Peking University was ranked the 29th best university in the world and the top university in China in this year’s Times Higher Education World University Rankings. Read more>>
Peking University was ranked the 29th best university in the world and the top university in China in this year’s Times Higher Education World University Rankings. Read more>>
Professor Nitzan Shilon’s research is featured in a new Reuters Money column by James Saft entitled, Boards Should Put Money Where Their Mouths Are in Hostile Offers. The column reports on Professor Shilon’s innovative suggestion for improving shareholder protection from underpriced bids in hostile takeover situations: “Nitzan Shilon, of the Peking University School of Transnational Law, proposes a novel solution: encouraging outside directors of boards to put ‘their money where their mouths are in rejecting bids. In brief, the idea is to encourage outside board members to pledge, at the same time as they reject a bid, to buy shares in the company at the bid price and hold them for a pre-agreed time.”
The column quotes from Professor Shilon’s recent article, Putting Directors’ Money Where Their Mouths Are: A New Approach to Improving Corporate Takeover Dynamics:
The systemic failure in protecting shareholders in takeover situations is not all due to the conflict of interest between target boards and their shareholders or to the lack of judicial tools to review board decisions effectively; it is also due in part to the legal rules prohibiting boards from showing their genuine opposition to the bid by committing to buy, if the bid fails, some shares of the target firms.
James Saft concludes that, “A board whose outside directors pledge to use one third of their cash compensation to purchase stock from the corporation, for example, and hold it for at least three years, would send a very clear and valuable signal to shareholders.”
Professor Shilon’s article, which he is presenting at the 33rd Annual Conference of the European Association of Law and Economics at the University of Bologna, also is the subject of a recent post on The Harvard Law School Forum on Corporate Governance and Financial Regulation.
Professor Norman P. Ho was an invited presenter and participant in the “New Work on Property Theory” workshop organized by the Centre for Legal Theory at the National University of Singapore (“NUS”) from 28-29, July 2016. The workshop, convened by leading property theorist Professor James Penner of NUS, brought together a total of nine property theorists from various institutions around the world (including the London School of Economics and the University of Toronto) to present and discuss their new work in the field of property theory. Professor Ho presented his paper, “Lockean Property Theory in Confucian Thought.”
Professor Ho is a scholar of legal theory (especially premodern Chinese legal thought, comparative jurisprudence, and property theory) and Chinese legal history.
Professor Nitzan Shilon Undertakes Prestigious Appointment as Commissioner of Israel Securities Authority
Professor Nitzan Shilon has been appointed by Israeli Finance Minister Moshe Kahlon to serve as a Commissioner of the Israel Securities Authority (“ISA”), the Israeli equivalent of the U.S. Securities and Exchange Commission (“SEC”). Professor Shilon is one of eleven Commissioners on ISA’s Board of Governors; he is a member of ISA’s Stock Exchange Committee and the Investment Advisors Committee.
The Israel Securities Authority was established under the Securities Law of 1968. The principal purpose of ISA is to protect the interests of the investing public. ISA has primary responsibility over five functional areas: (i) granting permission for corporations and mutual funds to publish prospectuses; (ii) assuring that the Tel-Aviv Stock Exchange (“TASE”) is managed appropriately and fairly; (iii) regulating and monitoring the activity of the mutual funds industry; (iv) investigating violations of the Securities Law; and (v) promoting the development of market structures and the diversity of financial products.
Professor’s Shilon’s appointment as Commissioner of ISA is a reflection of his growing prominence as a legal scholar and economist. His research examines issues of corporate law and financial law, with a focus on emerging trends in executive compensation and corporate governance, and has been published in leading academic journals and featured in major international news sources including, most recently, a special feature in Reuters Money. Professor Shilon teaches courses in business associations, corporate finance, and corporate law and policy in STL’s innovative dual degree China Law/Common Law curriculum. He earned his S.J.D. and LL.M. from Harvard Law School and his B.A. and M.A. from Tel Aviv University School of Economics. Before embarking on his academic career, Professor Shilon practiced corporate law in leading international law firms in New York and Israel.
Professor Zhu Daming was an invited scholar at the Fifth Annual Meeting on Sino-Japanese Company Law, sponsored by the Japanese Company Law Research Society. This year’s meeting, which was held July 29-30 in Tokyo, focused on hostile takeover and anti-takeover measures. In addition to Professor Zhu, the Chinese delegation included professors from Tsinghua University, Peking University-Beijing, and South West University of Political Science and Law. The Japanese delegation was represented by professors from the University of Tokyo and Gakushin University, as well as practicing lawyers from Nishimura & Ashai, the largest international law firm in Japan. The annual meeting on Sino-Japanese Company Law has become an important platform for high-level exchange between company law scholars and practitioners from China and Japan.
Professor Zhu is a leading scholar of financial law and comparative commercial law. Earlier this year, he was appointed a Director of the China Commercial Law Society, the largest commercial law academic society in China. Professor Zhu teaches courses on company law, mergers & acquisitions, and Chinese commercial legal system in STL’s highly interactive dual-degree J.M/J.D. program of study.
