Les articles thématiques
Vous trouverez ci-dessous nos derniers articles de fond
Brief Remarks on the Necessary Clarification of Market Abuse Prohibitions in Times of Shareholder Activism
Three years after implementation of the European Market Abuse Regulation (MAR), the time has come for the general review of its application and effectiveness. The extent and content of any amendments that may be proposed as a result of this review will naturally depend on the contributions of all involved stakeholders.
How to Regulate the Regulators: Applying Principles of Good Corporate Governance to Financial Regulatory Institutions
This paper is interested in the question of how to regulate the regulators. More specifically, it explores how far it may be feasible to apply rules and principles of good corporate governance to the governance of financial regulators and financial regulatory institutions.
Bond workouts are a famously dysfunctional method of debt restructuring. The process is so ridden with opportunistic and coercive behavior by both bondholders and bond issuers as to make success intrinsically unlikely. Yet since 2008 bond workouts have quietly started to work.
Recent research on corporate governance has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of financial markets, and in the access of firms to external finance. We suggest that there is a common element to the explanations of these differences, namely how well investors, both shareholders and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms.
In this essay, I discuss the rise and fall of regulatory competition in corporate insolvency law in the European Union. The rise is closely associated with the European Insolvency Regulation (EIR, 2002), and it is well-documented. The UK has emerged as the ‘market leader’, especially for corporate restructurings. The fall is about to happen, triggered by a combination of factors: the recasting of the EIR (2017), the European Restructuring Directive (ERD, 2019) and Brexit (2019).
The UK will lose its dominant market position. I present evidence to support this hypothesis.
In this Article, we make several contributions to the literature on appraisal rights and similar cases in which courts assign values to a company’s shares in the litigation context.
Economic Consequences of Financial Reporting and Disclosure Regulation: A Review and Suggestions for Future Research
This paper surveys the theoretical and empirical literature on the economic consequences of financial reporting and disclosure regulation. We integrate theoretical and empirical studies from accounting, economics, finance and law in order to contribute to the cross-fertilization of these fields.