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  • Corporate Finance
  • Financial Regulation
22 Feb 2019

New proposed FCA rules on shareholder engagement

Tim Lewis | Jane Tuckley | Phil Bartram | Stephanie Biggs

The EU Revised Shareholder Rights Directive (SRD II) is currently required to be implemented by 10 June 2019. It seeks to encourage long-term shareholder involvement through increased transparency...

OBLB categories

  • Commercial Law
  • Corporate Finance
  • Financial Regulation
22 Feb 2019

Central Bank Digital Currencies: Preliminary Legal Observations

Hossein Nabilou

Cryptocurrencies and their potential impact on central banking have sparked a policy debate on addressing their potential risks to the banking and monetary systems. By highlighting the functional...

OBLB categories

  • Competition/ Antitrust
21 Feb 2019

Should Antitrust Survive Behavioral Economics?

Avishalom Tor

In recent years behavioral antitrust has become a focus of interest and heated debate, evincing an outpour of commentary from scholars, policy makers, and the antitrust agencies. Behavioral antitrust...

OBLB categories

  • Commercial Law
20 Feb 2019

Plessers: The ECJ on Employee Protection in the Belgian Insolvency Landscape

Frederik De Leo

On 23 January 2019, Advocate General Szpunar delivered his opinion in Plessers, a case before the European Court of Justice that concerns the protection of employees in a Belgian insolvency...

OBLB categories

  • Corporate Finance
19 Feb 2019

Debt Restructuring: When Do Loan and Bond Prepayments Pay Off?

Edwin Fischer | Ines Wöckl

Many debtholders, whether private households, companies, or states, are caught up in high-interest long-term loans. At the same time, economic developments over the past few years have created a low-...

OBLB categories

  • Corporate Governance
19 Feb 2019

The Logic and Limits of Stewardship Codes: The Case of Japan

Gen Goto

A stewardship code is a set of principles on how institutional investors should act as shareholders of companies in which they invest. Since the first such code was adopted by the Financial Reporting...

OBLB categories

  • Commercial Law
18 Feb 2019

At the service of market liberalization in the EU: From Sacchi to Uber

Panos Delimatsis

Currently accounting for over 70% of employment and some 40% of the value of exported goods at the EU level, services markets have received astonishingly little attention in the literature. The same...

OBLB categories

  • Commercial Law
  • Corporate Finance
  • Corporate Governance
15 Feb 2019

The Costs and Benefits of Shareholder Democracy

Nickolay Gantchev | Mariassunta Giannetti

Firms with strong corporate governance are often likened to democracies. Through their proposals and votes, shareholders can determine the broad direction of a company. However, shareholder...

OBLB categories

  • Financial Regulation
14 Feb 2019

Making Consumer Finance Work

Natasha Sarin

In early 2009, with the financial crisis still raging, progressive policymakers successfully passed legislation upending the credit card industry. This legislation precluded card issuers from...

OBLB categories

  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
14 Feb 2019

Sticking around Too Long? Dynamics of the Benefits of Dual-Class Voting

Roni Michaely | Hyunseob Kim

Both practitioners and academics generally have a dim view of dual-class share structures. For example, when Snap Inc. was preparing for its initial public offering (IPO) in 2017, CalPERS and other...

OBLB categories

  • Commercial Law
13 Feb 2019

Global Legal Pluralism and Commercial Law

John Linarelli

Multiple, overlapping, and systemically interactive normative orders regulate commerce, trade, and finance. A diverse set of state and non-state actors produce this plurality of rules governing...

OBLB categories

  • Commercial Law
  • Financial Regulation
13 Feb 2019

A Maximalist Approach to Data from India's New Insolvency and Bankruptcy System

Adam Feibelman | Renuka Sane

Under the new Insolvency and Bankruptcy Code, the Insolvency and Bankruptcy Board of India has a statutory responsibility to collect, maintain, and disseminate data about the new insolvency and...

OBLB categories

  • Commercial Law
  • Competition/ Antitrust
  • Financial Regulation
12 Feb 2019

Artificial Intelligence, Algorithmic Pricing and Collusion

Emilio Calvano | Giacomo Calzolari | Vincenzo Denicoló | Sergio Pastorello

Remember your last online purchase? Chances are, the price you paid was not set by humans but rather by a software algorithm. Already in 2015, more than a third of the vendors on Amazon.com had...

OBLB categories

  • Corporate Finance
  • Financial Regulation
12 Feb 2019

In Two Minds: The Governance of Ring-Fenced Banks

Thom Wetzer, Faculty of Law

A keynote policy of UK financial regulation since the financial crisis has been the ‘ring-fencing’ of retail banks into separate and independently operated entities, so-called ‘ring-fenced bodies’ (...

OBLB categories

  • Commercial Law
11 Feb 2019

English translation of the Mt Gox judgment on the legal status of bitcoin prepared by the Digital Assets Project

Louise Gullifer QC (Hon), Harris Manchester College | Megumi Hara | Charles W. Mooney, Jr.

The Digital Assets project, run through the Commercial Law Centre at Harris Manchester College, has produced an annotated English translation of the judgment of the Tokyo District Court in August...

OBLB categories

  • Commercial Law
11 Feb 2019

Title 2.0: Discrimination Law in a Data Driven Society

Bryan Casey

More than a quarter century after civil rights activists pioneered America’s first ridesharing network during the Montgomery Bus Boycott, the connections between transportation, innovation, and...

OBLB categories

  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
08 Feb 2019

Director Bankruptcy Experience and Corporate Risk Taking

Radhakrishnan Gopalan | Todd A. Gormley | Ankit Kalda

In our paper ‘Director Bankruptcy Experience and Corporate Risk Taking’, we evaluate the extent to which a director’s corporate bankruptcy experience affects the policies their firms follow. We begin...

OBLB categories

  • Commercial Law
08 Feb 2019

Value destruction and wealth transfers under Indian Insolvency and Bankruptcy Code, 2016

Pratik Datta

India experienced a major structural change with the enactment of the Insolvency and Bankruptcy Code, 2016 (‘IBC’). On some measures, thelaw has been quite successful. For instance, the overall...

OBLB categories

  • Financial Regulation
07 Feb 2019

Major changes for the European prudential regime for investment firms

Hortense Huez | Mete Feridun

The European Commission (EC) adopted a legislative proposal in December 2017 for a regulation (Investment Firm Regulation) and a directive (Investment Firm Directive) to amend the current EU...
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OBLB categories

  • Competition/ Antitrust
  • Corporate Governance
  • Corporate Tax
06 Feb 2019

Putting Technology to Good Use for Society: The role of corporate, competition and tax law

John Armour, Faculty of Law | Ariel Ezrachi, Pembroke College | Luca Enriques, Faculty of Law | John Vella, Faculty of Law

Innovation and its main output, technology, are changing the way we work, socialise, vote, and live. New technologies have improved our lives and made firms more productive, overall raising living...

OBLB categories

  • Commercial Law
05 Feb 2019

COMI under European and American Insolvency Law

Bob Wessels | Ilya Kokorin

The first major legal instrument dealing with cross-border insolvencies in the European Union (EU) has been the European Insolvency Regulation (EIR 2000). It was adopted in 2000 and entered into...

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