Abstract:
In bond misrepresentation liability disputes, the determination of loss causation has been a focal point of controversy and ambiguity in judicial practice for a long time. To date, no effective judgment has explicitly excluded investor losses not caused by misrepresentation in relevant cases. The loss determination logic inherent in bond principal and interest repayment, combined with the weak efficiency characteristics of the bond market, makes it difficult to directly apply the handling experience from stock cases to such disputes. Based on this current situation and considering bond characteristics and foreign judicial practices, this paper proposes three approaches for determining loss causation: the disclosure date method, the solvency method, and the event study method, and evaluates their applicability in China's judicial practice. It is suggested to realize the refinement of the division of responsibility on the basis of respecting the characteristics of bonds, and build a hierarchical and applicable framework for determining the causality of loss based on the disclosure date method and the solvency method: first, make a qualitative judgment on whether the causality of loss is tenable with the help of the disclosure date method. Secondly, the solvency method is used to restore the solvency status of issuers affected by and not affected by false statements, so as to accurately define the proportion of false statements in investors' losses.
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