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  • 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

  • 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...
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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
  • Corporate Finance
  • Financial Regulation
05 Feb 2019

Cross-Border Venture Capital Investments: What is the Role of Public Policy?

Wendy Bradley | Gilles Duruflé | Karen Wilson | Thomas Hellmann

Cross-border venture capital investments play an important role in the scaling up of high-growth companies. However, when these companies obtain foreign funding, typically from US investors, there is...

OBLB categories

  • Commercial Law
04 Feb 2019

Contracts and Choice Theory, Part 2 – Why Autonomy Must Be Contract’s Ultimate Value

Hanoch Dagan | Michael Heller

In our book The Choice Theory of Contracts (Cambridge, Amazon, SSRN), we develop a liberal theory of contract law. In three forthcoming essays, we reply to critics and show how and why autonomy must...

OBLB categories

  • Commercial Law
04 Feb 2019

Contracts and Choice Theory, Part 1 – Choice Theory and the Economic Analysis of Contracts

Oren Bar-Gill

In ‘Choice Theory and the Economic Analysis of Contracts’ I offer an economist’s reaction to Hanoch Dagan and Michael Heller’s important book, ‘The Choice Theory of Contracts.’ In this post, I...

OBLB categories

  • Commercial Law
  • Corporate Governance
01 Feb 2019

Intermediation and Beyond

Jennifer Payne, Faculty of Law | Louise Gullifer QC (Hon), Harris Manchester College

Our recently published book Intermediation and Beyond , edited by Louise Gullifer and Jennifer Payne, is the result of a project run by the Commercial Law Centre at Harris Manchester College. The...

OBLB categories

  • Commercial Law
  • Competition/ Antitrust
01 Feb 2019

Tackling Algorithmic-Facilitated Tacit Collusion in a Proportionate Way

Paolo Siciliani

The digitalisation of production and distribution processes means that the (‘first-copy’) costs to develop and launch a product are preponderant in comparison to the following costs to actually...

OBLB categories

  • Corporate Finance
  • Corporate Governance
  • M&A
31 Jan 2019

Universal Corporate Governance

Mikael Homanen | Hao Liang

A central issue in corporate governance literature is the extent to which ‘good’ governance practices are universal (one size mostly fits all) or instead depend on country and firm characteristics,...

OBLB categories

  • Commercial Law
30 Jan 2019

Soft Law as Governing Law

Steven L. Schwarcz

International commercial, financial, and other business transactions increasingly are conducted under ‘soft law’ rules—effectively, non-state rules that may be aspirational or reflect best practices...

OBLB categories

  • Commercial Law
  • Corporate Governance
29 Jan 2019

List Voting’s Travels: The Importance of Being Independent in the Boardroom

Maria Lucia Passador

In the field of shareholders’ voting rights, the protection of minority shareholders is an issue often raised with the need for corporate regulations to be inspired by democratic principles such as...

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