier board structures are analysed. On this subject the legal designing of the concepts of independent and disinterested directorship which is developed in American law and non-executive directorship which is introduced in the British Law is analysed. In the third part, the concept of the supervisory directorship which corresponds to the non-management directorship in two-tier board system is examined. Forth part of the thesis focuses on the comparison of one-tier and two-tier board structures in application of the non-management directorship concept. Within this scope, it has been analysed whether there is a convergence in the functions of non-management directors in terms of supervision, strategy development and networking in the two types of board systems. Related to this analysis, the effectiveness of the non-management directors in one-tier and two-tier board systems and the role of the institutional investor regarding this effectiveness is evaluated. In recent years, depending on the inclination of convergence in different law systems, there has been an alignment effort in the European Union to have a single set of rules regarding the non-management directors. In this respect as a final focus point, in this part, the regulations of the European Union regarding the non-management directors are examined. The fifth part is dedicated to legal design of the independent directorship which is regulated under the non-management directorship concept in the Turkish law. Turkish Commercial Code is the general code that regulates all joint stock corporations including the publicly held ones. Therefore in order to explain the effects of Anglo-American approach on the administrative organ, the approach of the Turkish Commercial Code regarding the structure and functioning of the board of directors which are based on corporate governance principles are explained. Following that general introduction, the system change regarding the corporate governance principles in Turkey which consists of application of mandatory rules rather than "Comply or Explain" approach that is applicable to independent directors is explained. After that the independence criteria which are set for the independent directors under the capital market regulations for publicly held joint stock corporations and the role of independent directors in decision making mechanism are analysed. Finally, the structure and functioning of the board committees are evaluated by examining the functions of the independent board members.

  • Vergi hukuku kurum ve işlemlerini iktisadi hayatın işleyişi üzerine kurmuştur. İktisadi hayat ise ticaret hukuku, borçlar hukuku ve medeni hukuk gibi özel hukuk kurallarının denetimindedir. Bu durumun doğal bir sonucu olarak da vergi hukuku vergiyi doğuran olayları tanımlarken özel hukukun kurum ve kavramlarından faydalanmaktadır. Hukuki işlemlerin en önemlilerinden biri olan özel hukuk sözleşmeleri de vergilendirmenin sebep unsurunu oluşturabilmektedir. Çalışmamızda vergi hukukunun özel hukuk ile ilişkisi açıklanmış ve özel hukuk sözleşmelerinin vergi hukukundaki geçerlilikleri literatürdeki farklı görüşlere, yargı kararlarına ve İdare'nin görüşlerine yer verilerek araştırılmıştır. Özel hukuk sözleşmeleri ile ortaya çıkartılabilen sayısız durumda her iki hukuk dalının aynı olaya farklı bakış açıları mükellefler ve İdare'nin sıklıkla karşı karşıya gelmesine sebep olmaktadır. Vergiyi doğuran olayın sözleşmelerle ortaya çıkması halinde adil bir vergilendirme bu sözleşmelerin hukuki nitelendirmelerinin doğru yapılmasıyla mümkün olmaktadır. Ayrıca vergi hukukunun özel hukuk kavramlarına atfettiği anlamlar verginin yasallığı ilkesi çerçevesinde kanunlarla şekillenmelidir. Anahtar Kelimeler : Vergi Hukuku, Özel Hukuk Sözleşmeleri, Verginin Yasallığı. Tax law establishes its institutes and procedures as based on the operation of the financial life. Financial life is under the control of the rules of the private laws such as trade law, obligations law and civil law. As a natural consequence of this, when tax law defines the events that give rise to tax, it also benefits from the institutions and concepts of the private law. Private law contracts, which are among the most important legal procedures, may also result in taxation. In our study, the relation of the tax law with private law is explained and the validity of the private law contracts in tax law is examined by inclusion of different opinions in the literature, judicial decisions and the opinions of the Administration. The different points of views of both branches of law about the same event in countless number of cases, which occur as a result of private law contracts, cause the tax payers come up against the Administration frequently. If the event giving rise to taxation is a result of the contracts, then a fair taxation is possible through correct legal identification of such contracts. Moreover, the meanings referred by the tax law to the private law concepts should be shaped by the laws within the frame of the principle of the legality of tax Keywords : Tax Law, Private Law Contracts, Legality of Tax

