The Anatomy of Corporate Law

A Comparative and Functional Approach

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Author: Reinier H. Kraakman,Paul Davies,Klaus J. Hopt

Publisher: Oxford University Press, USA

ISBN: 9780199260645

Category: Law

Page: 231

View: 584

This overview starts from the premise that corporate law across jurisdictions addresses the same three basic agency problems - the opportunism of: managers vis-a-vis shareholders; controlling shareholders vis-a-vis minority shareholders; and shareholdersvis-a-vis other corporate constituencies.

The Anatomy of Corporate Law:A Comparative and Functional Approach

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Author: Reinier H. Kraakman

Publisher: Oxford University Press on Demand

ISBN: 019956583X

Category: Business & Economics

Page: 322

View: 7537

This is the second edition of this highly regarded comparative overview of corporate law. It argues that the main function of corporate law is to address conflicts of interests and that, despite economic and social diversity, legal strategies employed across jurisdictions are surprisingly similar.

The Anatomy of Corporate Law

A Comparative and Functional Approach

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Author: Ezra Ripley Thayer Professor of Law Reinier Kraakman,Hogan Lovells Professor of Law and Finance John Armour,Henry Hansmann,Senior Research Fellow Paul Davies, (Ga,Allen & Overy Professor of Corporate Law Luca Enriques,Oscar M Ruebhausen Professor of Law Henry Hansmann,Gerard Hertig,Klaus Hopt,Hideki Kanda,Mariana Pargendler

Publisher: Oxford University Press

ISBN: 019873963X

Category:

Page: 304

View: 5632

This is the long-awaited third edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively revised and updated to reflect the profound changes in corporate law and governance practices that have taken place since the previous edition. These include numerous regulatory changes following the financial crisis of 2007-09 and the changing landscape of governance, especially in the US, with the ever more central role of institutional investors as (active) owners of corporations. The geographic scope of the coverage has been broadened to include an important emerging economy, Brazil. In addition, the book now incorporates analysis of the burgeoning use of corporate law to protect the interests of "external constituencies" without any contractual relationship to a company, in an attempt to tackle broader social and economic problems. The authors start from the premise that corporations (or companies) in all jurisdictions share the same key legal attributes: legal personality, limited liability, delegated management, transferable shares, and investor ownership. Businesses using the corporate form give rise to three basic types of agency problems: those between managers and shareholders as a class; controlling shareholders and minority shareholders; and shareholders as a class and other corporate constituencies, such as corporate creditors and employees. After identifying the common set of legal strategies used to address these agency problems and discussing their interaction with enforcement institutions, The Anatomy of Corporate Law illustrates how a number of core jurisdictions around the world deploy such strategies. In so doing, the book highlights the many commonalities across jurisdictions and reflects on the reasons why they may differ on specific issues. The analysis covers the basic governance structure of the corporation, including the powers of the board of directors and the shareholder meeting, both when management and when a dominant shareholder is in control. It then analyses the role of corporate law in shaping labor relationships, protection of external stakeholders, relationships with creditors, related-party transactions, fundamental corporate actions such as mergers and charter amendments, takeovers, and the regulation of capital markets. The Anatomy of Corporate Law has established itself as the leading book in the field of comparative corporate law. Across the world, students and scholars at various stages in their careers, from undergraduate law students to well-established authorities in the field, routinely consult this book as a starting point for their inquiries.

Rechtswettbewerb und Debt Governance bei Anleihen

Eine rechtsökonomische, -vergleichende und -politische Untersuchung

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Author: Markus Reps

Publisher: Mohr Siebeck

ISBN: 9783161534744

Category: Law

Page: 461

View: 308

Mit der Modernisierung des Schuldverschreibungsgesetzes im Jahr 2009 beabsichtigte der Gesetzgeber, die Einbindung von Anleiheglaubigern in Unternehmenssanierungen zu erleichtern und sich dem wahrgenommenen Rechtswettbewerb im ausserinsolvenzlichen Restrukturierungs- und Schuldverschreibungsrecht zu stellen. Unter Anwendung eines okonomischen und rechtsvergleichenden Referenzrahmens unterzieht Markus Reps den deutschen Rechtsrahmen einer "Belastungsprobe." Die Bilanz fallt ambivalent aus. Das deutsche Recht bleibt stark verbesserungsbedurftig. Das gilt insbesondere unter dem Blickwinkel einer sachgerechten Mindestorganisation der Anleiheglaubiger und ihrer Finanzierungsbeziehung zum Emittenten (Debt Governance) sowie hinsichtlich des Bedurfnisses der Anleihepraxis nach Rechtssicherheit. Konkrete Reformperspektiven werden aufgezeigt, womit zugleich ein Beitrag zu der besseren Positionierung des deutschen Rechts im Rechtswettbewerb geleistet werden soll.

