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1 Zohar Goshen Gideon Parchomovsky. On Insider 1 Trading Markets and Negative Property Rights in Information J. Virginia Law Review. 2001 87 1230. 112
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1 500 5 2500 ML 1. J. 2009 6. 2. J. 2015 7. 3. J. 2015 2. 4 Zohar Goshen Gideon Parchomovsky. On Insider Trading Markets and Negative Property Rights in Information J. Virginia Law Review 2001 87 1229 1230. The Setting and Application of the Legal Penalty for the Crime of Trading on Undisclosed Information LIU Xian-quan East China University of Political Science and Law Shanghai 200042 China Abstract The essay reflects on the penalty in Article 180 of China s Criminal Law from the judicial interpretation perspective and critically analyzes the essence of trading on undisclosed information crime from the legal and economic perspective. The ideas of the essay can effectively resolve the conflict between the lower courts existing case law system and the Supreme People s Court s judgment. Also the author provides improving suggestions on judicial interpretation about financial crimes that can be double-checked by legal and financial principles. Trading on undisclosed information crime has different economic mechanism between that of the insider trading crime therefore the two crimes shall not apply to the same amount standard. Based on the current empirical analysis of administrative punishment and criminal cases the essay suggests that judicial interpretations should reset the amount standard of serious and especially serious in Article 180 to cumulative transactions and the volume of illegal gains. Key Words trading on undisclosed information crime judicial interpretation legal penalty legal and e- conomic analysis economic mechanism 114