  • This thesis investigates three important issues on bank financial reporting quality: 1) the impact of banks’ retail versus wholesale funding structure on their earnings quality, 2) the implications of economic and monetary policy uncertainty for banks’ earnings opacity, and 3) the relationship between banks’ bad time history and accounting conservatism. In the first essay, we examine the implications of banks’ funding strategies for banks’ earnings quality. We find that banks’ greater reliance on retail deposits over wholesale funds is negatively and significantly associated with the magnitude of earnings management through discretionary loan loss provisions, the likelihood of meeting-or-beating earnings benchmark, and the extent of income smoothing through loan loss provisions. This finding is consistent with the arguments that retail deposits are relatively more stable and information-insensitive, represent a more conservative business model, and attract more intensive monitoring from the Federal Deposit Insurance Corporation (FDIC) than wholesale funds, thereby improving banks’ financial reporting quality. In the second essay, we investigate whether economic and monetary policy uncertainties affect banks’ earnings opacity. When economic and monetary policies are relatively uncertain, it is easier for bank managers to distort financial information, as unpredictable policy changes make assessing the existence and impact of hidden “adverse news” more difficult for investors and creditors. Policy uncertainty also increases the fluctuation in banks’ earnings and cash flows, providing additional incentives for bank managers to engage in earnings management. Our results show that uncertainty in economic and monetary policy is associated with greater magnitude of discretionary loan loss provisions, higher likelihood of just meeting-or-beating the prior year’s earnings, and lower levels of accounting conservatism, suggesting that economic and monetary policy uncertainties lead to higher banks’ earnings opacity. In the third essay, we examine the impact of banks’ bad times on the conservatism of accounting policy. Specifically, we investigate two types of bad times: banks’ own past experiences of undercapitalization and their experiences of witnessing the failures of other banks in state-wide and county-wide crises. We find that both types of banks’ bad times are positively related to timelier recognition of earnings decreases versus earnings increases in accounting income. We also find that following exposure to bad times, banks increase their allowance for loan losses. Collectively, our results suggest that bank-specific bad times and macro-level banking crises lead to greater bank accounting conservatism. These findings support the arguments that banks exposed to past crises overweight their bad time history, and become more cautious and pessimistic about their future earnings performance and loan quality.

  • For the past twenty years, international commercial arbitration scholarship has mainly focusedon the private dimension of international arbitration. Part of a greater movement toward the privatization of justice and law, this understanding of the discipline has obscured arbitrators'adjudicative role. By reflecting on different adjudicative models and by analyzing the form andcontent of arbitral decisions, new light can be shed on our understanding of international commercial arbitration.

  • A inserção internacional de Moçambique é um processo que ocorreu em fases, tendo se iniciado com os esforços empreendidos na década de 1960 pelo Dr. Eduardo Chivambo Mondlane, Primeiro Presidente da Frente de Libertação de Moçambique (FRELIMO). Visando criar o isolamento internacional do regime colonial Português e obter o apoio necessário para a causa da independência de Moçambique, Mondlane estabeleceu contatos com governos de vários Estados do mundo incluindo países ocidentais, países progressistas africanos e países socialistas, projetando, deste modo, a imagem de Moçambique no mundo. Iniciada com as decisões tomadas no Segundo Congresso da FRELIMO realizado em 1968, a política externa de Moçambique tinha em vista “criar mais amigos e poucos inimigos”, num contexto de bipolaridade ideológica que caracterizava a guerra-fria. O novo contexto internacional emergente no período após o fim da guerra-fria viria a originar uma redefiniçao desta política que passou a ser definida como de “criar mais amigos e mais parceiras”. A nível da região da África Austral a FRELIMO considerou sempre que a independência de Moçambique só seria completa com a libertação de todos os países da região que ainda se encontravam sob a dominação de regimes coloniais e minoritários tendo dado o seu apoio incondicional à luta de libertação do Zimbábue, África do Sul e Namíbia, para além do seu grande empenho no processo de cooperação e integração regional. É neste contexto que se pode enquadrar esta tese cujo tema é “a política externa de Moçambique e sua inserção na região da África Austral” a qual procura, através de uma vasta revisão bibliográfica, analisar os contornos que estiveram à volta da afirmação de Moçambique como Estado reconhecido no concerto das nações tanto a nível regional como internacional.

  • Şirketler Topluluğunda Hakimiyetin Hukuka Aykırı Kullanılması başlıklı çalışmamız ile 6102 sayılı TTK ile ilk defa pozitif düzenlemeye kavuşturulan şirketler topluluğu sorumluluk hukuku incelenmiştir. Kanun koyucu TTK m. 202 hükmü ile alelade hakimiyet bakımından, TTK m. 203 vd. hükümleri ile de tam hakimiyet bakımından hakimiyetin hukuka aykırı kullanılması ve sonuçlarını düzenlemiştir. TTK'nın şirketler topluluğuna ilişkin hükümlerinin önemli bir kısmı AktG sistematiği örnek alınarak oluşturulmuştur. Bu doğrultuda şirketler topluluğuna ilişkin TTK sistematiği incelenirken Alman doktrinine de sıklıkla başvurulmuştur. Çalışmamız kapsamında TTK m. 195 hükmünde düzenlenen kontrol araçları ve hakimiyet kavramı; yönlendirme, talimat ve yapısal karar alınması yoluyla hakimiyetin hukuka aykırı kullanılması; kayıp-denkleştirme sistemi; hakimiyetin hukuka aykırı kullanılmasından kaynaklanan sorumluluk, unsurları ve öngörülen talep hakları ayrıntılı olarak incelenmiştir. The new Turkish Commercial Code (TCC) Nr. 6102 has introduced the notion of "groups of companies" to the Turkish Commercial Law; hereby the "groups of companies" concept was spelled out for the first time in Turkish law. This thesis examines corporate group law in Turkey and demonstrates the intragroup responsibility regime in comparison with the German system. TCC Art. 202 foresee the consequences of unlawful exercise of control in basic dominance/control. Whereas TCC Art. 203-206 regulate the responsibility regime regarding the unlawful exercise of control with regards to full-control. Turkish corporate group law has been enacted under the big influence of the German AktG-System. Although our thesis focuses on the analysis regarding corporate group provisions of the TCC, the research on German law also covers a significant part of our thesis. This thesis examines in detail the control instruments stipulated in TCC Art. 195, the concept of control, the unlawful exercise of control by means of TCC Art. 202/1, TCC Art. 203 and TCC Art. 202/2, the concept of disadvantage and adjustment, the different liability regimes with regards to the category of the unlawful exercise of control and the rights of action.

