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Tables of Contents for Company Law and Financial Markets
Chapter/Section Title
Page #
Page Count
Figures
xv
Tables
xvii
Cases
xvix
The Contributors
xxiii
Part I: Facts and Figures
1
92
The Equity Markets, Ownership Structures and Control: Towards an International Harmonization?
3
44
C. Van der Elst
Introduction
4
3
Equity Markets
7
8
Evolution of Ownership and Control in the Nineties
15
30
Conclusion
45
2
Recent Developments in the Market for Markets for Financial Instruments
47
40
S. Prigge
Introduction
48
1
Evidence
49
21
Analysis
70
13
Conclusion and Outlook
83
4
European Disclosure for the New Millennium
87
6
M. Becht
Introduction
87
1
Where Europe Falls Short
88
1
Why the Existing European Directives Do Not Work
89
1
Electronic Filing
90
1
Conclusion
91
2
Part II: Legal Capital
93
58
The Rules of Capital Under Pressure of the Securities Markets
95
20
F. Kubler
Introduction
95
2
Some Characteristics of Legal Capital Regimes
97
6
Rules on Capital as Elements of Legal Capital Regimes
103
4
The Impact of Financial Markets' Pressures for Change
107
4
Where Will, Where Should Europe Go?
111
4
Legal Capital Rules and Modern Securities Markets---the Case for Reform, as Illustrated by the U.K. Equity Markets
115
30
E. Ferran
Introduction
115
7
Statutory Framework of English Law on New Share Issues
122
17
The Regulation of Underwriting Commissions, Underwriting Structures, and Share Issuing Good Practice
139
2
Conclusion
141
4
Legal Capital Rules and the Structure of Corporate Law: Some Observations on the Differences Between European and U.S. Approaches
145
6
M. Kahan
Minimum Legal Capital Rules
145
3
The Power to Issue New Shares
148
3
Part III: Disclosure and Accounting
151
70
Financial Disclosure and Accounting
153
20
K. Van Hulle
Introduction
153
2
Alternative Solutions Considered in Developing the 1995 Accounting Strategy
155
2
Characteristics of the 1995 Accounting Strategy
157
2
Examination of the Conformity Between IAS and the Accounting Directives
159
9
Towards a Mandatory Application of IAS
168
3
Concluding Remarks
171
2
The Impact of Transparency Regulation on Company Law
173
26
W. F. Ebke
Introduction
173
2
In Search of Answers
175
22
Conclusions
197
2
Audit Within the Framework of Corporate Governance
199
22
P. Nobel
Corporate Governance
200
2
The OECD Principles of Corporate Governance
202
1
Code of Best Practices of the German Grundsatzkommission on Corporate Governance and the German Corporate Governance Code
202
1
Stock Market Development of Corporate Governance Codes
203
1
The Increased Function of the Audit
203
2
Focus on the Demands of Management
205
2
The New Perspective: External Audit as Part of Corporate Governance
207
3
The Independent Audit in Europe
210
1
Consequence: Increased Demands for Independence
211
1
Development of the `Big Five' Audit Firms
211
1
Demands of the SEC (Securities and Exchange Commission)
212
3
The Independent Auditor as the Basic Principle of Corporate Governance
215
6
Appendix. The Commission's Proposal to Modernize the Rules Governing the Independence of the Accounting Profession
215
6
Part IV: Corporate Governance and Shareholder Value
221
134
Shareholder Value and the Modernization of European Corporate Law
223
38
G. Ferrarini
Introduction
223
2
Finance Theory and Corporate Law
225
7
European Best Practices
232
9
Take-over Defences
241
13
Financial Restructurings
254
4
Conclusions
258
3
Shareholder Value, Company Law, and Securities Markets Law: A British View
261
28
P. Davies
The Emergence of Shareholder Value
261
2
Company Law: Constant Content and Changing Context
263
14
Securities Markets Law and Shareholder Value
277
10
Conclusion
287
2
Corporate Governance in Germany
289
38
K.J. Hopt
Introduction
289
2
Systemic Elements of Corporate Governance in the International Discussion and the Use of these Elements in the German System
291
8
Highlights for Reform: Internal Corporate Governance
299
14
Highlights for Reform: External Corporate Governance
313
10
Conclusion: 20 Theses
323
4
Impact of Take-overs and their Regulation on French Company Law and Practice
327
14
L. Faugerolas
Introduction
327
1
Launching a Tender Offer and Complying with Company Interest
328
5
Adapting the Principle of Company Interest to Comply with the Specific Features of Stock Market Law
333
6
Conclusion
339
2
Shareholder Value: A New Standard for Company Conduct
341
6
C. Kirchner
Introductory Remarks
341
1
Incentives and Sanctions for Shareholders and Stakeholders
341
2
Profit Maximization Versus Shareholder Value Maximization
343
1
Defence Measures of Target Companies in Take-over Bids
344
3
Shareholder Value: A New Standard for Company Conduct
347
8
M. Blair
The First Part of the Answer
348
2
The Second Half of the Answer
350
1
Topic 1: Companies' Duties
350
1
Topic 2: Senior Management Arrangements, System, and Controls in the Financial Services Sector
351
1
Conclusion
352
3
Appendix. Draft Statement of Directors' Duties
353
2
Part V: The Institutional Investor
355
104
The Changing Role of Institutional Investors---A German Perspective
357
30
W. Gerke
M. Bank
M. Steiger
Introduction
357
2
Institutionalization of the Investment Process
359
5
Impact of Technological Changes on Institutional Investors
364
2
The Future Role of Institutional Investors
366
18
Conclusions
384
3
Cross-border Voting in Europe
387
40
J. W. Winter
The Growing Significance of Market-oriented Systems of Corporate Governance in Europe
388
3
Cross-border Voting
391
3
Shareholding in a World of Giral Securities
394
3
Chains of Intermediaries
397
2
Cross-border Shareholdings
399
3
Voting Rights in Cross-border Chains of Intermediaries
402
6
Are Registered Shares a Solution?
