Commutative and Retributive Justice in the Administration of Disgorgement in Insider Trading Cases—the Case for the Common Law Approach to Damages

Authors : Samamba Lennox Trivedi

DOI : doi.org/10.47752/sjss.74.84.100

Abstract:
Using Zambia as a case study, this article examines the efficacy of the Zambian regulatory and institutional framework for public distribution of securities in ensuring commutative justice in the administration of disgorgement by the Securities and Exchange Commission. Using the doctrinal and non-doctrinal approaches to examining the effectiveness of regulatory rules and institutions, the main findings of the study are: When it is applied to non-corporate insider traders, the statutory formula for disgorgement which is provided in the Zambian Securities Act 2016 tends to under-regulate by leaving some of the insider trading gains with the insider trader—a commutative injustice to the public; When it is applied to juristic persons (companies and other styles of bodies corporate), the formula for disgorgement which is provided in the Zambian Securities Act 2016 tends to over-regulate by taking away from the insider trader more than they actually gained from insider trading—a retributive and commutative injustice to the insider trader. The central argument of this article is that regulatory rules and institutions which promote retributive and commutative justice are likely to inspire social willingness to pay the cost of socioeconomic exchanges and regulation, and as such, are efficient. As a possible way of promoting commutative and retributive justice in the administration of disgorgement in insider trading cases, the article makes a case for the application of ‘the common law approach to the award of damages’ in the determination of the amount which is to be disgorged. The article also makes proposals for the repeal of the statutory formula, and its replacement with the standard formula for disgorgement which has been proposed.

Improving the Critical Thinking Capacity of the Subject Protecting the Ideological Foundation of the Communist Party of Vietnam from a Logical Approach

Authors : Pham Minh Hoang

DOI : doi.org/10.47752/sjss.74.77.83

Abstract:
Critical thinking plays an extremely important role in the awareness and practical activities of people in society in general, and particularly for those who protect the ideological foundation of the Communist Party of Vietnam in the current period. Facing increasingly sophisticated and complex schemes and tactics by hostile forces, this team needs to strive to enhance their critical thinking capacity to ensure the most effective protection of the Party’s ideological foundation. Therefore, the study of critical thinking from a logical approach, which suggests requirements and solutions to improve the critical thinking capacity of those protecting the Party’s ideological foundation, holds significant theoretical and practical importance. This is aimed at successfully implementing Resolution No. 35-NQ/TW of the 12th Politburo on Strengthening the protection of the Party’s ideological foundation and combating wrong and hostile views in the new situation.

Sampling Distribution and Point and Interval Estimation of Kelley’s Percentile Coefficient of Kurtosis

Authors : José Moral de la Rubia

DOI : doi.org/10.47752/sjss.74.57.76

Abstract:
There is a robust measure for estimating kurtosis based on quantiles, developed by the American psychologist Truman Lee Kelley, but it is seldom used. This underutilization is likely because it is not available in any statistical package, including R program. Additionally, Kelley reported its standard error when the random variable is drawn from a normal distribution but did not establish its sampling distribution. The objective of this study is to determine its asymptotic sampling distribution and to develop an R script to provide point and interval estimates for this measure. The R program was chosen because it is freely available, developed by the mathematical community, and considered one of the most comprehensive statistical packages currently available. To determine the asymptotic sampling distribution, samples of 100, 500, 1000, 5000, 10000, and 20000 data points were generated from three symmetric distributions: uniform (platykurtic), normal (mesokurtic), and Laplace (leptokurtic). From these 18 source samples, 1000 samples were drawn by resampling with replacement to obtain 18 bootstrap sampling distributions. Normality was then determined using Grubbs (outliers), D’Agostino (symmetry), Anscombe-Glynn (mesokurtosis), and Anderson-Darling, Lilliefors, Shapiro-Francia, and D’Agostino-Belanger-D’Agostino (normality) tests. The script included tests for several assumptions to decide which confidence interval to use: Wald type (normal asymptotic) or bootstrap (Gaussian, percentile, and percentile bias-corrected and accelerated). As an example, the script was applied to a random sample drawn from the raised cosine distribution on waiting time in a social service. It was concluded that the asymptotic sampling distribution of Kelley’s kurtosis measure is normal and that this measure appears less specific than classical Pearson and Fisher measures in the presence of a distribution very close to normal. It is suggested to use this script, which may have practical and academic utility.