  • The primary contribution of the thesis is a theory enhancing the legal understanding of the phenomenon of virtual property, encompassing presentation of data and a new conceptual framework to interpret it. The author argues that the normative debates concerning the phenomenon have underestimated the importance of understanding and conceptualizing it first, and aims at amending this gap. The ‘virtual property phenomenon’ refers to the users of internet platforms and online computer games ‘possessing’ virtual items – digital objects that exist within these services – and getting into economic and social relations concerning these items, with other users, service providers and third parties. These relations are regulated by different types of service-specific rules – contractual and the ‘code’ – created unilaterally by the service providers, who additionally retain the ability to interpret and enforce them, using ‘digital force’, i.e. by modifying and deleting virtual items, and blocking users’ accounts. The primary challenge stems not from the fact that the phenomenon is not regulated, but from the fact that lawyers lack words – terms and concepts – to even conduct a meaningful debate about it, or how to respond to it. The thesis consists of six chapters. Firstly, the author describes the phenomenon and analyzes the theoretical and regulatory legal challenges posed by its emergence. Secondly, he critically assesses the state of the art. Thirdly, a methodology to address these challenges is proposed, which can also be used in other research projects concerning law and technology. Fourthly, the author explains how the process of digitalization has fundamentally challenged the assumptions that private law held about the structure of reality, and proposes new doctrinal tools to conceptualize it. Fifthly, the author presents a legally useful concept of virtual items, and argues that granting users property rights over them might not be the optimal means of realizing the property goals. Finally, the author proposes a normative solution, a correction of private law, responding to the new type of inequality in relations, namely a user protection law.

  • This dissertation examines the phenomenon of book digitization and the legal challenges for the creation of digital libraries. It explores whether the current copyright framework supports libraries in the digital era as they strive to remain the institutional guardians of our literary treasures. The thesis hypothesis is that the current framework is unsuccessful or inadequate in supporting libraries. To test this hypothesis and identify the legal inefficacies the dissertation examines context, i.e. the history and rationale for applying copyright rules to books and libraries, the copyright rules as applied to libraries before and after digitization was possible, various digitization projects and the practical challenges that digitization brought about, and, the relevant litigation which has started on both sides of the Atlantic covering over a decade now. Furthermore, the thesis explores normative directions of copyright rules, including their exceptions, applicable to libraries in the digital era. It ultimately proposes that among various players claiming this role, libraries, given their institutional functions and capabilities, should be attributed rights to digitization and a favorable legal framework for providing access to digital material.

  • The thesis entitled ―Consumer arbitration in South Africa and its effect on the consumer‘s right to redress and enforcement ‖ notes with concern the outdated and inadequate nature of the Arbitration law currently applied in South Africa. The fact that the Act was enacted in 1965 and has never been amended highlights the desperate need to review the prevailing arbitration law with a view to aligning it with the current needs of the business world. The thesis addresses the concern that consumers are not adequately protected by the current arbitration law and thus substantially develops the discourse on the topic of arbitration in situations of unequal bargaining power. It raises three primary research questions in this context. The first question reads thus, if private arbitration is properly conducted should it still provide the parties with the envisaged benefits? Secondly, is private arbitration constitutional, especially as it impacts upon consumers‘ contracting with large corporations? Thirdly, is the private arbitration process as it is currently applied, constitutional as far as it denies parties an appeal on merits against an award that is clearly wrong? The thesis attempts to answer these questions and offer recommendations for the South African Law Reform Commission (SALRC) within the specific context of commercial arbitration. In addressing these research questions, the thesis incorporates a brief overview followed by a detailed discussion of the Arbitration law framework in South Africa and abroad. The discussion of arbitration abroad is done in order to identify best practices, which could be adapted to suit the South African environment. International Arbitration law receives attention and a few observations regarding how selected foreign jurisdictions treat arbitration. Finally, the thesis explores the possibility of establishing an independent institution that will be fully equipped to handle arbitration proceedings from inception to completion.

Dernière mise à jour depuis la base de données : 16/08/2025 12:01 (UTC)

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