title: The "illegality exception" reconsidered

authors: Liao, Zhixiong (Leo)

abstract: This paper is to reconsider and raise doubts over the seemingly prevailing view that illegality in the underlying contract for international trade should be accepted as an exception to the autonomy principle of documentary letters of credit. It argues that there are logical flaws in the “illegality exception” arguments. Contrary to the seemingly prevailing view, this paper suggests that where classic commercial documentary letters of credit for international trade are involved, the “illegality exception” would much less likely than expected to be accepted, especially in most common law jurisdictions. It also submits that the public policy concerns over (the facilitation of) illegal transactions in international trade could be better addressed by specific statutory provisions rather than by an ill-founded and loosely formulated “illegality exception”.

text: The "illegality exception" reconsidered This paper is to reconsider and raise doubts over the seemingly prevailing view that illegality in the underlying contract for international trade should be accepted as an exception to the autonomy principle of documentary letters of credit. It argues that there are logical flaws in the “illegality exception” arguments. Contrary to the seemingly prevailing view, this paper suggests that where classic commercial documentary letters of credit for international trade are involved, the “illegality exception” would much less likely than expected to be accepted, especially in most common law jurisdictions. It also submits that the public policy concerns over (the facilitation of) illegal transactions in international trade could be better addressed by specific statutory provisions rather than by an ill-founded and loosely formulated “illegality exception”.

year: 2015-08-17

title: Risk committee, corporate risk-taking and firm value

authors: Bhuiyan, Md. Borhan Uddin

abstract: We empirically examine the impact of the stand-alone risk committee on corporate risk-taking and firm value. We argue that the existence of a stand-alone risk committee enhances the quality of corporate governance which results in improved investor protection by reducing corporate risk-taking and enhancing firm value. We find several measures of risk-taking decline significantly for firms that have a stand-alone risk committee compared with firms that have a joint audit and risk committee. We also find that the presence of a stand-alone risk committee is positively associated with firm value. The evidence is consistent with the proposition that the firms with a stand-alone risk committee can effectively evaluate potential risks and implement a proper risk management system.

text: Risk committee, corporate risk-taking and firm value We empirically examine the impact of the stand-alone risk committee on corporate risk-taking and firm value. We argue that the existence of a stand-alone risk committee enhances the quality of corporate governance which results in improved investor protection by reducing corporate risk-taking and enhancing firm value. We find several measures of risk-taking decline significantly for firms that have a stand-alone risk committee compared with firms that have a joint audit and risk committee. We also find that the presence of a stand-alone risk committee is positively associated with firm value. The evidence is consistent with the proposition that the firms with a stand-alone risk committee can effectively evaluate potential risks and implement a proper risk management system.

year: 2017

title: He Tangata Kei Tua: Guidelines for biobanking with Māori.

authors: Hudson, Maui

abstract: Māori ethical frameworks recognise that all research in New Zealand is of interest to Māori and outline community expectations of appropriate behavior in research to deliver the best outcomes for Māori. Research contributes to the broader development objectives of society and this endeavor is being supported by biobanking infrastructure. Ethics has a specific role in guiding key behaviours, processes and methodologies used in research.
This document outlines a framework for addressing Māori ethical issues within the context of biobanking. It draws on a foundation of mātauranga (Indigenous knowledge) and tikanga Māori (Māori protocols and practices) and will be useful for researchers, ethics committee members and those who engage in consultation or advice about biobanking with Māori in local, regional, national or international settings.

text: He Tangata Kei Tua: Guidelines for biobanking with Māori. Māori ethical frameworks recognise that all research in New Zealand is of interest to Māori and outline community expectations of appropriate behavior in research to deliver the best outcomes for Māori. Research contributes to the broader development objectives of society and this endeavor is being supported by biobanking infrastructure. Ethics has a specific role in guiding key behaviours, processes and methodologies used in research.
This document outlines a framework for addressing Māori ethical issues within the context of biobanking. It draws on a foundation of mātauranga (Indigenous knowledge) and tikanga Māori (Māori protocols and practices) and will be useful for researchers, ethics committee members and those who engage in consultation or advice about biobanking with Māori in local, regional, national or international settings.

year: 2016