as a rule, like other criminal legal systems, insane people are exempted from criminal liability in iranian criminal law. the previous penal code, replaced in 1982, had classified the mentally ill people into two groups. those completely insane were totally free from criminal liability and those suffering from less serious mental illnesses benefit to some extent liable to a certain lenient degr...

In this paper, a manager borrows external funds in order to invest in production and also in prevention. The latter action must reduce the environmental risk driven by the activity of the firm. Prevention is observable neither by outside lenders nor by institutions such as environmental agencies for instance. In such a situation, we show that issuing convertible bonds which permits the holder t...

the law of the continental europe is considered an offspring of the roman law. in the roman law the “fault” was considered as the basis of liability. the doctrine of fault was included in the french civil code of 1804 through the roman law, and from there, made its way into the laws of other european and non-european countries. according to the instruction of the holy prophet of islam (pbuh), i...

This paper explains why the evidence on the relation between litigation risk and initial public offering (IPO) underpricing is mixed. Two reasons are behind the nonstationary relation. First, the increasing usage of Directors and Officers’ liability insurance arguably reduces the need to use underpricing to insure against litigation liability to a limited extent. Second, class action lawsuits o...