The Political Determinants of Corporate Governance in China

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Author: Chenxia Shi

Publisher: Routledge

ISBN: 1136338365

Category: Law

Page: 248

View: 3954

This book investigates the key factors shaping corporate governance in China and presents a sophisticated study of corporate governance in China from a comparative and historical perspective. Drawing on extensive corporate governance literature, this book articulates why path dependence theory is the most effective framework for interpreting the development path of Chinese corporate governance. Chenxia Shi reviews the historical role of government in commercial development and regulation in dynastic China and in early corporate law-making, followed by an account of China’s legal and economic development over the last three decades. This historical inquiry identifies government control as the key feature of economic and market regulation in China. In particular, this book canvasses the evolution of governance of State-Owned Enterprises and listed companies, major corporate governance problems, regulatory challenges posed by China’s increasing participation in economic globalization, and enforcement difficulties particularly in relation to investor protection, directors’ duties and accountability. Ultimately, Political Determinants of Corporate Governance in China demonstrates that corporate governance in China is largely determined by political imperatives and those political imperatives have been shaped and re-shaped in a historical process.

The Convergence of Corporate Governance

Promise and Prospects

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Author: Abdul Rasheed,Toru Yoshikawa

Publisher: Springer

ISBN: 1137029560

Category: Business & Economics

Page: 273

View: 2364

Takes readers through an in-depth examination of many leading industrialized nations and identifies both the drivers that propel corporations towards convergence and the major impediments that stand in the way of convergence. Also examines many mechanisms of convergence such as governance codes, MNCs, and IPOs.

The Governing Law of Companies in EU Law

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Author: Justin Borg-Barthet

Publisher: Bloomsbury Publishing

ISBN: 1847319270

Category: Law

Page: 210

View: 5684

The manner in which the governing law of companies is determined has attracted much attention from academics and practitioners alike ever since the European Court of Justice began receiving references for preliminary rulings regarding the compatibility of protective conflict of corporate law norms with the EC Treaty provisions concerning freedom of establishment. Although recent developments have been less controversial than the ground-breaking judgment in Centros, they have not only consolidated the general thrust of liberalisation occasioned by the Court of Justice, but have added new dimensions to the regulatory landscape. These developments include amendments to the European constitutional order enshrined in the Lisbon Treaty, European legislation on cross-border mergers, the proposed statute for a European Private Company, the judgment of the Court of Justice in Cartesio and a Commission communication that contemplates the introduction of legislation on the governing law of companies. This book examines these recent developments and appraises the current law, as well as the foreseeable trajectory of the law, within a theoretical setting that addresses the socio-economic and legal-theoretical concerns associated with choices of the governing law of companies. In addition to considering the present and probable future state of EU law, the book also develops new theoretical perspectives and proposes novel solutions to long-standing dilemmas. In particular, it suggests that the use of information technology may render possible previously impossible compromises between party autonomy and the proper locus of prescriptive sovereignty.

Comparative Corporate Governance

Shareholders as a Rule-maker

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Author: Petri Mäntysaari

Publisher: Springer Science & Business Media

ISBN: 9783540264606

Category: Law

Page: 445

View: 6369

An analytical overview of the regulation of shareholder activism in the UK and Germany. The book shows how the comparative legal method can be used in the study of the corporate governance systems of different countries. It deals with the regulation of the governance of listed companies within a wide framework that recognises the importance of company law, securities markets law, standards and internal rule-making.

Shareholder Primacy and Corporate Governance

Legal Aspects, Practices and Future Directions

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Author: Shuangge Wen

Publisher: Routledge

ISBN: 1136019847

Category: Law

Page: 272

View: 551

Rising defaults in the financial market in 2007, the current widespread economic recession and debt crisis have added impetus to existing doubts about companies’ governance, and cast new light on future trends in shareholder-oriented corporate practice. Taking account of these developments in the field and realising the current need for changes in governance, this book offers a thorough exploration of the origins, recent changes and future development of the corporate objective—shareholder primacy. Legal and theoretical aspects are examined so as to provide a comprehensive and critical account of the practices reflecting shareholder primacy in the UK. In the wake of the financial crisis, this book investigates the direction of future policy, with particular attention to changes in governing rules and regulations and their implications for preserving the objective of shareholder primacy. It examines current UK and EU reform proposals calling for long-term and socially-responsible corporate performance, and the potential friction between proposed legal changes and commercial practices. This book will be useful to researchers and students of company law, and business and management studies.