On July 31 to August 6, STL hosted 96 high-achieving undergraduate students from China and around the world in STL’s annual Summer Honors Program (SHP). Throughout the 7-day program, students were introduced to STL’s cutting edge English-language J.D. and China law J.M. curriculums. Students experienced actual law school classes taught by STL’s distinguished multinational faculty, they participated in case briefing exercises and moot court arguments, and they met with current STL students and alumni to discuss life at STL and the rewarding career opportunities that await STL graduates. Students also traveled to Hong Kong for two days, observing proceedings at the Hong Kong High Court and visiting the Legislative Council of the Hong Kong Special Administrative Region.
STL’s highly successful SHP program was established in 2009. Many current STL students and alumni participated in SHP before enrolling in STL.
For more information about SHP 2017, please visit http://stl.pku.edu.cn/admissions/shp/.
On June 30, 2016, Professor Mark Feldman, a leading scholar of international investment and treaty arbitration, was invited to meet with senior officials of the South China International Economic and Trade Arbitration Commission/Shenzhen Court of International Arbitration (“SCIA”) to discuss the development of SCIA and issues related to investment arbitration. Professor Feldman’s meeting with SCIA President Liu Xiaochun and Yang Tao, Director of SCIA’s Qianhai Department, was followed by a noon-time lecture to SCIA staff, during which Professor Feldman talked about jurisdiction, transparency and timing issues in the context of investment arbitrations in commercial arbitration institutions, such as SCIA.
Professor Feldman regularly is invited to present on economic law issues. He currently serves as a member of the E15 Initiative Task Force on Investment Policy and, earlier this year, he was an invited expert to the G20 International Trade and Investment Workshop in Nanjing. He also serves on the Academic Council of the Institute for Transnational Arbitration (ITA), as a Global Associate at the National University of Singapore’s Centre for International Law, and as an arbitrator of the Shenzhen International Court of Arbitration. Professor Feldman teaches contracts, international business transactions, and international investment treaty arbitration at STL.
Professor’s Feldman’s visit to SCIA is an example of the deepening relationship between STL and SCIA. SCIA’s permanent staff includes an STL graduate and several STL students work at SCIA as interns. Like STL, the first and only law school in China to offer an American-style J.D. degree, SCIA was the first commercial arbitration institution in China to include foreign arbitrators on its panel. Today, in anticipation of playing a larger role in regional commercial dispute resolution, SCIA has enacted new rules of procedure especially accommodating of international differences and has appointed an even larger panel of multinational arbitrators.
On Friday, July 1, 2016, the STL community celebrated the fifth Commencement Ceremony of Peking University’s School of Transnational Law. The ceremony recognized the excellence of STL’s 93 J.D./J.M. graduates and the first two LL.M. recipients in the history of STL, one from Panama, the other from South Africa. Dean Philip McConnaughay said of the graduates, “All of you are now members of an elite group of lawyers prepared to understand and practice the law of China, the law of the United States, the law of the United Kingdom, the law of the European Union, and whatever rules and practices eventually emerge from the meeting and modification of all of these. You are true transnational lawyers.”
Dean Philip McConnaughay
During the commencement ceremony, which was held in the Moot Court at Peking University’s Shenzhen Graduate Campus, the graduates and their families heard from Professor Wu Yundong, Chancellor of the Peking University Shenzhen Graduate School; STL’s Founding Dean and current Executive Vice Chancellor of NYU’s Shanghai campus, Jeffrey Lehman; Professor Mark Feldman; and graduating students Jing Menglong (J.D./J.M.) and Jonathan Goldberg (LL.M.).
Founding Dean Jeffrey Lehman
Dean Lehman urged the graduating class to use their legal skills as a force for positive change: “Each of us has a responsibility. … We must explain that ideas should be judged on the basis of whether they are true or false, good or evil, and not on the basis of whether the person who first spoke them was Muslim, or American or Chinese. We must speak out against racism and xenophobia. … STL has helped you develop the skills of a transnational lawyer, including the ability to understand a problem from both your perspective and from the perspective of someone who disagrees with you. For a lawyer in an interconnected, interdependent world, this skill is critically important. It is what a lawyer needs in order to help her clients build relationships with people from different cultures, and other countries.”
Chancellor Wu Yundong
Chancellor Wu extolled the graduates, as members of the Peking University family, to strive for excellence in everything they do, but also never to forget that honesty, integrity and sincerity are the virtues that will determine how they are regarded by society.
Professor Mark Feldman
Professor Feldman reminded the graduates that their STL education opens doors of opportunity in the global economy: “We are Peking University’s School of Transnational Law, but an STL education extends far beyond lawyering: we are preparing professionals to thrive in a 21st century global economy, whether as lawyers or in other capacities. We have reinforced the skills of analytical rigor, creative problem solving, and persuasion. As STL graduates, you now have the opportunity to apply those skills in previously untested settings and in groundbreaking ways. Today, you are law school graduates, but, equally important, you are 21st century transnational professionals. You are exceptionally well-equipped for success. Congratulations and best wishes as you begin your remarkably varied careers.”