408
2
Further Complications
410
3
Depositing, Blocking, and Registering
413
3
An Unsatisfactory Situation
416
1
E-voting
416
2
Shareholder Voting in the U.S.
418
5
Building Blocks for a European Solution
423
4
Institutional Investors and Corporate Governance: Solution or Problem?
427
22
J. M. Garrido
A. Rojo
Introduction: the Debate on Corporate Governance
427
4
Corporate Governance Models
431
3
Institutional Investors and Corporate Governance Models
434
3
The Role of the Institutional Investors: the Spanish Case
437
9
Conclusion
446
3
Optimism and Pessimism: Complementary Views on the Institutional Investors' Role in Corporate Governance
449
10
J. M. Garrido
Optimism and Pessimism?
449
2
A Word About Methodology
451
3
The Present State of Institutional Investors' Activism
454
3
The Need for Reform
457
1
Conclusion: What Can We Realistically Expect from Institutional Investors?
458
1
Part VI: The Corporate Governance Recommendations
459
68
Do Good Governance Recommendations Change the Rules for the Board of Directors?
461
32
J. Rickford
Introduction---Proposed Agenda
462
2
Cui Bono?
464
1
Origin and Rationale
465
13
Mechanisms for, and Levels of, Compliance
478
4
Economic and Political Effects
482
3
Dependencies
485
2
Whither Good Governance Recommendations?
487
3
Conclusion
490
3
Do Good Governance Recommendations Change the Rules for the Board of Directors?
493
12
G. Rossi
Path Dependence and Corporate Governance
493
2
Social Democracy, Public Firms, and Efficient Financial Markets
495
4
Corporate Governance Rules Have No Clear Theory of Corporation
499
2
Corporate Governance Rules are Vague and Inconsistent
501
2
Corporate Governance and Tax Reform
503
1
Conclusion
504
1
Do Good Governance Recommendations Change the Rules for the Board of Directors?
505
12
B. Pettet
Introduction
505
1
Mr. Jonathan Rickford's Chapter
505
3
Professor Guido Rossi's Chapter
508
3
Codes as Bargains to Alter the Legal Rule
511
6
Do Good Governance Recommendations Change the Rules for the Board of Directors?
517
10
L. Van den Berghe
The Chapter
517
6
Mr. Jonathan Rickford
Some Open Questions
523
1
The Chapter
523
3
Professor Guido Rossi
Some Remarks on the Comments Made by Pettet
526
1
Part VII: Conflicts of Interest
527
44
The Impact of Insider Trading Rules on Company Law
529
20
H.-D. Assmann
Introduction: the Issues and the Scope of the Study
529
2
Company and Capital Market Law
531
2
The Impact of Insider Trading Regulations on Company Law, Corporate Organization, and Corporate Governance
533
13
Conclusion
546
3
An Institutional Innovation to Reduce the Agency Costs of Public Corporate Bonds: Changing the Role of the Trustee
549
16
Y. Amihud
K. Garbade
M. Kahan
Executive Summary
549
2
Introduction
551
1
The Agency Costs of Debt and Differences Between Private and Public Debt
552
3
The Proposal
555
2
Duties of the Supertrustee
557
3
Incentive Structure of a Supertrusteeship
560
3
Who Might be a Supertrustee?
563
1
Conclusions
564
1
The Impact of Insider Trading Rules on Company Law
565
6
Z. Goshen
Introduction
565
1
A Market View
565
3
A Company View
568
3
Part VIII: Groups of Companies
571
50
Do We Need a Law on Groups of Companies?
573
28
E. Wymeersch
Introduction
573
2
A Typology of Group Companies
575
5
Conflicts of Interest
580
17
Conclusion
597
4
Impact of the Financial Markets on Issues of Group Law
601
10
P. Hommelhoff
Tunneling
611
8
S. Johnson
R. La Porta
F. Lopez-de-Silanes
A. Shleifer
How the Courts Allow Tunneling
612
3
Cases on Tunnelling
615
2
Conclusion
617
2
The Impact of Financial Markets on Issues of Group Law
619
2
M. Lutter
Statement
619
2
Part IX: Harmonization of Company Law
621
40
Harmonization in the Future of Company Law in Europe
623
16
C. Timmermans
Introduction
623
1
The European Community and Company Law
624
2
How to Explain this Striking Change in Aspirations?
626
4
The Centros Judgment of March 9, 1999
630
6
The EC Harmonization of Company Law in the Future
636
3
Thou Shalt Not Sow Thy Vineyard with Divers Seeds? The Case Against the Harmonization of Private Law
639
22
U. Procaccia
U. Segal
Introduction
639
2
Dissimilar Jurisdictions
641
12
Similar Jurisdictions
653
8
Part X: Convergence of Divergence
661
82
The Rise of Dispersed Ownership: The Roles of Law and the State in the Separation of Ownership and Control
663
80
J. C. Coffee, Jr
Introduction
664
10
The Evidence of Convergence
674
11
When Does Separation of Ownership and Control Arise? A Historical Perspective
685
35
``Does Law Matter'' Reconsidered
720
18
Conclusion
738
5
Index
743