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4 Regul. & Governance 1 (2010)

handle is hein.journals/rgulangnce4 and id is 1 raw text is: Regulation & Governance (2010) 4, 1-2 EDITORI AL Regulation & Governance Best Article Prize winners for 2009 We are delighted to announce that due to the very high standard of articles published in 2009, the Editors have awarded the Regulation & Governance prize for the best article published in the 2009 volume of the Journal to two articles. The winning articles are: Cioffi JW (2009) Adversarialism versus Legalism: Juridification and Litigation in Corporate Governance Reform. Regulation & Governance 3(3), 235-258. Nielsen VL, Parker C (2009) Testing Responsive Regulation in Regulatory Enforcement. Regulation & Governance 3(4), 376-399. John W. Cioffi's article on recent reforms of corporate governance in the US and in Germany illuminates the political factors that have inhibited the spread of adversarial legalism. Marketization of economic relations and the era of finance capitalism have produced far more legalism than adversarialism, more regulation than judicialization, and more ex ante transparency rules than ex post litigation remedies. Politics and legis- lation in the US since the mid-1990s have turned quite decisively against shareholder litigation, even as corporate governance and securities law reforms have expanded the role and scope of the regulatory state. Germany's extraordinary expansion of financial and corporate governance regulation since the early 1990s increased juridification, not adversarial legalism. Although these reforms included some liberalization of shareholder litigation rules, the changes reflected skepticism toward private litigation and imposed new constraints on the most prevalent forms of shareholder suit. Vibeke Lehmann Nielsen and Christine Parker's article provides an original empirical test of theories of responsive regulation. The authors lucidly set out the theoretical concept of responsive regulation and discuss how it can be operationalized and empiri- cally measured, focusing on two responsive regulatory strategies: tit for tat enforce- ment and restorative justice. They then measure business firms' perceptions of the reactions and counter-reactions of the Australian Competition and Consumer Commis- sion throughout an investigation and enforcement process concerning claimed violations of the Trade Practices Act by the surveyed firms. Nielsen and Parker find little evidence of tit for tat responsiveness actually occurring in practice, and when it does, only limited evidence that it has the predicted effects on regulated firms' attitudes and behaviors. They find clearer evidence of restorative justice responsiveness having the hypothesized effects on business attitudes, but again, not on firms' behaviors. The selection panel comprised Regulation & Governance's four Editors: Professor Carol Heimer (Northwestern University), Professor Robert A. Kagan (University of Cali- fornia, Berkeley), Professor David Levi-Faur (Hebrew University), and Professor David Vogel (University of California, Berkeley). The Editors and Wiley-Blackwell congratulate the winners and thank them for their valuable contribution to scholarship and the Journal. © 2010 The Authors Journal compilation © 2010 Blackwell Publishing Asia Pty Ltd doi:10.1111 /j.1748-5991.2010.01073.x

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