Like the classes before them, the Class of 2016 is pursuing positions in leading multinational and top-tier Chinese law firms (e.g., Fangda, Kirkland & Ellis, Freshfields, DLA Piper), the legal departments of leading multinational and Chinese corporations and financial institutions (e.g., Huawei, Tianxing Capital), government agencies (e.g., Beijing District Court, People’s Procuratorate of Haidian District), SOEs (e.g., National Development Bank, Minsheng Bank) and advanced degrees (e.g., University of Chicago, Peking University). A few graduates have even started their own businesses.
Jing Menglong from J.D./J.M. Graduating Class
Jing Menglong, who provided the address on behalf of the J.D./J.M. students, spoke of the pride of being a Beida graduate, but also of the responsibility that goes along with it: “As we were told when we came here, ‘Peking University shapes great leaders.’ ‘Greatness,’ as I understand, is not only the expectation placed upon us, but also the principle we should follow. Greatness can be used to describe those among us who devote themselves to make our society better and advance the ideas of our country. It can also be reflected by common people, who set up ones’ goals and temper ones’ virtues in daily lives. Greatness can be seen at critical moments. Greatness can be established on trivial things. Greatness can be heard when we realize social justice. It is also not silent when we care about our own behaviors and care about the people around us. We are so lucky that greatness is what STL and Peking University have taught us before we step into our… journey ahead.”
Jonathan Goldberg from LL.M. Graduating Class
Jonathan Goldberg, of South Africa, spoke on behalf of STL’s first LL.M class: “Apart from the actual courses, I have met the most amazing people in China, Peking University in particular. My professors were all so friendly and eager to engage. My peers, from all over the world, gave me insight into their home countries and customs. The administrative staff are always so willing to assist. It has really been a great experience. … I have loved my time here at PKU Shenzhen. I look forward to coming back to the campus in the future and seeing how far the campus has come.”
On July 2, 2016 Peking University Shenzhen Graduate School celebrated its campus-wide commencement. Peking University President Lin Jinhua attended the ceremony.
Congratulations to the Class of 2016!
On July 2, 2016, Peking University Shenzhen Graduate School celebrated its campus-wide commencement. Peking University President Lin Jinhua attended the ceremony.
STL students Zhang Junqi (class of 2016) and Zhu Liusheng (class of 2018) were selected as recipients of the prestigious Jones Day International Legal Fellowship, a highly competitive merit scholarship awarded annually to 12 outstanding students from China’s leading law schools. Winners receive a 22,000 RMB scholarship to support their studies. The scholarships were awarded on June 17 at the “2016 International Legal Fellowship Award Ceremony” at the Westin Chaoyang Hotel in Beijing.
In his acceptance speech, Zhang Junqi expressed his gratitude to Jones Day for the firm’s commitment to Chinese legal education and his “great appreciation to STL for the unique transnational J.D./J.M. legal education it provides.” He said that STL students are perfect candidates for the Jones Day International Legal Fellowship because the award criteria align very closely with the strengths of STL students. Fellowship applications are reviewed by a Jones Day selection committee that judges applicants’ analytical capabilities and interpersonal and writing abilities, all essential skills for today’s global lawyers.
Zhu Liusheng credited STL’s Socratic teaching as one of the drivers behind his successful application: “A high level of logical and critical thinking is required to win the fellowship. STL’s teaching method helped me develop these capabilities.”
Jones Day is a full-service multinational law firm with 44 offices in major centers of business and finance throughout the world, including offices in Beijing and Shanghai. Since 2014, the first year STL students were invited to participate in the Jones Day Fellowship program, five STL students have been awarded fellowships.
On June 23, 2016, STL and Benchmark Chambers International co-hosted the 18th Shenzhen Legal Forum featuring Harvard Law Professor Matthew Stephenson, a distinguished visiting professor at STL. Professor Stephenson delivered remarks on, “FCPA and Its Implications to China Companies Doing Business in the U.S.” Over 200 lawyers and leaders from the Shenzhen Lawyers Association, the Shenzhen Academy of Legal Culture, the Luohu District Court, the Qianhai Authority, and the China Council for the Promotion of International Trade attended the Forum held at Peking University’s Shenzhen Graduate Campus.
Professor Stephenson discussed the principal provisions of The Foreign Corrupt Practices Act (FCPA), which was passed in the United States in 1977. He discussed the expansive interpretation of “official” used by U.S. enforcement authorities. FCPA also imposes accounting transparency requirements under the Securities Exchange Act on all entities, including foreign entities, listing on the U.S. stock exchange. He stressed that stepped-up investigations and prosecutions under FCPA demand that companies undertake effective risk assessment, due diligence and compliance measures.
Professor Stephenson is a world-renowned scholar of the application of positive political theory to public law, particularly in the areas of administrative procedure, anticorruption, judicial institutions, and separation of powers. He teaches courses on statutory interpretation and international anti-corruption law in STL’s cutting-edge J.D./J.M. curriculum.