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  • Commercial Law
23 Jan 2020
4 min to read

AI-Enabled Business Models in Legal Services: From Traditional Law Firms to Next-Generation Law Companies?

John Armour, Faculty of Law | Mari Sako, Saïd Business School

The application of artificial intelligence (AI) and related technologies is poised to transform the way value is created and captured in professional services. AI involves the use of computer systems...

OBLB categories

  • Commercial Law
22 Jan 2020
5 min to read

On the Uniform Construction of Contract Boilerplate

Gregory Klass

Contract language is often recycled. The same words get reused in separate transactions between different parties. Generally speaking, the fact that different parties use the same boilerplate does...

OBLB categories

  • Corporate Finance
  • Corporate Governance
21 Jan 2020
3 min to read

The State as Owner – China’s Experience

Curtis J. Milhaupt

Once nearly consigned to the junk heap of economic history, the state-owned enterprise (‘SOE’) has staged a remarkable comeback in the first decades of the twenty-first century. Much (though not all...

OBLB categories

  • Commercial Law
20 Jan 2020
6 min to read

Fatal Flaws in Financing Personal Bankruptcy: The Curious Case of Russia in Comparative Context

Jason Kilborn

No private business would arrange its service delivery in such a way that the cost to customers knowingly exceeded the budgets of its target market. And no private business would knowingly allow its...

OBLB categories

  • Financial Regulation
17 Jan 2020
4 min to read

Matching or clashing? ‘Landeskreditbank Baden-Württemberg v ECB’ and the decision of the German Bundesverfassungsgericht on the Banking Union

Pierre Schammo

In a recent paper, I discuss tensions that have lately emerged between the Court of Justice of the European Union (‘CJEU’) and the German Federal Constitutional Court (Bundesverfassungsgericht or...

OBLB categories

  • Corporate Finance
  • Corporate Governance
16 Jan 2020
6 min to read

Designing Dual Class Sunsets: The Case for a Transfer-Centered Approach

Marc T. Moore

Dual class capital structures have spread exponentially in recent years across much of the corporate world, as has previously been reported on this blog. Dual class listed companies today account for...
Featured

OBLB categories

  • Financial Regulation
14 Jan 2020
3 min to read

Taking Stock of Bank Regulatory Reforms Ten Years After the Failure of Lehman Brothers

Deniz Anginer | Ata Can Bertay | Robert J. Cull | Asli Demirgüç-Kunt | Davide Salvatore Mare

Year 2018 marked the 10th anniversary of the global financial crisis (GFC), one of the most severe since the Great Depression. These ten years have been characterized by intense regulation of banking...

OBLB categories

  • Financial Regulation
13 Jan 2020
3 min to read

Mapping Enforcement Networks

Verity Winship

Many modern problems—money laundering, investor fraud, cryptocurrency abuses—cannot be addressed effectively by solitary agencies. Instead, cross-border and borderless problems require a coordinated...

OBLB categories

  • Corporate Finance
  • Financial Regulation
10 Jan 2020
4 min to read

Initial Coin Offerings, Information Disclosure, and Fraud

Lars Hornuf | Theresa Kück | Armin Schwienbacher

Since the advent of Bitcoin in 2008, which until today remains the most widely used digital currency worldwide, digital currencies have gained in popularity. More recently, tokens based on different...

OBLB categories

  • Commercial Law
09 Jan 2020
5 min to read

Restructuring Argentina's Sovereign Debts - Navigating the Legal Labyrinth

Sebastian Grund

For almost two years, Argentina has been facing a severe economic recession and has not had the ability to access international capital markets. This has left Argentina vulnerable to a sovereign debt...