Finance and Sustainability

Towards a New Paradigm? A Post-crisis Agenda

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Author: William Sun,Celine Louche,Roland Perez

Publisher: Emerald Group Publishing

ISBN: 1780520921

Category: Business & Economics

Page: 325

View: 6918

Drawing on the movements of corporate social responsibility, socially responsible investing and sustainable development, this title examines the making of financial reality towards social responsibility and sustainability, and offers an understanding of finance as a collective construct and endeavour embedded in societal context.

Rechtsregeln für die geschlossene Kapitalgesellschaft

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Author: Gregor Bachmann,Horst Eidenmüller,Andreas Engert,Holger Fleischer,Wolfgang Schön

Publisher: Walter de Gruyter

ISBN: 3110269341

Category: Law

Page: 248

View: 5774

Die geschlossene Kapitalgesellschaft stellt rund um den Globus die volkswirtschaftlich wichtigste Organisationsform dar. Gleichwohl kommt sie im internationalen rechtswissenschaftlichen Diskurs häufig zu kurz; ein US-amerikanischer Kollege hat sie deshalb einmal pointiert als "Waisenkind des Gesellschaftsrechts" (orphan of corporate law) bezeichnet. Vor diesem Hintergrund ist es ein lohnendes Unterfangen, die länderübergreifenden Konfliktlinien der close corporation herauszuarbeiten. Eine fünfköpfige Gruppe von deutschen Wissenschaftlern hat nun den Versuch unternommen, diese Forschungslücke zu schließen und "Prinzipien der geschlossenen Kapitalgesellschaft" in Europa ohne Rücksicht auf bestehende Gesetze oder Gesetzesvorhaben zu entwickeln. Die Untersuchung orientiert sich systematisch an den typischen Konfliktfeldern in einer geschlossenen Kapitalgesellschaft. Sie greift in hohem Maße auf rechtsvergleichende Erfahrungen und rechtsökonomische Erkenntnisse zurück und wirft immer wieder auch einen Seitenblick auf die im Entstehen begriffene Europäische Privatgesellschaft.

Corporate Ownership and Control

Corporate Governance and Economic Development in Sri Lanka

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Author: Shalini Perera

Publisher: World Scientific

ISBN: 9812837477

Category: Business & Economics

Page: 410

View: 4936

The governance of companies is of importance to developing countries due to the link between effective corporate governance and economic development. Ownership and control of public companies, except in the US and UK, is often in the hands of a few individuals, families or corporate groups and impact on corporate governance and economic development.Using Sri Lanka as an illustrative example, Corporate Ownership and Control sets out the implications of corporate ownership and control structures on the governance of companies, and suggests a reform agenda to meet the challenges posed by such structures. Any analysis into the reform of corporate governance in developing countries should begin with a focus on the local market structures that define its adaptation and effectiveness. The issues explored in the book provide an insight into ownership and control structures in Sri Lanka, the costs and benefits of such structures, and the necessary reform framework to promote effective corporate governance. The analysis can be used to both understand the impact of ownership structures on corporate governance, and suggest how corporate governance issues arising from such structures should be resolved in order to promote economic development and growth.

Corporate Governance in the Shadow of the State

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Author: Marc Moore

Publisher: Bloomsbury Publishing

ISBN: 1782250867

Category: Business & Economics

Page: 336

View: 407

Over recent decades corporate governance has developed an increasingly high profile in legal scholarship and practice, especially in the US and UK. But despite widespread interest, there remains considerable uncertainty about how exactly corporate governance should be defined and understood. In this important work, Marc Moore critically analyses the core dimensions of corporate governance law in these two countries, seeking to determine the fundamental nature of corporate governance as a subject of legal enquiry. In particular, Moore examines whether Anglo-American corporate governance is most appropriately understood as an aspect of 'private' (facilitative) law, or as a part of 'public' (regulatory) law. In contrast to the dominant contractarian understanding of the subject, which sees corporate governance as an institutional response to investors' market-driven private preferences, this book defines corporate governance as the manifestly public problem of securing the legitimacy – and, in turn, sustainability – of discretionary administrative power within large economic organisations. It emphasises the central importance of formal accountability norms in legitimating corporate managers' continuing possession and exercise of such power, and demonstrates the structural necessity of mandatory public regulation in this regard. In doing so it highlights the significant and conceptually irreducible role of the regulatory state in determining the key contours of the Anglo-American corporate governance framework. The normative effect is to extend the state's acceptable policy-making role in corporate governance, as an essential supplement to private ordering dynamics. Shortlisted for The Peter Birks Prize for Outstanding Legal Scholarship 2013.

