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  • L Enriques and T Tröger, 'The Law and (Some) Finance of Related Party Transactions' in L Enriques and T Tröger (eds), The Law and Finance of Related Party Transactions (Cambridge University Press 2019)
    DOI: https://doi.org/10.1017/9781108554442
    This paper is the introductory chapter of Luca Enriques and Tobias Tröger (eds.), The Law and Finance of Related Party Transactions (Cambridge University Press: forthcoming). Its goal is to sketch out the individual chapters’ contributions to the scholarly and policy debates on the adequate regulation of related party transactions (RPTs). For that purpose, we scope the issue by highlighting the principal costs and benefits of shareholder control, which allows both the implementation of entrepreneurial vision and various forms of rent-seeking. We next proceed by putting the challenges of regulating RPTs into the broader context of conflicts of interest and tunneling techniques. Against this background, we then turn to the main regulatory options available for legislators (independent/disinterested director approval, majority of the minority approval, ex post fairness review, and involvement of supervisory agencies), highlighting some of the key insights on each of them from individual chapters. Finally, we show how the chapters in the book can also inform European legislators who are currently in the process of implementing the revised Shareholder Rights Directive rules on RPTs.
  • N. W. Barber, 'The Point of the State and the Point of Public Law' in E. Fisher, J. King, and A. L. Young (eds), The Fundamentals and Future of Public Law (Oxford University Press 2019)
  • N. W. Barber, 'The Two Europes' in N. W. Barber, M. Cahill, and R. Ekins (eds), The Rise and Fall of the European Constitution (Hart Publishing 2019)
  • P P Craig, 'Transnational Constitution-Making: The Contribution of the Venice Commission on Law and Democracy ' in G Shaffer, T Ginsburg and T Halliday (eds), Constitution-Making and Transnational Legal Order (Cambridge University Press 2019)
  • P P Craig, 'Treaty Amendment, the Draft Constitution and European Integration ' in N Barber, M Cahil and R Ekins (eds), The Rise and Fall of the European Constitution (Hart 2019)
  • A Briggs, 'What do you mean, 'non-exclusive' ?' (2019) Lloyd's Maritime & Commercial Law Quarterly 329 [Case Note]
    Comment on and analysis of issues raised by the decision in Shanghai Turbo v Liu.
    ISBN: 0306 2945
  • J Adams-Prassl, Humans as a Service: The Promise and Perils of Work in the Gig Economy (OUP 2018)
    WHAT IF YOUR BOSS WAS AN ALGORITHM? The gig economy promises to revolutionise work as we know it, offering flexibility and independence instead of 9-to-5 drudgery. The potential benefits are enormous: consumers enjoy the convenience and affordability of on-demand work while micro-entrepreneurs turn to online platforms in search of their next gig, task, or ride. IS THIS THE FUTURE OF WORK? This book offers an engaging account of work in the gig economy across the world. Competing narratives abound: on-demand gigs offer entrepreneurial flexibility - or precarious work, strictly controlled by user ratings and algorithmic surveillance. Platforms' sophisticated technology is the product of disruptive innovation - whilst the underlying business model has existed for centuries. HOW CAN WE PROTECT CONSUMERS & WORKERS WITHOUT STIFLING INNOVATION? As courts and governments around the world begin to grapple with the gig economy, Humans as a Service explores the challenges of on-demand work, and explains how we can ensure decent working conditions, protect consumers, and foster innovation. Employment law plays a central role in levelling the playing field: gigs, tasks, and rides are work â and should be regulated as such.
    ISBN: 9780198797012
  • S Enchelmaier, 'Exit from Brexit: would quitter’s remorse count under Article 50 TEU? ' (2018) Butterworths Journal of International Banking and Financial Law 278
  • J Rowbottom, Media Law (Hart 2018)
    ISBN: 9781782256663
  • S Enchelmaier, 'Stranded: 'European' Ltds Post-Brexit' (2018) Butterworths Journal of International Banking and Financial Law (forthcoming)
  • JA Armour and L Enriques, 'The Promise and Perils of Crowdfunding: Between Corporate Finance and Consumer Contracts' (2018) 81 Modern Law Review 51
    ‘Crowdfunding’ is a burgeoning phenomenon. Its still‐evolving status is reflected in diversity of contracting practices: for example, ‘equity’ crowdfunders invest in shares, whereas ‘reward’ crowdfunders get advance units of product. These practices occupy a hinterland between existing regimes of securities law and consumer contract law. Consumer protection law in the UK (but not the US) imposes mandatory terms that impede risk‐sharing in reward crowdfunding, whereas US (but not UK) securities law mandates expensive disclosures that hinder equity crowdfunding. This article suggests that while crowdfunding poses real risks for funders, the classical regulatory techniques of securities and consumer law provide an ineffective response. Yet, a review of rapidly‐developing market mechanisms suggests they may provide meaningful protection for funders. An initially permissive regulatory approach, open to learning from market developments yet with a credible threat of intervention should markets fail to protect consumers, is justified.
    ISBN: 0026-7961
  • E Fisher, 'Back to Basics: Thinking About the Craft of Environmental Law Scholarship' in Ole Pedersen (ed), Perspectives on Environmental Law Scholarship: Essays on Purpose, Shape and Discretion (Cambridge University Press 2018)
    ISBN: 978-1-108-47524-2
  • JA Armour, 'Bank Governance' in JN Gordon and W-G Ringe (eds), The Oxford Handbook of Corporate Law and Governance (Oxford University Press 2018)
    According to a common narrative, the failure of banks in the financial crisis reflected poor corporate governance practices, as well as inadequate prudential regulatory safeguards. Yet it turns out that the ‘best’ governance practices according to ordinary standards were the ones that did worst during the financial crisis. In the period leading up to the financial crisis, it was believed that regulation would cause banks to internalize the costs of their activities, meaning that what maximized bank shareholders’ returns would also be in the interests of society. Consequently, large banks used the same governance tools as non-financial companies to minimize shareholder-management agency costs, namely independent boards, shareholder rights, the shareholder primacy norm, the threat of takeovers, and equity-based executive compensation. Unfortunately, such tools had the adverse effect of encouraging bank managers to take excessive risks. Consequently a significant rethink about the way in which banks are governed is required.
    ISBN: 9780198743682
  • S Enchelmaier, 'Block Exemption Regulation (EU) No. 330/2010 on Vertical Agreements' in Werner Berg and Gerald Mäsch (eds), Deutsches und Europäisches Kartellrecht, 3rd edn (Luchterhand 2018)
  • S Enchelmaier, 'Block Exemption Regulation No. 1217/2010 on Research and Development Agreements' in Werner Berg and Gerald Mäsch (eds), Deutsches und Europäisches Kartellrecht, 3rd edn (Luchterhand 2018)

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