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  • Corporate Finance
30 Aug 2019
3 min to read

Proactive Resolution of Sovereign and Subnational Debt

Steven L. Schwarcz

Sovereign nations urgently need help in resolving unsustainable debt burdens. The median public debt of the sixty low-income developing countries increased from 33.5% of GDP in 2013 to 47% of GDP in...

OBLB categories

  • Commercial Law
27 Aug 2019
3 min to read

The Puzzle of The New European COMI Rules

Renato Mangano

EU Regulation 2015/848 on insolvency proceedings (Recast) laid down new rules on the debtor’s ‘centre of main interests’ (COMI). However, one may doubt that these efforts have succeeded. Moreover, ‘...
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OBLB categories

  • Commercial Law
26 Aug 2019
2 min to read

The New Bargaining Theory of Corporate Bankruptcy and Chapter 11’s Renegotiation Framework

Anthony Casey

The prevailing theory of corporate bankruptcy law states that its purpose is to vindicate or mimic the agreement that creditors would have reached if they had bargained with each other to write their...

OBLB categories

  • Commercial Law
23 Aug 2019
4 min to read

Centros@20 Series: Could Centros have gone the other way?

Anne-Lise Sibony

Twenty years ago, the Court of Justice surprised observers when it handed down its Centros judgement. Until then, it was believed that the internal market was about opening borders and ensuring a...

OBLB categories

  • Commercial Law
19 Aug 2019
4 min to read

Teilrechtsfähigkeit for Autonomous Systems: Introducing a ‘Halfway’ Status

Jan-Erik Schirmer

Autonomous systems are entering our everyday lives. But what are they in legal terms? Are we just looking at sophisticated objects? Or should autonomous systems be treated as legal subjects, somewhat...

OBLB categories

  • Commercial Law
09 Aug 2019
4 min to read

The Israeli Framework for the Assessment of Legal Research: A Possible Alternative/Supplement to REF?

Ronen Perry

Evaluating academic research output is a never-ending challenge. Such evaluation is an integral part of internal hiring, promotion, and tenure procedures, and of external funding decisions and...

OBLB categories

  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
07 Aug 2019
2 min to read

Regulatory and Market Challenges of Initial Coin Offerings

Ricardo Correia

In the aftermath of the 2007–2009 financial crisis, a series of alternative financing solutions have emerged, of which one of the most successful are Initial Coin Offerings (ICOs). ICOs are a way to...

OBLB categories

  • Commercial Law
  • Financial Regulation
05 Aug 2019
3 min to read

Distributed Ledger Technology and Digital Assets in Asia

Ross P. Buckley | Anton Didenko | Douglas W. Arner | Cyn-Young Park | Bo Zhao

Distributed ledger technology (DLT) and blockchain have attracted massive investment interest globally, which reflects their substantial transformative potential, especially in the financial sector...
02 Aug 2019
3 min to read

The Limits of Limited Liability: Evidence from Industrial Pollution

Pat Akey | Ian Appel

For more than 150 years, limited liability has been a defining characteristic of many business entities. This legal concept is often credited with spurring economic growth and the development of...

OBLB categories

  • Corporate Finance
31 Jul 2019
2 min to read

Establishing Corporate Insolvency: The Balance Sheet Insolvency Test

Kubi Udofia

Cash flow and balance sheet insolvency tests are the two predominant means of determining insolvency. A company is cash flow or commercially insolvent if it is unable to pay its debts as they fall...

OBLB categories

  • Corporate Governance
29 Jul 2019
2 min to read

Voting at Meeting of Spanish Listed Companies: the Rules on Presuming and Deducting Votes

Javier García de Enterría

The procedures followed by listed companies to determine the number and outcome of the votes cast at the shareholders' general meetings have received little attention in legal literature. In Spain,...

OBLB categories

  • Commercial Law
26 Jul 2019
4 min to read

Soft Law Instruments on Restructuring and Insolvency Law: Why They Matter (or Not)

Gert-Jan Boon | Bob Wessels

Soft law instruments are increasingly prevalent in the area of restructuring and insolvency law. These instruments, all embodied in legally non-binding texts, often originate from so-called standard-...
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OBLB categories

  • Commercial Law
25 Jul 2019
2 min to read

How Shall We Regulate Autonomous Machines?

Horst Eidenmüller, St Hugh's College

Machines powered by artificial intelligence (AI) are on the rise. In many use cases, their performance today already exceeds human capabilities. Building on a prior OBLB post, I explore fundamental...

OBLB categories

  • Corporate Governance
24 Jul 2019
3 min to read

Politics of Corporate Governance

Manabu Matsunaka

What drives changes in corporate law? Certainly, corporate law tends to change toward increasing economic efficiency. In fact, corporate laws all over the world have converged in many important...

OBLB categories

  • Commercial Law
23 Jul 2019
3 min to read

A Sovereign Debt Restructuring Framework for the Euro Area

Sebastian Grund

In a new paper, which was recently published in the Fordham International Law Journal, we discuss the legal framework for sovereign debt restructuring in the euro area—both de lege lata and de lege...
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OBLB categories

  • Brexit
  • Corporate Governance
18 Jul 2019
2 min to read

Centros@20 Series: The Rise and Fall of Regulatory Competition in Corporate Insolvency Law in the European Union

Horst Eidenmüller, St Hugh's College

In a recent paper, 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...

OBLB categories

  • Competition/ Antitrust
17 Jul 2019
4 min to read

Harmful Signals: Cartel Prohibition and Oligopoly Theory in the Age of Machine Learning

Stefan Thomas

In my paper ‘Cartel Prohibition and Oligopoly Theory in the Age of Machine Learning’ I deal with the application of the cartel prohibition in the light of alleged legal gaps resulting from the surge...

OBLB categories

  • Corporate Governance
12 Jul 2019
2 min to read

Centros@20 Series: Regulatory Competition in European Company Law. Where Do We Stand Twenty Years after Centros

Stefano Lombardo

The twentieth anniversary of the important judgment of the European Court of Justice (ECJ) in the Centros case of 9 March 1999 is an opportunity to reassess its impact on developments of freedom of...

OBLB categories

  • Competition/ Antitrust
  • Corporate Finance
  • Corporate Governance
  • M&A
11 Jul 2019
3 min to read

The Rise of Common Ownership: A Call to Arms for Competition Policy?

Anna Tzanaki

Is common ownership the Doomsday Machine for the operation of free markets, competition and capitalism as we know it? An observer of cutting-edge law and economics literature may indeed tend to...
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OBLB categories

  • Corporate Governance
10 Jul 2019
4 min to read

Centros@20 Series: Two Comments on Elizabeth Pollman’s 'Tech, Regulatory Arbitrage, and Limits'

Luca Enriques, Faculty of Law

In a paper to be published in European Business Organization Law Review’s special issue on Centros@20 (summarised here), Elizabeth Pollman provides an answer to the questions of why we don’t see more...

OBLB categories

  • Financial Regulation
03 Jul 2019
4 min to read

The Death of a Regulator: Strict Supervision, Bank Lending and Business Activity

Joao Granja | Christian Leuz

A recurring theme in banking crises is the public backlash against bank supervisors for their failure to take prompt and decisive action to unearth and correct problems of weak banks. The latest...

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