The Market for Corporate Control in Japan

M&As, Hostile Takeovers and Regulatory Framework

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Author: Enrico Colcera

Publisher: Springer Science & Business Media

ISBN: 3540715886

Category: Law

Page: 387

View: 5314

This book analyzes the modern trend in the Japanese M and A market. It reveals from different perspectives the process of convergence to a new monitoring model of the corporation: "the market for corporate control". The book contains a systematic survey of all relevant economic and legal information in this field. Analysis of 17 recent cases of hostile takeover is presented.

Rechtsregeln für die geschlossene Kapitalgesellschaft

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Author: Gregor Bachmann,Horst Eidenmüller,Andreas Engert,Holger Fleischer,Wolfgang Schön

Publisher: Walter de Gruyter

ISBN: 3110269341

Category: Law

Page: 248

View: 6632

Die geschlossene Kapitalgesellschaft stellt rund um den Globus die volkswirtschaftlich wichtigste Organisationsform dar. Gleichwohl kommt sie im internationalen rechtswissenschaftlichen Diskurs häufig zu kurz; ein US-amerikanischer Kollege hat sie deshalb einmal pointiert als "Waisenkind des Gesellschaftsrechts" (orphan of corporate law) bezeichnet. Vor diesem Hintergrund ist es ein lohnendes Unterfangen, die länderübergreifenden Konfliktlinien der close corporation herauszuarbeiten. Eine fünfköpfige Gruppe von deutschen Wissenschaftlern hat nun den Versuch unternommen, diese Forschungslücke zu schließen und "Prinzipien der geschlossenen Kapitalgesellschaft" in Europa ohne Rücksicht auf bestehende Gesetze oder Gesetzesvorhaben zu entwickeln. Die Untersuchung orientiert sich systematisch an den typischen Konfliktfeldern in einer geschlossenen Kapitalgesellschaft. Sie greift in hohem Maße auf rechtsvergleichende Erfahrungen und rechtsökonomische Erkenntnisse zurück und wirft immer wieder auch einen Seitenblick auf die im Entstehen begriffene Europäische Privatgesellschaft.

The Globalization of Corporate Governance

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Author: Mr Alan Dignam,Mr Michael Galanis

Publisher: Ashgate Publishing, Ltd.

ISBN: 1409496651

Category: Law

Page: 458

View: 7423

The process of economic globalization, as product and capital markets have become increasingly integrated since WWII, has placed huge, and it is argued by some, irresistible pressures on the world's 'insider' stakeholder oriented corporate governance systems. Insider corporate governance systems in countries such as Germany, so the argument goes, should converge or be transformed by global product and capital market pressures to the 'superior' shareholder oriented 'outsider' corporate governance model prevalent in the UK and the US. What these pressures from globalization are, how they manifest themselves, whether they are likely to cause such a convergence/transformation and whether these pressures will continue, lie at the heart of the exploration in this volume. The Globalization of Corporate Governance provides a detailed analysis of the evolution of the key corporate governance systems in the UK, the US and Germany from the perspective of the development of economic globalization. As such it is a valuable resource for those interested in how economic and legal reforms interact to produce change within corporate governance systems.

Regulating the Closed Corporation

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Author: Gregor Bachmann,Horst Eidenmüller,Andreas Engert,Holger Fleischer,Wolfgang Schön

Publisher: Walter de Gruyter

ISBN: 311029527X

Category: Law

Page: 276

View: 6644

The renowned authors of this ECFR special volume systematically develop legal standards and regulatory frameworks for closed corporations in Europe (including of course the Societas Privata Europaea), putting a strong focus on the economic practice and efficiency. The profound, in-depth analysis of the objectives and strategies comes to groundbreaking insights and also offers specific solutions for a multitude of practical aspects.

Ökonomische Analyse des Unternehmensrechts

Beiträge zum 3. Travemünder Symposium zur ökonomischen Analyse des Rechts

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Author: Claus Ott,Hans-Bernd Schäfer

Publisher: Springer-Verlag

ISBN: 3642580777

Category: Law

Page: 372

View: 4204

Dieses Buch enthält Untersuchungen zur ökonomischen Analyse der Unternehmung und ihrer rechtswissenschaftlichen Umsetzung im Unternehmensrecht. Zum einen sind Beiträge enthalten, die sich mit der Theorie der Unternehmung, dem Stand der Diskussion, der Fruchtbarkeit für rechtswissenschaftliche Fragestellungen und den weiteren interdisziplinären Forschungsperspektiven befassen. Zum anderen finden sich Beiträge zu Problemen der Unternehmenskontrolle und -organisation sowie der Unternehmenshaftung. Mehrere Beiträge, darunter auch die der amerikanischen Teilnehmer diskutieren die Tendenzen zur Herausbildung eines einheitlichen Unternehmensrechts. Das Buch richtet sich an die Leser, die sich mit dem Unternehmen im Schnittbereich von Recht- und Ökonomie befassen.