OBLB categories

  • Corporate Governance
08 Jan 2020
4 min to read

Mixed Ownership Reform and Corporate Governance in China’s State-owned Enterprises

Jiangyu Wang | Tan Cheng-Han

The criticisms made of state-owned enterprises (SOEs) are well known. SOEs are said to be generally inefficient as they rely on state patronage and do not compete fairly. Such inefficiency can also...
Featured

OBLB categories

  • Competition/ Antitrust
06 Jan 2020
5 min to read

The Chicago School’s Limited Influence on International Antitrust

Anu Bradford | Adam Chilton | Filippo Maria Lancieri

A group of scholars primarily associated with the University of Chicago began to challenge many of the fundamental tenets of US antitrust law in the 1950s. This movement—which became known as the...

OBLB categories

  • Commercial Law
20 Dec 2019
3 min to read

Corporations Do Matter in Private Law Theory

Andrew Gold | Paul Miller

Corporations are neglected in private law theory. As we argue in ‘The Corporation as a Category in Private Law’, this is unfortunate. Corporations are objects of both private and public law, with...

OBLB categories

  • Financial Regulation
19 Dec 2019
8 min to read

Designing an Optimal Banker’s Tax to Avert Bank Bailouts: Rationales and Objectives

Emilios Avgouleas | Charles Nolan | John Tsoukalas

Large scale bank bailouts can be very wasteful for society in terms of resources lost and increased public debt [1]. The doom loop means that the public cost of funding a bailout can place a serious...

OBLB categories

  • Corporate Finance
  • Financial Regulation
19 Dec 2019
3 min to read

Will the EU Commission Successfully Integrate Sustainability Risks and Factors in the Investor Protection Regime? A Research Agenda

Shanshan Zhu | Michele Siri

The current enactment of the EU Action Plan for financing sustainable growth (the ‘Action Plan’) is a sign of the EU’s efforts to support the transition to a sustainable economic system, so...
Featured

OBLB categories

  • Financial Regulation
18 Dec 2019
3 min to read

Extended Shareholder Liability for Systemically Important Financial Institutions

Alessandro Romano | Luca Enriques, Faculty of Law | Jonathan R. Macey

The default of a systemically important financial institution (SIFI) can trigger a cascade of defaults and ultimately impose enormous losses on the economy. Consequently, authorities generally bail...

OBLB categories

  • Corporate Governance
  • M&A
17 Dec 2019
6 min to read

Cross-border Corporate Mobility Through the Prism of More Than a Decade of Empirical Data

Thomas Biermeyer | Marcus Meyer

How has cross-border corporate mobility in the European Union (‘EU’) and European Economic Area (‘EEA’) been doing over the last twenty years? What degree of integration exists via cross-border...

OBLB categories

  • Financial Regulation
16 Dec 2019
5 min to read

Product Governance: Paternalism Outsourced to Financial Institutions?

Veerle Colaert

The entry into force of the second version of the Markets in Financial Instruments Directive (MiFID II) is since 2018 amongst the greatest challenges for the financial sector. Among the most striking...

OBLB categories

  • Financial Regulation
13 Dec 2019
3 min to read

The Dark Side of Digital Financial Transformation: The New Risks of FinTech and the Rise of TechRisk

Ross P. Buckley | Douglas W. Arner | Dirk A. Zetzsche | Eriks Selga

Over the past decade a new era of FinTech (‘financial technology’) has emerged through the increasing convergence of the long-term process of digitization of finance, datafication, and new...

OBLB categories

  • Corporate Governance
  • Financial Regulation
13 Dec 2019
4 min to read

Institutional Investor Collective Engagements: Non-Activist Cooperation vs Activist Wolf Packs

Gaia Balp | Giovanni Strampelli

Shareholder cooperation as a tool for active corporate ownership, and a means by which to effectively voice concerns about corporate governance and performance, is on the rise. While wolf packs...

OBLB categories

  • Commercial Law
12 Dec 2019
3 min to read

Corporate Restructuring under Relative and Absolute Priority Default Rules: A Comparative Assessment

Jonathan M. Seymour | Steven L. Schwarcz

The European Union recently adopted a Restructuring Directive intended to facilitate the reorganization of insolvent and other financially troubled firms. Although the central goal of the Directive...

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